The Department of Labor’s Office of the Chief Accountant has announced that it will be conducting an assessment of the quality of audit work performed by independent auditors of ERISA plan financial statements for the 2011 plan filing year. The DOL will select 400 employee benefit plan audits to verify auditor compliance with professional standards. For those plans selected, plan sponsors will receive a letter of notice from the DOL. This assessment is not part of an investigation for ERISA violations but a measurement of quality for plan auditors. Letters from DOL will be sent beginning in September and will request the plan sponsor notify the plan auditor and request the plan auditor release the workpapers associated with the 2011 plan audit to the DOL. This review should not require in person visits to either the plan sponsor or the auditor.
Should you receive DOL notification, contact your plan auditor as soon as possible.