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DOL targets employee benefit plans.

The Department of Labor's Employee Benefits Security Administration (EBSA) has begun a new enforcement initiative to monitor the quality of audits of employee benefit plans subject to the Employee Retirement Income Security Act.

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.

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The AICPA Employee Benefit Plan Audit Quality Center has prepared a Q&A explaining the new DOL initiative to assist plan sponsors on how to obtain quality audit services.

Access the Q&A document at http://ebpaqc.aicpa.org.
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Title Annotation:Benefit Plans
Publication:California CPA
Date:Jan 1, 2006
Words:121
Previous Article:California limits faxing as of Jan. 1.
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