OUR THOUGHTS ON:

DOL to Conduct Audit Quality Study

ERISA

By Jeanne Barrett

The Office of the Chief Accountant (OCA) of the DOL’s Employee Benefit Security Administration has announced that it will be performing an assessment of the quality of audit work performed by independent auditors of ERISA plan financial statements for the 2011 plan filing year. The last audit quality study was conducted for the 1992 plan filing year with a report issued in March of 1997. The study will consist of 400 ERISA audits and will review for compliance with professional standards and ERISA reporting and disclosure requirements. It is important to note that this study is not part of a DOL investigation or enforcement effort of the selected plan.

The OCA will begin to send letters to sponsors of selected plans this month requesting the sponsor have the plan auditor send copies of the respective audit workpapers to the OCA’s offices for review. Plan sponsors are expected to respond to the OCA inquiry letter within 15 days. Any questions regarding the study should be directed to the OCA offices.

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