A recent report from the Department of Labor’s Employee Benefit Security Administration should serve as a wake-up call for plan sponsors to make the audit process – and auditor selection – a high priority, says the American Institute of Certified Public Accountants.

The EBSA review found that while 61% of audits fully complied with professional auditing standards or had only minor deficiencies under professional standards, the remaining 39% of the audits contained major deficiencies.

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