As a child and further as an adult, I always remembered the commercial regarding Hebrew National hot dogs. Hebrew National hotdogs explained that they exceeded the Federal Government’s guidelines regarding hotdog production and that they couldn’t use non-meat fillers because they were Kosher and had to answer to a higher authority. In the world of retirement plans, larger retirement plans have to answer a higher authority through the independent audit requirement. The only mistake in picking an audit firm is rather simple. Basing the decision to hire an audit firm on price without reviewing their capabilities in performing retirement plan audits is a mistake that may cost thousands of dollars in penalties later down the line. Picking a CPA firm with a well experienced audit practice can only help the plan sponsor carry out their fiduciary responsibility, as well as minimizing liability because of the thoroughness of its work in identifying plan errors. A plan sponsor should never compromise on hiring a quality audit firm.
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