“In 17 years of undergoing audits, I have never experienced such professionalism from an audit team, top to bottom. Our team is extremely pleased with the switch to WBL!”
Just right means…
…confidence in your financial data to help you make better decisions.
Your financial data is a goldmine for your business. Management, investors and lenders carefully review your financial information to understand current operations, plan for the future and determine the risks and benefits of committing funds. WBL’s Assurance Services team understands your business, your industry and the needs of reviewers who request your financial data. We go beyond the numbers to help you determine the level of assurance that’s right for you, right now and in the future. What level of assurance will best meet your needs?
An audit is the highest level of assurance, providing you with peace of mind that your financial reporting can withstand scrutiny during a bank audit or due diligence by a potential investor. WBL tailors our audit procedures and testing to ensure that your financial reporting is free of material misstatements, while minimizing disruption to your staff and daily operations. We focus on your company’s internal controls over financial reporting, providing recommendations to strengthen procedures and establish controls to protect you in the future.
ASC 606 (Revenue Recognition)
The new revenue recognition standard, also known as ASC 606-Revenue from Contracts with Customers, is the biggest change to U.S. generally accepted accounting principles (GAAP) in decades. Businesses must change how revenue and certain costs are identified, recognized, recorded and presented on both balance sheets and income statements, and significantly expands revenue disclosures. WBL revenue recognition experts can help your team plan and implement the new standard. Read more about WBL’s Revenue Recognition Sherpa Program here.
Many financial institutions and other stakeholders accept a review in lieu of an audit, saving you time and money. With a review, your financial statements are analyzed using inquiries and analytical procedures as well as our understanding of your industry, your business, and the applicable accounting guidance and financial reporting rules. There is no detailed testing or review of your internal controls. You receive assurance that nothing in your financial statements requires material modifications to be in accordance with accounting standards.
When you need a level of assurance that does not require a traditional audit, WBL’s Assurance Services team works with you to identify appropriate procedures that will deliver the right information and level of assurance for your specific situation.
The purpose of a compilation is to organize and present your financial data in the form of a financial statement that can then be easily reviewed by stakeholders such as board members, lenders or investors. No opinion is given on the accuracy or completeness of the statement.
Employee Benefit Plan (EBP) Audits
Protect the promise you made to your employees to return their investment in your business. A full or limited-scope employee benefit plan audit gives you and your employees assurance that the assets in their retirement benefit plans are being properly accounted for. It can provide valuable, practical advice to improve plan administration and controls. Most importantly, it fulfills your fiduciary duties, limits potential liabilities and ensures you meet ERISA obligations to file a complete Form 5500 for your plan each year.
WBL audits more than 20 EBPs and is well versed in the special IRS and ERISA regulations that apply to:
- 401(k) and 403(b) plans
- Defined contribution plans
- Profit sharing plans
- Employee stock ownership plans (ESOP)
- Pension plans
WBL can also assist with:
- Plan design and implementation
- Improvements to plan administration
- Training employees responsible for day-to-day benefits administration
- Department of Labor filings
- Compliance reviews
- Coordinating with third-party administrators
WBL is a member of the American Institute of Certified Public Accountants (AICPA) Employee Benefit Plan Audit Quality Center. Our EBP auditors adhere to the highest quality standards by voluntarily agreeing to the Center membership requirements, including designating a partner responsible for our EBP audit practice, establishing quality control programs, performing annual internal inspection procedures, and making our peer review report findings publicly available.
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