This past spring, the ERISA Advisory Council issued a report on employee plan auditing and financial reporting models. The council studied whether the requirements of ERISA Sections 103 and 104 provide the protections to plan participants and beneficiaries as originally intended. The council narrowed its focus to three issues: audit and auditor quality, limited-scope audits and Section 403(b) plan audits. The current financial product environment is not the same as it was in the 1970s when ERISA was enacted. That makes the council's findings and recommendations that much more worth examining. Click here for details.