EBPAQCEmployee Benefit Plan Audit Quality Center
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Communication flow, coordination, and early planning is a really important part of having a smooth benefit plan audit that isn't pushing right up against the ERISA deadline," said Diane Walker, CPA, who leads Johnson Lambert's EBP practice and serves on the EBPAQC Executive Committee.
In addition, EBPAQC member firms are required to perform an annual inspection of a representative sample of their EBP audits.
One or more major deficiencies were found in 39% of the 400 audits examined in the study Firms that are members of the EBPAQC performed higher-quality work than nonmember firms, the DOL report states.