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Audit Services
Managing Risk, Protecting Your Revenues
Audit services are not a commodity product. What matters to not-for-profits in general often does not go far enough to address the unique regulatory, compliance and funding environment of the special needs industry. Loeb & Troper’s specialized knowledge of special needs organizations is embedded in every audit. We know what to look for and what questions to ask. We see the things generalist firms can miss.
We take a risk-based approach to audits, based on your funding sources and our knowledge of special needs organizations and compliance requirements. The audit services we provide for special needs organizations include:
Planning a Special Needs Audit
Our specialized knowledge of the industry enables us to plan a thorough, efficient audit that effectively addresses the issues unique to special needs organizations, including appropriate reimbursements and evaluating your reimbursement infrastructure and assessing supporting documentation for service delivery, including the OMRDD Administrative Memorandum and SED-required information. We also address cost allocation and cost reporting compliance (including the CFR), third-party audit, and other factors that can affect reimbursement funding.
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 practical, constructive suggestions specific to a special needs organization.
• Communications and reporting – throughout the audit, you can expect insightful advice based on our ability to benchmark your activities with special needs 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 function.
• Supervision of internal audit functions.
• Outsourcing for greater efficiency and to tap the best resources.
• Education and training to help 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.
