AICPA backs ERISA full-scope audit bill.AICPA AICPA See American Institute of Certified Public Accountants (AICPA). BACKS ERISA See Employee Retirement Income Security Act. ERISA See Employee Retirement Income Security Act (ERISA). FULL-SCOPE AUDIT BILL Stating, "It is only with the type of continued vigilance provided by thorough audits and meaningful regulation that we can assure the integrity of the private pension system for future beneficiaries," Senators Nancy Landon Kassebaum (R-Kan.) and Orrin Hatch (R-Utah) introduced legislation that will require full, comprehensive audits of the nation's more than 105,000 private pension plans under provisions of the Employee Retirement Income Security Act The Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C.A. § 1001 et seq. (1974), is a federal law that sets minimum standards for most voluntarily established Pension and health plans in private industry to provide protection for individuals enrolled in these plans. . The American Institute of CPAs fully endorsed the legislation, with President Philip B. Chenok noting, "The AICPA has been an active advocate of full-scope audits since 1978 because we believe pension plan participants Plan participants Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan. should receive the fullest assurances about the financial position of the fund." |
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