According to the benefits consulting firm Schneider Downs, the EBSA’s Office of Chief Accountant will be looking into the professional standards and compliance work of 400 ERISA auditors. Letters are expected to be sent out to plan sponsors requesting copies of the work papers; they will have 15 days to respond.
It is important to note that this initiative is not part of any enforcement actions or investigations of any specific plans, Jeanne Barrett of Schneider Downs notes.
