Accounting & Audit
Audits
The Whitlock Company offers audit procedures customized to your needs including:
- Meaningful Financial Statements – The Whitlock Company provides financial information meaningful to both internal management and external users. We design statements that are both in accordance with current accounting standards and understandable. Footnotes are written concisely to explain important aspects of the financial position and operational results of your company.
- Supplemental Information – When relevant, we supplement financial statements with information relevant to your needs.
- Beyond the Audit – During the course our audits, we search for ways to improve your efficiency and profitability. We outline possible internal control improvements, help you plan for contingencies and offer insight into the ratios and trends of your business.
Employee Benefit Plan Audits
As required by ERISA
Constant changes to federal regulations governing retirement plan compliance continue to become more complex, and the penalties for non-compliance can be harsh. As you consider your options for a plan auditor, consider The Whitlock Company.
Does Your Plan Require an Audit?
The Department of Labor finalized revisions to the 2009 form 5500 requiring many previously unaudited 403(b) plans to be audited. Organizations subject to ERISA will be required in most cases to have their plan’s financial statements audited if they have more than 100 eligible participants as of the beginning of the plan year.
What We Provide
The Whitlock Company staffs several professionals who focus on audit and consulting services for businesses with employee benefit plans. They receive ongoing compliance training in new developments and strategies, so our clients receive the most current information available.
In addition to auditing clients’ retirement plans, we also work with businesses who use other CPAs for their accounting and tax needs without disrupting that relationship. Additionally, new accounting industry regulations requiring auditor independence have resulted in a trend towards hiring a second CPA firm for benefit plan audits.
Count on us to provide audits that meet the requirements of the Employee Retirement Income Security Act (ERISA), the Department of Labor (DOL), and the Internal Revenue Service (IRS).
Competitive Pricing
Our fees for this service typically range from $6,500-8,500 and are determined primarily by type of plan and the time of year during which you schedule your employee benefit plan audit. Please contact us for a customized fee proposal.
What You Will Receive
- Timely delivery of a competitively priced high-quality audit
- Practical recommendations on how to fine-tune internal procedures to save your organization’s resources
- An efficient audit conducted with a minimum of client assistance
- Assistance in developing strategies to maximize contributions and position your plan as an employee recruiting and retention tool
Membership in the Audit Quality Center
The American Institute of Certified Public Accountants’ Employee Benefit Plan Audit Quality Center is a national community of CPA firms that demonstrate a commitment to employee benefit plan audit quality and to raising awareness of the importance of these audits.
As a member of the Center, The Whitlock Company has designated a partner responsible for the quality of our employee benefit plan practice, established training and quality control programs, instituted annual internal inspection procedures and made our peer review report findings publicly available.
Worldwide Support
We are also a member of PKF International and the PKF North American Network. Combined, PKF firms perform nearly 2,000 employee benefit plan audits per year; which means that you have access to the solutions you need.
Our Experience
- We are a well-established, well-respected firm founded in 1913
- We have a dedicated staff of experienced auditors
- Employee benefit plan administration and consulting knowledge of all types of plans including 401(k), 403(b), annuity pension, health and welfare, death benefit and ESOPs.
- Nationally recognized training for the employee benefit plan specialty
OMB A-133 Audits
SAS 70 Audits
Internal Audits
The Whitlock Company can help you improve your internal controls with Internal Auditing services. We can tailor your procedures to meet your needs.
Compilations
Compilations are a useful tool for many businesses. A compilation is a representation of a company based on accounting records (with no assurance of management by a CPA) Small businesses, parent companies in need of further assurance on their subsidiaries and some banks use compilations to get a better picture of their business.
Reviews
Our auditors perform review services in order to provide an evaluation of a company’s position based on analytical procedures, management inquiries, and our industry experience. Since it provides a limited assurance of the company’s position; reviews are an important tool for lenders and companies seeking their assistance.
Small Business Services
- QuickBooks Setup and Support
- General Ledger
- Bank Roconciliations
- Payroll Tax Returns, W-2s and 1099s
- Sales and Use Tax Returns
- Financial Statements and Compilations
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