How to Pick a Benefit Plan Auditor
There are plenty of benefit plan auditors out there – over 7,000 in fact. However, don’t make the mistake of believing that just any company can effectively audit your plan. Department of Labor statistics indicate that one in three audits performed are deficient, and the DOL has made hundreds of referrals to the AICPA Ethics division for this poor work. Unfortunately, the negative exposure from a failed audit reflects on you, the plan sponsor, so it is important to select a firm you can trust. Here are some suggestions on how to find a qualified auditor:
Selecting a benefit plan auditor is an important decision that should be undertaken with great care. Stay tuned for more information coming soon on additional considerations. To learn more about Aronson’s Employee Benefit Plan Services Group, please contact partner Kate Petrillo at 301.231.6200 or by email via email@example.com.
About the Author: As the partner in charge of Aronson LLC’s Employee Benefit Plan Services Group, Kathryn Petrillo oversees the management of nearly 200 plan audits on an annual basis. She specializes in auditing and assurance services, with significant experience auditing defined contribution plans, defined benefit plans and health and welfare plans with assets ranging from $100,000 to over $2 billion.