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The Importance of Internal Control in Financial Reporting and Safeguarding Plan Assets

The Importance of Internal Control in Financial Reporting and Safeguarding Plan Assets

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.

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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.

This advisory should be used for reference purposes only.

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Forensic