In a nationwide effort to improve audit quality, the Department of Labor recently issued a communication to all employee benefit plan administrators throughout the United States whose plans are subject to the DOL’s financial statement audit requirement. The purpose of their communication was to remind plan sponsors about the importance of audit quality for these plans.
We at WithumSmith+Brown thoroughly support the DOL’s efforts to improve audit quality and are proud of our contributions towards that initiative. As the auditors of hundreds of employee benefit plans, our firm has worked closely with the DOL and the American Institute of Certified Public Accountants Employee Benefit Plan Audit Quality Center to improve audit quality for ERISA plans. If you should have any questions related to the DOL’s communication or steps that you might take to help improve the quality of your plan, please contact us by filling in the form below.