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
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.
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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