This Employee Benefit Plan Audit Quality Center (EBPAQC) advisory provides the plan sponsor, administrator, or trustee with an understanding of the importance of hiring a quality auditor to perform your employee benefit plan financial statement audit, and information to help you select a quality auditor.
This advisory describes:
why a financial statement audit is important
risks to plan sponsors if a quality audit is not performed
evaluating auditor qualifications
the proposal process, including the request for proposal, proposal evaluation, and auditor selection
documenting the agreement