Plan Sponsor Resource Center

The AICPA Employee Benefit Plan Audit Quality Center has compiled the following helpful tools and resources for plan sponsors, administrators and trustees:

Find an EBPAQC Member Firm (by firm name or by state).

Plan Advisories
The AICPA Employee Benefit Plan Audit Quality Center prepares Plan Advisories for plan sponsors, administrators, and trustees. These comprehensive documents contain information to assist them in understanding their fiduciary and other responsibilities with respect to various aspects of their plans.

Understanding Auditor Communications
Plan Sponsors and others receive various communications from their plan auditors throughout the year.
Effective Monitoring of Outsourced Plan Recordkeeping and Reporting Functions. Hiring a third party provider to perform plan administration services is a fiduciary function and, as such, plan administrators are required to periodically monitor their service providers to ensure they are performing the agreed-upon services.
The Importance of Internal Controls in Financial Reporting and Safeguarding Plan Assets. Effective controls reduce the risk of asset loss and help ensure that plan information is complete and accurate, financial statements are reliable, and that the plan complies with laws and regulations.
Valuing and Reporting Plan Investments. Investments are the most significant asset in a benefit plan, and plan management is responsible for ensuring proper valuation and reporting of those assets. Each different investment has unique valuation and disclosure considerations.

Tools, Resources and Articles

RFP and Auditor Evaluation Process Checklist for Plan Sponsors
This tool can assist plan sponsors and other stakeholders in the request for proposal (RFP) and evaluation process to obtain quality financial statement audit services. It also discusses the RFP evaluation and auditor selection process and how to find an auditor.

Audit Quality and Auditor Selection
One of the most important duties of the plan administrator is to hire an independent auditor for the plan. A quality audit helps ensure the financial integrity of a plan and protect plan assets. A quality audit also will help a plan administrator carry out its legal responsibility to file a complete and accurate annual return/report for the plan each year.

Quality Counts for Your Plan's Financial Statement Audit
A quality audit of the plan's financial statements is important in order to instill the comfort millions are seeking. To learn more about the importance of a quality audit, read the Quality Counts for Your Plan's Financial Statement Audit written by Anita F. baker, Principal in Charge, Benefit Services, LarsonAllen LLP.

Resource Centers

403(b) Plans
Find general information about IRC section 403(b) retirement plans and DOL regulations requiring annual financial statement audits for ERISA-covered 403(b) plans.

Fair Value Measurements FASB ASC 820
The Center has compiled and developed resources to assist plan sponsors in understanding FASB ASC 820, Fair Value Measurement.

DOL/Regulatory Resources
The Department of Labor provides numerous resources for employee benefit plan auditors and Form 5500 and financial statement preparers, as well as individuals who select auditors.

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