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NAPA Net - Polling Places 080219

Are You Auditing Plan Auditors?

Odds are you’ve been involved with the development and/or review of a request for proposal (RFP).  Indeed, you/your services may even have been the subject of an RFP.  But have you ever been involved with one of these?

We’re talking about a plan financial statement audit – and while it’s not generally considered a central part of the plan services with which advisors are typically focused, perhaps it should be.  After all, it’s not only a current subject of the ERISA Advisory Council, it’s an issue that has been studied by none other than the Labor Department – and the results?  Well, they weren’t “pretty.”

Let’s get to it!  
1.Have you ever been involved with a plan financial statement audit in the past two years?
2.Were you involved in the selection of the auditor for the plan?
3.If you were not involved, who made that decision?
4.Have you ever done/been involved with an RFP process for a plan auditor?
5.What do you think plan sponsors look for in an auditor for the plan financial statements (check all that apply)?
6.What do you think most plan sponsors PRIMARILY look for in an auditor for the plan (pick one)?
7.Did you know that the Labor Department has a guide titled  "Selecting an Auditor for Your Employee Benefit Plan?"
8.Any other comments about plan audits, plan auditors, the process of selecting plan auditors, the impact of plan audits, the need for plan audits, the skills/knowledge of retirement plans by plan auditors, of life in general?
9.What is your role working with retirement plans?
10.What size plans do you PRIMARILY work with?
11.Suggestions for future survey questions?  Specifically, it's been suggested that it would be good to get feedback on different aspects of practice management - which one(s) would YOU like to know more about from your fellow advisors?
12.All responses are anonymous and confidential, of course - but if you want to be considered for that free registration to the 2019 NAPA Nonqualified Plan Advisor Conference, you need to provide your email...
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