Plan Advisories

    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.

    The Importance of Hiring a Quality Auditor to Perform Your Employee Benefit Plan Audit
    Hiring a plan auditor plan administrators should use the same care and prudence in hiring a plan auditor that they use when hiring any individual or entity that provides services to the plan.

    Employee Benefit PlansFinancial Statement Audits
    Understand the independent audit of the financial statements of an employee benefit plan.

    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 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 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 laws and regulations are complied with.

    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.

     

     

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