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CHECKLIST
Employee benefit plan sponsors and administrators can save time selecting an audit firm and evaluating the quality of its services by writing a thorough Request for Proposal (RFP). Consider these tips offered by the AICPA Employee Benefit Plan Audit Quality Center:
* Provide a brief description of the engagement. Describe why the RFP is being released and what its objective is. The description should include the term of the engagement and details about the proposal process such as whether there will be a pre-proposal conference for interested firms, a contact person and a due date for proposals. Clearly outline the proposal evaluation process and include a right-to-reject clause.
* Describe the plan, parties involved and where records are kept. Include the type of plan, size (number of participants and total assets), name of the auditors principal contact with the plan, name of custodian, investment manager, and investment monitor, name of third-party administrator, name of the individual (or firm) who prepares the plan's...