This Employee Benefit Plan Audit Quality Center (EBPAQC) advisory describes the roles and responsibilities of individuals involved in the plan’s financial reporting and audit process, and the purpose, objectives and benefits of a financial statement audit. This advisory also discusses audit scope, general audit matters common to all audits, the audit process, the auditor’s report, and what plan sponsors can do to assist in the audit process.
This advisory discusses:
selecting and monitoring service organizations
the quality of plan accounting information
monitoring service organization controls over plan accounting information
special considerations for different plan types (defined benefit, defined contribution, and health and welfare plans)
suggestions for conducting on-site reviews of service organizations and provides examples of controls that help ensure complete and accurate plan accounting information and reporting