This EBPAQC tool is intended to assist plan management in assessing whether the conditions for electing an ERISA Section 103(a)(3)(C) audit have been met.
The tool provides background information on the ERISA Section 103(a)(3)(C) audit election and obtaining a proper certification from a qualified institution and allows plan management to document its assessment of whether:
The investment information is prepared and certified by a qualified institution
Whether the certification is signed by an authorized representative
The qualified institution certified both completeness and accuracy of investment information
The certification includes qualifying language, or the related reporting package includes language that may call into question whether the certification meets the requirements of the regulation
The certified investment information is appropriately measured
Plan management’s overall conclusion
The tool is intended to be completed by plan management for the auditor’s use in evaluating management’s assessment as required by AU-C section 703.