Employee Benefit Plan Auditing And Financial Reporting Models
What is the ERISA Advisory Council?
Section 512 of ERISA provides for the establishment of an Advisory Council on Employee Welfare and Pension Benefit Plans, known as the ERISA Advisory Council. The duties of the council are to advise the Secretary of Labor on issues important to the administration of ERISA, and submit recommendations regarding the Secretary’s functions under ERISA. The Council consists of 15 members appointed by the Secretary of Labor, and includes representatives of employee organizations, employers, the general public, and the accounting profession. Typically, the Council focuses on three to four issues each year. For each issue, the Council defines the issue to investigate, takes testimony from witnesses, and submits a report of findings and recommendations to the Secretary of Labor.
What does this study include?
According to the Issue Paper for this project, the Council’s goal is to make recommendations to the Secretary of Labor with respect to ERISA’s audit and financial reporting requirements; the desired outcome is to improve the Department of Labor’s oversight of employee benefit plan audits. The Council plans to study the following:
In its work on the audit and financial reporting requirements, the …