Hiring a service organization to perform plan administration services is a fiduciary function and, as such, plan administrators are required to periodically monitor their service organizations to ensure they are performing the agreed-upon services.
The AICPA Employee Benefit Plan Audit Quality Center has prepared the Plan Advisory, Effective Monitoring of Outsourced Plan Recordkeeping and Reporting Functions, to assist plan administrators in understanding their responsibilities for monitoring their service organizations. It is a comprehensive document that contains information about your fiduciary responsibility for monitoring service organizations and useful tips for selecting and monitoring them, and addresses the quality of plan accounting information, monitoring service organization controls over plan accounting information, and special considerations for different types of plans.
Effective Monitoring of Outsourced Plan Recordkeeping and Reporting Functions
This is a high resolution version of the document that can be printed directly to a desktop printer or used for offset printing.
Sample Client Transmittal Letter for Effective Monitoring Plan Advisory
This document may be used by plan auditors for transmitting the Plan Advisory to their employee benefit audit clients.
Instructions for Printing the Plan Advisory
Use these specifications when printing the Plan Advisory in booklet format.