ERISA Audit Improvement Act of 1994

Summary

ERISA Audit Improvement Act of 1994 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to revise provisions relating to auditing of employee benefit plans. Eliminates provisions which allow certain limited scope audits by banks, similar institutions, or insurance carriers to fulfill the requirement for an audit by an independent public accountant as part of an employee benefit plan's annual report. Requires external quality control review of qualified public accountants for such ERISA audits. Requires notifications of certain events by plan administrators and accountants. Authorizes assessment of a civil penalty against any plan administrator or accountant who fails to provide the Secretary of Labor with any such required notification.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 7 October 1994

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 7 October 1994

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• Introduced in Senate

  summary · EN · 7 October 1994

  Open at official source

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