The AICPA Employee Benefit Plan Audit Quality Center has prepared this advisory to assist you as a 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 your plan
The basics of internal control
How to establish cost-effective controls
Monitoring your controls
Plan auditor communications of internal control deficiencies
How your plan auditor can help you improve the effectiveness of your plan’s internal control
Where to obtain additional information about internal controls
In addition, this advisory contains helpful examples of controls for you to consider establishing for your plan and should be used for reference purposes only.