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Audit Services
The Added Value of an Auditor Who Knows Health Care
Audit services are not a commodity product. Loeb & Troper’s specialized knowledge of the health care industry is embedded in every audit. We know what to look for and what questions to ask. We identify issues that generalist firms can miss. We also take a risk-based approach to audits, based on your reimbursement sources and our knowledge of health care organizations and compliance requirements. The audit services we provide include:
Planning a Health Care Audit
Our specialized expertise results in an audit plan that specifically accounts for audit issues unique to health care organizations, such as reimbursement analysis (evaluating your reimbursement infrastructure and assessing the adequacy of service procedures and documentation); cost allocation and cost reporting, compliance with government requirements, including PPS compliance, third-party eligibility issues; operations analysis, including compliance with Medicare, Medicaid and other billing regulations; cost reporting policies and procedures against regulatory standards, and analysis of third-party rate and reimbursement accounts.
Audit Approach/Process
• Gain an understanding of your internal controls – our industry knowledge can help us benchmark them against industry best practices.
• Test the internal controls to determine whether your accounting policies and procedures are implemented.
• Identify key risk areas unique to health care, such as accounts receivable, third-party receivables and liabilities, compliance and documentation, reimbursement, and revenue recognition.
• 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 board letter with 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 proactive, constructive suggestions specific to a health care organization.
• Communications and reporting – throughout the audit, you can expect insightful advice based on our ability to benchmark your activities with health care 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.
• Cost reports.
• Reviews and compilations.
• Indirect cost rate certifications.
• 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 ongoing effectiveness.
Extended Audit Services
• Agreed-upon procedures – special-purpose audits and audits of specific activities.
• Compliance audits.
• Audit committee charters and education to help achieve superior governance.
• Pension plan compliance.
• Compliance with third-party rules and regulations.
