The DOL's May 2015 Employee Benefits Security Administration (EBSA) report, Assessing the Quality of Employee Benefit Plan Audits highlighted several areas where audits frequently fell short of the required standards. These "Unacceptable, Major" findings include issues related to:
Investments
Notes receivable
Contributions received and receivable
Participant data, including individual participant accounts
Plan obligations
Parties in interest/prohibited transactions
Plan tax status
Commitments and contingencies
Administrative expenses and subsequent events
Plan mergers and terminating plans
Plan representations
Compliance with GAAS and GAAP