The American Institute of CPAs is encouraging firms to modernize the way they conduct audits by using data analytics technology and working to improve the way employee benefit plan audits are conducted in response to a critical Labor Department report.

During a speech Tuesday in New York at a meeting of the Accountants Club of America, AICPA president and CEO Barry Melancon discussed the findings of the report, along with other topics (see AICPA Takes on IRS and Expands Internationally and Labor Department Finds Problems with CPA Audits of Employee Benefit Plans). The U.S. Department of Labor’s Employee Benefits Security Administration found serious deficiencies in 39 percent of the audits of employee benefit plans that it examined.

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