LIFMS is committed to providing our clients with affordable, reliable, and accurate audits. We offer a comprehensive range of services including financial statement audits, reviews, and compilations, compliance audits, performance audits, agreed upon procedures, internal audits, and risk assessments. Our firm is a member of the American Institute of Certified Public Accountants, and we are subject to independent peer review.
Audit & Assurance Services
Assurance
At Long Island Financial Management Services, we believe that audits should do more than just produce the required reports on the financial statements and those set forth by regulatory bodies. Audits provide maximum benefit when they result in observations, recommendations, and the transfer of information that will either improve the operations of our clients, or better prepare them for future events.
We abide by the professional standards and ethical rules governing our profession when performing an audit. LIFMS tailors our audit tests to address key business and financial reporting risks of our clients. Our methodology is neither overly rigid, resulting in inflexibility regarding the needs of a particular client, nor so loosely organized that it would lack the direction and discipline required for efficiency.
Audits, Reviews and Compilations
Financial statements are among the best ways to evaluate the performance of a business. These reports are valuable tools that allow boards, regulators, owners or investors to evaluate a business and to guide them in making management or fiscal decisions.
Although an audit, review and compilation is focused on the past, we also assess your procedures and processes to yield practical suggestions for your future operations. Because a large part of the work required for an audit will be provided by your staff, we recognize that the ability to analyze existent data is among the most important qualifications of the firm you select to audit your financial statements.
Agreed Upon Procedures
In this type of engagement, our firm serves as an auditor to carry out the specific procedures to which the auditor, the client and any appropriate third parties have agreed, and to report on factual findings.
Performance Audits
We typically examine the effectiveness, economy or efficiency of a program. We might analyze the services of an entire agency or division, compare actual practices against legal, regulatory or established policies, seek possible cost savings, or identify the outcomes achieved by a program or service.
Incurred Cost Audits
Review incurred direct and indirect costs for a contract. Review allowable and unallowable costs, report on findings and certify incurred costs.
Reviews
The purpose of a review is to provide limited assurance to regulators, banks or investors that a company’s financial statements are satisfactory. At LIFMS, our industry knowledge and analytical procedures are used to evaluate your business to provide the basis for a fair analysis.
Compilations
When we perform a compilation, we begin by gathering details about the industry and the client, then assess the financial statements to look for possible errors. We then present the documents to management without any opinion or assurance. Compilations are typically for internal use only.
Internal Auditing
LIFMS reviews and evaluates the controls and procedures established by management to determine whether they are being followed and upheld within the organization. During an internal audit, we also look at standard performance, efficiency, and effectiveness to determine whether operating procedures need to be improved. Internal audits can also be customized and performed to focus on specific areas of concern of management or board.
Audit Readiness Support
We can review your general ledger, make any required adjustments and prepare a workpaper package for your external auditor before the beginning of fieldwork. We can also act as a liaison with the auditors and respond to questions during the audit process.
