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AICPA backs 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 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 should receive the fullest assurances about the financial position of the fund."
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Publication:Journal of Accountancy
Date:Mar 1, 1990
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