level: DOL - Department of Labor rules
Questions and Answers List
level questions: DOL - Department of Labor rules
| Question | Answer |
|---|---|
| Under DOL, an accountant is considered not independent if they have what two things with an audit client? | 1. Financial ties - direct or material indirect interest during the audit period or at the issuance of an opinion 2. Employment ties - may not be connected to the plan or plan sponsor being audited as the promoter, director, underwriter, voting trustee, officer, or employee |
| Does the DOL focus more on the independence of an entire audit firm or the covered member? | The entire audit firm is the focus |
| What professional services can be offered to an audit client under DOL rules that cannot be performed under AICPA rules? | Actuarial services and Tax services (tax can be performed under AICPA rules with certain exceptions) |