This EBPAQC tool assists firms in planning and performing the required annual internal inspection of their firm’s ERISA employee benefit plan audit practice. It discusses:
The benefits that the firm can realize from performing the inspection
Steps to a successful inspection program
Practical advice on establishing and performing an ERISA audit inspection
Steps in implementing a successful internal inspection program include:
Developing inspection policies and procedures
Determining a timeline for the inspection
Assigning responsibility for the inspection program
Identifying appropriate staff to perform the reviews
Selecting engagements for review
Documenting the reviews
Analyzing and communicating results
Determining appropriate follow-up procedures