Having an Experienced Auditor on your Retirement Plan Makes a Difference. During the Fiduciary Education Program delivered by The Plan Sponsor University (TPSU) at Villanova University of greater Philadelphia in Pennsylvania, A director of Human Resources stressed the importance of having an experienced auditor conduct the annual audit.
During a post-program interview, the Director of Human Resources at a professional counseling organization expressed the importance of utilizing the services of an auditor who has extensive experience in auditing retirement plans.
Tax-qualified retirement plans with over 100 employees are required to have an annual audit. Before you just request an audit or select an auditor for your plan, be aware that there are differences! You can find additional information on auditor quality here.
One idea is to utilize the services of a CPA who holds membership in the Employee Benefit Plan Audit Quality Center (EBPAQC).