As a business owner, or the accountant responsible for your company’s employee benefit plan accounting, you understand the importance of compliance with the many governing regulations for these plans. Whether you have defined contribution retirement plans, defined benefit pension plans or healthcare plans, the plans may need to be audited and found in compliance with the Department of Labor’s (DOL) and/or the Internal Revenue Service’s many requirements and standards. The tax ramifications related to these plans need to be understood and annual reports filed with the IRS. There are many complex rules to which a company must adhere when accounting for employee benefit plans. The accountant must be familiar with the use of actuarial tables and calculations to ensure that the plan does not discriminate in favor of highly-compensated executives.
One can easily understand the complexity and unique accounting systems that the accountant for these plans is faced with. It is a high-profile item in the annual report and other corporate financial statements.
Turlington and Company, L.L.P. takes the audit and ongoing consulting for these plans very seriously. We understand the compliance issues and have taken measures to ensure that we can provide the highest quality services related to the audit of such plans.
To that end, we pride ourselves on our membership in the AICPA Employee Benefit Plan Audit Quality Center. This affiliation ensures our clients that we adhere to the high standards that the Center demands of its members.
These standards include having a designated partner who is responsible for our employee benefit plan audit engagements, establishing internal quality control programs, performing annual internal inspections and conducting peer reviews, after which the findings are made available to the public.