Should a plan auditor have experience in auditing employee benefit plans?
One of the most common reasons for deficient accountants reports is the failure of the auditor to perform tests in areas unique to employee benefit plan audits. The more training and experience that an auditor has with employee benefit plan audits, the more familiar the auditor will be with benefit plan practices and operations, as well as the special auditing standards and rules that apply to such plans. In some instances, a less experienced auditor may be assigned to perform routine audit procedures in order to reduce audit costs. When this happens, you should confirm that an experienced employee benefit plan auditor will review his/her work, as well as perform the more complicated audit procedures. Should I request references and check licenses? When engaging an auditor, you may wish to obtain references and discuss the auditors work for other employee benefit plan clients. If you have additional questions, you may also wish to verify with the appropriate State regulatory authority
Related Questions
- Our company is the plan administrator for our employee benefit plans. Can we retain records in electronic form and destroy the paper records for our ERISA plans?
- What if I have limited dental benefits available through my Federal Employee Health Benefit (FEHB) Plan? How does this affect my MetLife dental claims?
- What is a defined benefit plan?
