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News

Press Release

NYSSCPA Responds to DOL Report on Employee Benefit Plan Audit Deficiencies

By:
Colleen Lutolf
Published Date:
May 28, 2015

NYSSCPA Responds to DOL Report on Employee Benefit Plan Audit Deficiencies
FROM: Scott M. Adair, NYSSCPA President
May 28, 2015

A recent study conducted by the U.S. Department of Labor’s Employee Benefits Security Administration shows a high rate of audit deficiencies in employee benefit plan audits, especially for those auditors who conduct only one to five of these audits a year. The high rate of audit deficiencies documented in this study are unacceptable and do not reflect the core tenets that the CPA profession holds dear: accuracy, transparency and accountability.

The New York State Society of CPAs is committed to working with the DOL, AICPA and the New York State Board for Public Accountancy to develop educational and practice monitoring solutions that result in significant improvement to employee benefit plan audits.

Contact New York State Society of CPAs Communications Director Colleen Lutolf at clutolf@nysscpa.org or Media Relations Manager Alonza Robertson at arobertson@nysscpa.org, if you would like additional comments or to interview one of our employee benefit plan audit experts about the DOL’s report.

About the NYSSCPA
Founded in 1897, the New York State Society of CPAs is the premiere professional accounting association for more than 28,000 members residing and practicing in New York State encompassing all areas of public practice including government, education and industry. Visitwww.nysscpa.org for more information.