In light of these poorfindings, EBSA has made several recommendations includinginitiatives with State Boards of Accountancy and the AICPA toimprove processes for reviewing and sanctioning CPAs who performsignificantly deficient work. (Photo: iStock)
Retirement plan administrators hired a total of 7,330 CPA firmsto audit 81,162 retirement plans across the country, according to astudy published by the U.S. LaborDepartment's Employee Benefits SecurityAdministration (EBSA).
These CPA firms, as mandated under ERISA section 103, wererequired to conduct audits pursuant to the standards established bythe accounting and auditing profession, in the pronouncements whichdefine Generally Accepted Accounting Principles and GenerallyAccepted Auditing Standards.
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