The American Institute of Certified Public Accountants (AICPA) testified before the DOL’s ERISA Advisory Council on recordkeeping in the electronic age on July 19, 2023.
The testimony addressed the:
Effect of electronic recordkeeping on the auditor’s ability to perform a quality audit, including the authenticity and reliability of the electronic records;
Consequences of inadequate records retention;
Data security of electronic records that affect the plan’s financial reporting, and provided recommendations in each of those areas.