A Good Auditor: These Accountants are Crucial in Preventing Plan Errors
Los Angeles partner Summer Conley and Chicago partner Michael Rosenbaum discuss fiduciary obligations when selecting and monitoring a plan’s auditor in “A Good Auditor,” their latest column for PLANSPONSOR.
Summer and Michael state that it is important for fiduciary committees to perform a thorough evaluation of an auditor’s qualifications and monitor the auditor’s performance regularly. The committee should also occasionally conduct a request for proposal (RFP) process to evaluate options for selecting a new auditor. Summer and Michael also note that the RFP review process should be documented in the committee meeting minutes, in order to prove that the committee followed a prudent process.
The material contained in this communication is informational, general in nature and does not constitute legal advice. The material contained in this communication should not be relied upon or used without consulting a lawyer to consider your specific circumstances. This communication was published on the date specified and may not include any changes in the topics, laws, rules or regulations covered. Receipt of this communication does not establish an attorney-client relationship. In some jurisdictions, this communication may be considered attorney advertising.
Meet the Authors
