Attention EBP Auditors with Access to Client TPA Portals! In July 2024, the Employee Benefit Plan Audit Quality Center (EBPAQC) Executive Committee issued an important letter warning auditors conducting ERISA employee benefit plan audits about the potential risks of signing nondisclosure agreements or similar contracts with recordkeepers, third-party administrators (TPAs), and other service providers.
This blog will break down examples of problematic contract language, explore the risks these agreements may pose to auditors, and help you ensure that the “fine print” is actually fine.