AUDIT SERVICES
The Value of an Industry-Specific Approach
Audit services are not a commodity product. Superior accounting knowledge is not enough. Loeb & Troper’s specialized knowledge of health care, not-for-profit and special needs organizations is embedded in every audit. Because we know your industry, we know what to look for and what questions to ask. We identify issues that generalist firms can miss.
We take a risk-based approach to audits, based on your funding sources and our knowledge of your industry and compliance requirements. The audit services we provide include:
Audit Planning
Our specialized industry knowledge enables us to plan a thorough, efficient audit that effectively addresses the issues unique to your industry.
Our Audit Approach and Process
Loeb & Troper takes a disciplined, proactive approach to audits.
• Gain an understanding of your internal controls – our industry knowledge can help us benchmark them against industry best practices.
• Test your internal controls to determine whether your accounting policies and procedures are implemented.
• Identify and assess key risk areas unique to special needs organizations, such as revenue recognition and allocation methodologies.
• Analyze significant accounts and perform analytical procedures to substantiate balances.
• Opine on financial statements’ compliance with Generally Accepted Accounting Principles (GAAP).
• Issuance of management letter – we will issue a letter to the board containing our observations, comments and suggestions on significant matters affecting internal controls, systems, operating and accounting procedures, and other matters worthy of attention. You can also expect us to contribute proactive constructive suggestions specific to your organization.
• Communications and reporting – throughout the audit, you can expect insightful advice based on our ability to benchmark your activities with industry-specific best practice approaches.
Specific Types of Audit and Attest Services
• General purpose audits of financial statements.
• Regulatory audits, including OMB Circular A-133 audits.
• Benefit plan audits (defined benefit and defined contribution plans).
• Financial forecasts.
• Reviews and compilations.
• Indirect cost rate proposals.
• Financial projections.
• Agreed-upon procedures.
Internal Audit
• Development of policies and procedures.
• Assessment of internal audit function.
• Supervision of internal audit function.
• Outsourcing for greater efficiency and to tap the best resources.
• Education and training to help ensure ongoing effectiveness.
Extended Audit Services
• Agreed-upon procedures – special-purpose audits and audits of specific activities.
• Audit committee charters and education to help you achieve superior governance.
• Pension plan compliance.
• Compliance with third-party rules and regulations.
