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AICPA: Plan Viability Unaffected by DOL Audit Findings

The recent Department of Labor (DOL) study finding deficiencies in audits of employee benefit plans does not translate to a statement about how viable those plans are, says the American Institute of CPAs (AICPA). In a May 28 statement, AICPA said that “none of the quality issues identified by the DOL pose a risk to the viability of any plan.”

AICPA argues that the DOL should:

  • seek repeal by Congress of the exemption allowing limited-scope audits; and
  • initiate a comprehensive education program to heighten plan sponsors’ understanding of how important it is to hire a good auditor.

AICPA said in its statement that it is collaborating with the National Association of State Boards of Accounting on a project intended to expedite enforcement of ethics rules. Through the project, AICPA and the DOL would share investigative files with state boards of accountancy.