Auditing


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The U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) is considering whether to amend guidance the DOL issued in 1975—Interpretive Bulletin 75-9—on evaluating the independence of auditors retained by employee benefit plans under the Employee Retirement Income Security Act of 1974 (ERISA). EBSA seeks comments from the public by December 11, 2006 ( www.regulations.gov ; docket ID EBSA-2006-0043), on whether the bulletin provides adequate guidance for plan administrators, other plan fiduciaries, participants, beneficiaries, accountants and other affected parties on determining when a qualified public accountant is independent. To help CPAs understand the more common independence rules affecting ERISA audits, the AICPA Employee Benefit Plan Audit Quality Center has prepared a comparison of the current DOL and AICPA rules ( http://ebpaqc.aicpa.org/resources/independence ).

SPONSORED REPORT

States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.