Submitting a Report to the Employee Benefit Plan Review Task Force
The Employee Benefit Plan Review Task Force of the MNCPA offers a complimentary evaluation service to MNCPA members. Up to two audit reports may be submitted by a CPA firm for review by two Task Force members who have expertise in the employee benefit plan industry. Submission is completely voluntary.
Why submit a report?
- Higher risk industry
- Employee benefit plans are subject to detailed GAAP and regulatory requirements
- Department of Labor has reported seeing numerous deficiencies in plan financial statements
- Sub-standard work can be referred by the DOL to the AICPA as an ethics violation
- Receive professional, anonymous feedback from MNCPA peers with industry expertise
- Involves no regulatory or punitive ramifications
- Strengthen CPA practice by ensuring quality reporting
- Review can serve as one element of practice monitoring system in between peer review years
Audited financial statements for:
- Defined benefit plan
- Defined contribution plan
- Health and welfare plan
- ESOP
How to submit
- Remove or mask all information that identifies the CPA firm and the plan being reported on
- On the title page, write firm contact information and specify defined benefit, defined contribution or health and welfare plan
- Make two copies of all documents submitted
- Mail both copies by November 16, 2012, to:
Utra Robinson
MNCPA
1650 W 82nd St., Ste 600
Bloomington, MN 55431
Copies may also be sent electronically to urobinson@mncpa.org.
Comments from the Task Force will be returned by May 1, 2013.
For more information
Contact Utra Robinson at 952-885-5543 or by e-mail.