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Specialization Matters: Small Employee Benefit Plan Audit Practices More Likely to Produce Deficient Audits
Posted by Kevin Petrosino on Mon, Jun 22, 2015 @ 06:00 PM

Findings from a recent Department of Labor Report, Assessing the Quality of Employee Benefit Plan Audits: 2014 Audit Report suggest a strong correlation between the number of employee benefit plan audits a firm performs and audit quality. At 76%, audit deficiency rates among firms that performed one or two audits per year were almost twice as high as the deficiency rate of the report’s population as a whole, which registered at 39%. Deficient audits affected $653 billion in plan assets and 22.5 million participants.

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Topics: employee benefit plan, Kevin Petrosino

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