Academic journal article Journal of Accountancy

Starr Testifies in Washington

Academic journal article Journal of Accountancy

Starr Testifies in Washington

Article excerpt

Randi L. Starr, chairwoman of the American Institute of CPAs employee benefit plans committee, testified before the House Subcommittee on Employer-Employee Relations on a variety, of pension reform issues.

Starr, a former member of the Labor Department's Employee Retirement Income Security Act Advisory Council, emphasized the Institute's support for elimination of the limited scope audit exception. (See "Clinton Offers Major Pension Changes," JofA, July96, page 17, for more on the Institute's position on a host of reforms in President Clinton's Retirement Savings and Security Act [HR 3520].) "We believe the scope of the audit should not be restricted in an,,' way," said Starr. "Plan participants cannot be provided the full assurance contemplated by ERISA if the independent accountant's audit is restricted."

She also called for strengthening the definition of the independent qualified accountant and pointed out the extensive continuing professional education and peer review requirements for AICPA members. Starr had an alternative to the bill's current proposal that accountants have at least 16 hours of employee benefit plan CPE: the secretary of labor should have the authority to establish CPE requirements within one year after enactment of the law. …

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