Risk awareness a key in preserving audit quality

Written on Mar 08, 2018

By Jessica Salerno, OSCPA content manager

As the audit quality space continues to become more specialized and complex, staying aware of potential risks is crucial to the success of accounting professionals.

AronM1703“When it comes to audits we’re seeing how CPA firms can put themselves in the best position to avoid placing themselves and their clients at risk,” said Marcus Aron, CPA, senior auditor, Office of the Chief Accountant, U.S. Department of Labor.

Aron will present “What's Ahead in the World of Employee Benefits: A DOL Update” April 27 at the Employee Benefit Plan Audit Conference in Columbus. He’ll cover the latest updates within his office specifically concerning audits and other reporting and disclosure initiatives.

One of those recent developments is Michael Auerbach, CPA, as the official DOL chief accountant, replacing Ian Dingwall, CPA, who retired last year.

Aron said his office is always working to find ways CPAs can add value to their work, and attendees can expect to leave the session better equipped to know the types of things his office looks at when reviewing for audit quality.

“They’ll be in a better position to know when to say no to a prospective engagement and better able to advise clients on reporting and disclosure letters they receive,” he said.

He also referenced Form 5500, Annual Return/Report of Employee Benefit Plan, and how his office is ensuring those forms remain complete and accurate.

“We have a lot of correspondence that goes out to CPA firms’ clients,” he said. “Something we speak about often is CPAs being able to help their clients understand if they get these letters from the DOL how they should go about replying to them and whom to contact.”

Aron invited CPAs to contact him with questions, and said he understands the importance of having a resource to turn to when dealing with complex issues.

“One of the things that’s always a common theme is how can we as CPAs in the profession find ways of adding value to the work that’s done,” Aron said.

Register today for the Employee Benefit Plan Audit Conference!

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