Ohio Society of CPAs partners with U.S. Department of Labor to improve audit quality of Ohio employee benefit plans
(COLUMBUS, May 5, 2009) – Scrutiny of employee benefit plan audits is increasing dramatically due to economic factors and a high number of failed audit engagements nationwide last year (one third).
As a result, The Ohio Society of CPAs (OSCPA) and the U.S. Department of Labor (DOL) are partnering to improve audit quality in Ohio through increased education.
“Frankly, many auditors of employee benefit plans haven’t had adequate access to training in the past,” said Ian Dingwall, CPA, chief accountant, DOL. “ The Ohio Society of CPAs saw this need and responded in a timely manner.”
The first OSCPA Employee Benefit Plan Audits Conference took place April 30 in Columbus. The 380 attendees exceeded OSCPA’s original projections.
DOL chief accountants joined representatives from the IRS, the American Institute of CPAs and national accounting firms in leading sessions on a variety of audit topics.
“Ohio is one of five states the DOL identified for additional education,” said Dingwall. “That’s because the audits performed here are unique from other states.”
Many auditors in Ohio are auditing large-dollar, multi-employer benefit plans for companies in the auto industry.
Auditors in Ohio need to be mindful of how the economy has impacted businesses, and aware of the increased risk of fraud, Dingwall told attendees.
In addition to fraud risk, attendees also learned steps they could take to avoid deficient audits and solutions to data challenges for 403(b) audits.
OSCPA has increased educational opportunities for CPAs auditing employee benefit plans, with sessions at major conferences and separate events dedicated solely to the topic. These include:
Audits of 401(k) Plans
Thursday, June 25, 2009, Airport Marriot, Cleveland
Friday, June 26, 2009, Receptions Fairfield, Fairfield
Current Practice Issues and Solutions in Audits of Employee Benefit Plans
Friday, August 28, 2009, Receptions Fairfield, Fairfield
The second annual Employee Benefit Plan Audits Conference will take place April 27, 2010.
To register for these events, visit The Society’s Web Site or call at 888.959.1212.
The Ohio Society of CPAs, established in 1908, represents more than 23,000 CPAs in business, education, government and public accounting. The Ohio Society’s members not only meet statutory and regulatory requirements as CPAs, but also embrace the highest standards of professional and ethical performance. This is achieved through ongoing professional education, comprehensive quality review and compliance with a strict Code of Professional Conduct.
# # #
Back to News Room
LAST UPDATED 5/5/2009