This Employee Benefit Plan Audit Quality Center (EBPAQC) advisory assists the plan sponsor, administrator, or trustee in understanding how internal control over financial reporting is critical to your plan.
This advisory discusses:
why internal control is important to the plan
the basics of internal control
how to establish cost-effective controls
monitoring internal controls
plan auditor communications of internal control deficiencies
how the plan auditor can help in improving the effectiveness of a plan’s internal control
where to obtain additional information