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!

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* 1. Have you ever been involved with a plan financial statement audit in the past two years?

Yes

Yes, but not directly

I have been, but not in the past two years.

Comments?

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* 2. Were you involved in the selection of the auditor for the plan?

Yes

Comments?

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* 3. If you were not involved, who made that decision?

Used the organization's standard auditor

I'm not sure.

Plan sponsor

Recordkeeper

Third party administrator (TPA)

Comments?

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* 4. Have you ever done/been involved with an RFP process for a plan auditor?

Yes

Any comments about that process?

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* 5. What do you think plan sponsors look for in an auditor for the plan financial statements (check all that apply)?

Experience

Other work they do with the organization

References

Price/Cost

Labor Department criteria

I've no earthly idea.

Something else?

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* 6. What do you think most plan sponsors PRIMARILY look for in an auditor for the plan (pick one)?

Experience

Other work they do with the organization

References

Price/Cost

Labor Department criteria

I've no earthly idea.

Something else?

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* 7. Did you know that the Labor Department has a guide titled "Selecting an Auditor for Your Employee Benefit Plan?"

Yes.

No.

I remember a publication, not the specific one.

Comments?

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* 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?

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* 9. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

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* 10. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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* 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?

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* 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...