DOL targets employee benefit plans.The Department of Labor's Employee Benefits Security Administration (EBSA EBSA Employee Benefits Security Administration (US DOL; formerly Pension and Welfare Benefits Administration)
EBSA European Biophysical Societies' Association
EBSA European BioSafety Association
EBSA European Biological Safety Association ) has begun a new enforcement initiative to monitor the quality of audits of employee benefit plans subject to 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. .
EBSA's Office of the Chief Accountant will review more than 500 audits over the next few years, and assess penalties on plan sponsors of up to $1,100 a day (capped at $50,000) per annual report filing where the required auditor's report is missing or deficient.
The AICPA AICPA
See American Institute of Certified Public Accountants (AICPA). Employee Benefit Plan Audit Quality Center has prepared a Q&A explaining the new DOL DOL - Display Oriented Language. Subsystem of DOCUS. Sammet 1969, p.678. initiative to assist plan sponsors on how to obtain quality audit services.
Access the Q&A document at http://ebpaqc.aicpa.org.