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 are accepted for:

  • Defined benefit plan
  • Defined contribution plan 
  • Health and welfare plan 
  • ESOP
  • 403(b) plan

How to submit

1. Remove or mask all information that identifies the CPA firm and the entity being reported on

2. On the title page, write:

  • Type of plan
  • Number of staff in the firm
  • How many plans the firm audits

3. Provide contact information for return of comments.

4. Submit by Nov. 10 in one of two ways:

Submit by email (preferred)
cmcdermott@mncpa.org

Submit by mail (two copies required)
Chandany McDermott         
MNCPA
1650 W 82nd St., Ste 600
Bloomington, MN 55431  

Timeline 

Submissions deadline is Nov. 10.

Comments from the Task Force will be returned by May 1.

For more information

Contact Chandany McDermott at 952-885-5506 or by email.