Does this require IQPAs to change the way they audit delinquent participant contributions?
No. In the case of employee benefit plans subject to an annual audit requirement under ERISA, an independent qualified public accountant (IQPA) conducts an audit of the plan in accordance with generally accepted auditing standards (GAAS) for purposes of rendering an opinion on whether the plan s financial statements are presented fairly in conformity with generally accepted accounting principles (GAAP). The supplemental schedules referenced in ERISA section 103(a)(3)(A) and 29 CFR ยงยง 2520.103-1(b) and 2520.103-2(b), including information regarding nonexempt prohibited transactions, are also subject to the IQPA s auditing procedures applied in the audit of the plan s basic financial statements, and the IQPA expresses an opinion on whether the scheduled information is presented fairly in all material respects in relation to the basic financial statements taken as a whole. The IQPA s audit report and opinion is made part of the plan’s annual report as required by section 103(a)(1)(A) of E
Related Questions
- Participant contributions to the plan were delinquent, but the dollar amount needed to correct is very small. Do I have to participate in the VFCP?
- Has the Department developed a model for the Line 4a Schedule of Delinquent Participant Contributions that plan administrators and IQPAs can use?
- Does this require IQPAs to change the way they audit delinquent participant contributions?
