The U.S. Department of Labor (DOL) and its Employee Benefits Security Administration will conduct a study looking at employee benefit plan (EBP) audit quality based on 2020 filings of Form 5500.
The DOL will start contacting plans sponsors and firms in November regarding the paperwork and documentation for submission if it selects one of their EBP audits for the study. The department expects this survey to take a year and will likely issue a report on its findings in 2023.
The AICPA is currently developing resources to help members and firms stay informed of the upcoming EBP study. In the meantime, the DOL provides resources that outline best practices for EBP audits in its Sept. 13 email alert.