A Good Auditor: These Accountants are Crucial in Preventing Plan Errors

Los Angeles partner Summer Conley and Chicago partner Michael Rosenbaum discuss fiduciary obligations when selecting and monitoring a plan’s auditor in “A Good Auditor,” their latest column for PLANSPONSOR.

Summer and Michael state that it is important for fiduciary committees to perform a thorough evaluation of an auditor’s qualifications and monitor the auditor’s performance regularly. The committee should also occasionally conduct a request for proposal (RFP) process to evaluate options for selecting a new auditor. Summer and Michael also note that the RFP review process should be documented in the committee meeting minutes, in order to prove that the committee followed a prudent process.

Read "A Good Auditor."