Department of Labor (DOL)

Question 1

DOL will not consider an accountant independent for 2 reasons?

Answer 1

1 Financial Ties

2 Employment Ties

Question 2

What is a Financial Tie?

Answer 2

When anyone in the firm has a direct financial interest or material indirect financial interest in an employee benefit plan

Question 3

What is an Employment Tie?

Answer 3

Any of the following….Promotor, Underwriter, Investment Advisor, Voting Trustee, Director, Officer or employee of the plan or plan sponsor

Question 4

NOTE

Answer 4

Non audit services are not issues with the DOL