Jeffrey L. Offhaus
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Audit Requirements and ResponsibilitiesLimited-Scope AuditsDefined Benefit Pension PlansDefined Contribution Pension Plans Health and Welfare Benefit Plans
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"Employee benefit plans are regulated entities and, as such, certain special audit requirements and responsibilities generally apply."

Limited-Scope Audits

ERISA section 103(a)(3)(c) allows the plan administrator to instruct the auditor not to perform any auditing procedures with respect to investment information prepared and certified by a bank or similar institution or by an insurance carrier that is regulated, supervised, and subject to periodic examination by a state or federal agency who acts as trustee or custodian. The election is available, however, only if the trustee or custodian certifies both the accuracy and completeness of the information submitted.

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