DOL Update. Ginny Barker, CPA. Office of the Chief Accountant. Employee Benefits Security Administration

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1 DOL Update Ginny Barker, CPA Office of the Chief Accountant Employee Benefits Security Administration The views expressed are those of the speaker and do not necessarily represent the official position of the Department

2 2 Overview EBSA Audit Quality Initiatives Emerging Issues Reporting Compliance Initiatives Regulatory Update DOL Resources

3 3 Audit Quality Remains Problematic Deficiency rates are unacceptable 32% Large variability depending on EBP practice size Firms with large EBP practices tend to meet professional standards Firms with limited EBP practices have a higher rate of deficient professional work Fee pressure continue Dabblers

4 4 ERISA Plan Audit Universe 82,579 Plan Audits 7,358 CPA firms performing audits $6.3 trillion in plan assets subject to audit 4

5 5 Tale of Two Worlds 50% of Plan Auditors: Audit 1 or 2 plans 6% of all plans audited 2 million participants 1% of Plan Auditors: Audit 100 or more plans 42% of all plans audited 91 million participants

6 6 ERISA Universe Minnesota (2012 Form 5500 Database) Strata Total # of Plans CPA Firms 1-2 Audits $ Audits $ Audits $ Audits $ Audits $14.9 Plan Assets Audited (in billions) 750+ Audits $156.4 Total 1, $186.6

7 7 Themes of Deficient Audit Work Overreliance SOC 1 reports Work performed by actuaries Work performed by appraisers Predecessor auditor work Lack of skepticism Checklist mentality/complacency Lack of audit experience EBP or otherwise 7

8 8 Referrals of the Most Egregious Work AICPA Ethics Division Over 800 referrals AICPA s focus is on rehabilitating the practitioner EBSA receives status updates of referrals State Boards of Public Accountancy Over 100 referrals Referrals made when AICPA has no jurisdiction Resources vary widely among states to handle referrals

9 9 Disciplinary Referrals AICPA Referrals State Board Referrals FY 2010 FY 2011 FY 2012 FY 2013

10 Recidivism Prior Referrals to AICPA Ethics Division/State Boards Project to Determine If Practitioner s Current Audit Work Has Improved: 104 = Reviews completed 56 = Acceptable 48 = Deficiencies 9 cases = one deficiency 12 cases = two deficiencies 7 cases = three deficiencies 10 cases = four deficiencies 10 cases = six or more deficiencies 10

11 11 Audit Quality Study of Firms Statistically based, nationwide in scope Provides a current baseline of audit quality Sample is stratified based upon CPA firm population Sample size of 400 plan audits Conducted in FY 2014 (Oct 2013 Sep 2014) Workpaper request letters to plan administrators Reviews performed in OCA s offices 11

12 12 Statistical Sample of 400 Plan Audits 2011 Form 5500 filings 6 strata based on size of EBP practice 1-2 plans 3-5 plans 6-24 plans plans plans plans 1 audit in lowest 2 strata, 5 in all others

13 Firm Qualifications Peer Review Is the CPA in a state that requires peer review? If so, has the CPA had a proper type of peer review? Were benefit plans included? Were any issues identified in the peer review report? Licensure Are firms properly licensed where they practice? Rules vary by state NASBA website auditor mobility

14 14 Compliance Reporting and Case Letters One opportunity to submit supporting workpapers All formats of WPs are acceptable No originals! Undocumented work is deficient work Possible rejection of Form 5500 filings and referrals to the AICPA and/or state licensing boards 14

15 15 Demographic Questionnaires Two documents Firm level information Engagement specific information Information will be correlated with audit quality results Training Fees Supervision

16 16 Emerging Issues Plan s Internal Control Environment Lost Participants Un-cashed Benefit Payment Checks ERISA Spending Accounts Required Communications with Client Compliance With New Clarity Audit Standards

17 17 Reporting Compliance Initiatives Assessing Valuation of Hard to Value Assets Form 5500-SF Eligibility Joint DOL/IRS Enforcement Initiatives DFVC Integrity Review Schedule C Compliance

18 Fee & Expense Disclosures Service Providers to Plans (ERISA 408(b)(2)) Brings new transparency to the process of selecting and monitoring of plan service providers Establishes comprehensive disclosures from service providers concerning services, fees, and potential conflicts of interest Applies to contracts $1,000 Effective for contracts entered into on or after 7/1/12. Prior contracts must be brought into compliance by 7/1/12. 18

19 Class Exemption from the Prohibited Transaction Provisions of ERISA For responsible fiduciaries that enter into contracts without knowing that a CSP has failed to comply with the disclosure requirements Fiduciaries must notify the DOL of the disclosure failure The notice may be filed online at:

20 20 ERISA 408(b)(2) Disclosures Consequences of Non-Compliance Contract or arrangement will not be reasonable and violates 408(b)(2) a prohibited transaction Responsible Plan Fiduciary violates 406(a)(1)(c) by participating in the prohibited transaction Service provider is a disqualified person under IRS PT rules. Subject to excise taxes under IRC Code 4975 Basic correction = service provider making compliant disclosure Form 5500, Schedule G report total compensation 20

21 21 DOL Resources For DOL publications, FAQs, copies of the Form 5500, instructions, and related schedules EBSA Office of the Chief Accountant EBSA Office of Regulations and Interpretations For questions about ERISA reporting, filing or other regulatory requirements DOL EFAST Help Center For questions regarding the Form 5500 or related schedules

22 And Now it s Your Turn 22

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