Auditing the auditors: DOL requests more information from retirement plan auditors

April 2010
Employee Benefit News;Apr2010, Vol. 24 Issue 4, p43
The article explains the auditing the auditors initiative for retirement plans introduced by the U.S. Department of Labor (DOL). Under the scheme, the opinion of an accountant should be attached to the annual Form 5500 filing by employers who maintain qualified plans with over 100 participants as of the beginning of any plan year. The audited financial statements, accountant's opinion and footnotes are the primary products from a plan audit. It suggests the DOL-sponsored voluntary fiduciary program for fiduciary breaches.


Related Articles

  • Comparative Classical and Bayesian Interpretations of Statistical Compliance Tests in Auditing. Johnstone, D. J. // Accounting & Business Research (Wolters Kluwer UK);Winter97, Vol. 28 Issue 1, p53 

    Within the theory of statistics there are three main schools. The two longest established are based on the works of Fisher and of Neyman and Pearson, these often being loosely grouped together under the heading 'classical' statistics. The third and oldest in terms of historical development...

  • Resolving Audit Engagement Challenges through Communication. Bobek, Donna D.; Daugherty, Brian E.; Radtke, Robin R. // Auditing;Nov2012, Vol. 31 Issue 4, p21 

    This paper investigates the successful resolution of audit challenges faced by auditing professionals. We use an experiential questionnaire (EQ) (Gibbins and Qu 2005) to elicit practicing auditors' experiences with resolving challenges personally encountered on an audit engagement. One hundred...

  • Speak Up or Shut Up? The Moderating Role of Credibility on Auditor Remedial Defense Tactics. Grenier, Jonathan; Pomeroy, Bradley; Reffett, Andrew // Auditing;Nov2012, Vol. 31 Issue 4, p65 

    In cases of alleged audit failure, auditors can make general statements regarding the quality of their work, or other statements intended to decrease juror assessments of auditor negligence. In this study, we examine how the perceived credibility of these remedial defense tactics moderates their...

  • The Value of Faculty Internships in Auditing. Herron, Terri L.; Morozzo, Marc M. // Current Issues in Auditing;2008, Vol. 2 Issue 2, pA1 

    Professions such as law, medicine, and engineering have long used faculty internships as a means for educators in these professions to remain current on developments and practices in their respective areas of expertise. Changes in the auditing profession in the last decade have been significant....

  • Auditing Standards Committee Comment Letter PCAOB Rulemaking Docket Matter No. 025: Proposed Auditing Standard—Engagement Quality Review. Kozloski, Thomas M.; Allen, Robert D.; Elder, Randal J.; O'Donnell, Edward F.; Ramsay, Robert J.; Shelton, Sandra W.; Thibodeau, Jay C. // Current Issues in Auditing;2008, Vol. 2 Issue 2, pC1 

    In this article the authors comment on the Public Company Accounting Oversight Board (PCAOB) Rulemaking Docket Matter No.025: Proposed Auditing Standard-Engagement Quality Review in the U.S. The authors believe that the proposed standard, in general, sets the proper tone and maintains the proper...

  • Clarifying the Auditing Process. Mall, Melissa J. // Corrections Today;Oct2005, Vol. 67 Issue 6, p24 

    Interprets some complicated and misunderstood auditing standards set by the American Correctional Association's Standards and Accreditation Department. Overview of the association's auditing standards; Difference between the auditing standard requirements and facility policies; Factors to...

  • THE QUEST FOR CLARITY. GRANT, JON // Accountancy;May2009, Vol. 143 Issue 1389, p64 

    The author reports on plans by the Auditing Practices Board (APB) to alter its auditing standards. A time frame of when the updated auditing standards will be applied is presented. Several reasons why the auditing standards are being changed are mentioned, including wanting to improve...

  • IFRIC update.  // Accountancy;Aug2005, Vol. 136 Issue 1344, p81 

    Provides information on the standards interpreted, proposals and projects of the International Financial Reporting Interpretations Committee as of August 2005.

  • Is Your Company Ready for the FIN 48 Challenge? DeTrane, Joe // Financial Executive;Jan/Feb2007, Vol. 23 Issue 1, p15 

    The article discusses corporate readiness to implement Financial Accounting Interpretation 48, which deals with required disclosure of uncertain income tax positions. FIN 48 will necessitate a fresh look at all tax positions to assess which ones are uncertain and how much of a tax benefit can be...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics