What Are My Responsibilities in Valuing and Reporting Employee Benefit Plan Investments?

August 09, 2015 By Edwin van Stam

benefitsAs an independent auditor, Cook Martin Poulson, P.C. is committed to helping you meet your employee benefit plan’s annual financial reporting requirements and establish effective internal controls over financial reporting. We are pleased to provide you with a Plan Advisory entitled, Valuing and Reporting Plan Investments, developed by the AICPA Employee Benefit Plan Audit Quality Center.

Under ERISA, your responsibilities include plan administration functions such as maintaining the financial books and records of the plan, and filing a complete and accurate annual return/report for your plan. Certain financial information about your plan, including information about the plan’s investments, must be reported on Form 5500 and related schedules. Even if you use outside investment custodians, asset or fund managers, or other service providers to assist in determining the value of investments reported in your plan’s financial statements and on Form 5500, the DOL holds plan management responsible for the proper reporting of plan investments.

The Plan Advisory contains useful information about your responsibility for reporting plan investments, how plan investments are reported, investment valuation and related disclosures, your responsibility for valuing investments and establishing internal controls, special considerations for alternative investments, investment information you should request from the plan trustee or custodian, how we as your independent auditor can assist you, and where to obtain additional information.

Please take a few moments to read this document. We are happy to discuss any questions you may have, and are available to assist you in this important area.

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