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In light of these poor findings, EBSA has made several recommendations including initiatives with State Boards of Accountancy and the AICPA to improve processes for reviewing and sanctioning CPAs who perform significantly deficient work. (Photo: iStock)

Retirement plan administrators hired a total of 7,330 CPA firms to audit 81,162 retirement plans across the country, according to a study published by the U.S. Labor Department’s Employee Benefits Security Administration (EBSA).

These CPA firms, as mandated under ERISA section 103, were required to conduct audits pursuant to the standards established by the accounting and auditing profession, in the pronouncements which define Generally Accepted Accounting Principles and Generally Accepted Auditing Standards.

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