Employee benefit plans play an important role in the lives of employees and their families and are subject to unique accounting and financial reporting requirements and various laws and Department of Labor and Internal Revenue Service regulations. SBC is nationally recognized as a leader in the employee benefit plan industry. SBC audits over $125 billion in plan assets annually. These audits include several of the top 500 benefit plans in the United States. We understand that employee benefit plan audits require specialized experience and knowledge. We have a team of auditors that specializes in employee benefit plan audits and spends 100 percent of its time focused on various types of benefit plan audits. We have experience auditing large and complex plans for major corporations, including benefit plans requiring 11-K filings, with master trusts with up to $50 billion in investments. We audit more than $5 billion in claims annually as part of these audits. We have extensive knowledge of all types of plans and the related accounting and reporting issues. The types of plans we audit include defined contribution, defined benefit, health and welfare, and employee stock ownership. Our clients include Prudential Financial, Inc., MillerCoors, Marriott International, and Host International.
SBC is a registered member of the Public Company Accounting Oversight Board (“PCAOB”). PCAOB conducts a review of our work every three years. We have consistently received unmodified reports without findings.
We have relationships with standard setters at the American Institute of Certified Public Accountants (“AICPA”) and the U.S. Department of Labor (“DOL”). Our partners are actively involved in the development of accounting and financial reporting standards for employee benefit plans and have served on the AICPA Employee Benefit Plan Audit Quality Center and the AICPA Employee Benefit Plans Expert Panel. In addition, our partners are frequently asked to share their expertise at conferences nationwide.