Administration October 3, 2004

CPA Group Unveils Quality Center for Workplace Benefit Audits

March 10, 2004 (PLANSPONSOR.com) - A CPA trade group has formed a new quality control center for accounting firms auditing employee benefit plans.
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The American Institute of Certified Public Accountants (AICPA) has begun accepting member applications for the Audit Quality Center. To meet its overall objectives, the Center will:

  • create a community of firms that demonstrate a commitment to employee benefit plan audit quality
  • serve as a comprehensive resource provider for member firms
  • provide information about the Center’s activities to other employee benefit plan stakeholders.

“The launch of the Employee Benefit Plan Audit Quality Center is intended to provide a forum that spurs CPA firms performing audits to make immediate quality improvements to employee benefit plan audits under Employee Retirement Income Security Act (ERISA), including pension, health and welfare, and 401(k) plans,” said Chairman S. Scott Voynich. “In addition to gaining access to best practices, guidelines, and tools focused around quality improvement, members of the Center will be subject to membership requirements that demonstrate the firm’s commitment to audit quality in this area.”

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For more information, go to http://www.aicpa.org/ebpaqc/homepage.htm .

Administration October 2, 2004

CIOs Are Optimistic for Growth

February 10, 2004 (PLANSPONSOR.com)—Ninety percent of chief investment officers (CIOs) are optimistic about increased growth for assets under management (AUM) during 2004, according to a survey by Barra, a risk management company.
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CIOs expect the growth to be a result of market appreciation and new client mandates and expect the demand to influence their business, the 2004 Barra CIO Survey said.

Additionally, a majority of those polled anticipate that alternative asset classes, such as hedge funds, private equity and structured fixed income, will play a noteworthy role in increased AUM.     CIOs in North America expected that the US will see the largest growth in AUM.  

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However, CIOs in the survey realized they have to increase their expertise in alternative assets and plan to do that by introducing new products and personnel, as well as by pursuing additional acquisitions and partnerships.

Barra also polled the officers about risk management and found that 97% think risk management is more, or equally important to their clients than it was a year ago, and that CIOs are, as a result, becoming more involved in the issue.

The Barra study, conducted by Greenwich Associates, polled 62 chief investment officers of major US, UK and Continental European asset management firms with an average of more than $15 billion in assets under management.

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