They claim that with the change in how we count participants, there will be 20,000 fewer audits. By counting account balances instead of those that are just eligible, it looks like CPAs would see a retraction of their business of auditing retirement plans.
Yet, with increased coverage requirements by states for employers to offer plans, mandated use of automatic enrolment for new plans, and pooled employer plans, I don’t know if that 20,000 reduction will be accurate, in the long term.
