• Accounting, Consulting & Audit Services
    for Non-Profits, Government Agencies
    & Corporations

Federal Government Services

LIFMS is federally Certified by the U.S. Small Business Administration (SBA) for the Women-Owned Small Business Federal Contract Program (WOSB Program), as set forth in Title 13, Part 127 of the Code of Federal Regulations (CFR).

Our Firm is well qualified to serve your needs as it relates to any governmental audit filing requirements that may arise. We issue audit reports subject to Government Auditing Standards. Further, we are familiar with various cognizant agencies’ federal reporting requirements under Uniform Guidance and have consulted with clients performing audit preparation and completed audits of clients’ major programs of the following Federal departments: Bureau of Indian Affairs, Education, Health and Human Services, United States Agency for International Development, The State Department and Housing and Urban Development.

We require that our professional staff (partners, managers and associates) complete a minimum of 40 hours of continuing professional education each year and ensure that those individuals working on engagements receive required Yellow Book education specific to Government Auditing.

US Capitol building

LIFMS understands the responsibility of government agencies for maintaining adequate controls to prevent fraud, waste and abuse while promoting efficient and effective operations in accordance with OMB Circular A-123, Management’s Responsibility for Internal Controls. Our staff members have performed in-depth reviews of clients’ internal controls to assess compliance with government regulations with regard to required controls and identify areas where controls could be improved and procedures established to accomplish this goal.

Long Island Financial Management Services maintains a team of professionals with extensive knowledge of federal audit and accounting standards, along with significant experience performing federal audits in accordance with Generally Accepted Government Auditing Standards (the Yellow Book).

Financial Management and Accounting Support

We have extensive expertise in financial statement compilation and reconciliation, OMB A-123 internal controls assessments, development of policies and procedures, and accounting operations support. Our staff of Certified Public Accountants and associates are trained and experienced in implementing GAO, OMB, and agency-specific accounting and financial reporting guidance, which provide cost effective and value driven solutions to our clients.

CFO Act Compliance: Financial Improvement and Audit Readiness

Our team of CPA’s and subject matter specialists leverage their knowledge of federal audit and accounting standards, as well as their experience with federal financial statement audits in accordance with Generally Accepted Government Auditing Standards (GAGAS) and the GAO/PCIE Financial Audit Manual to assist our clients in achieving their goal of attaining and sustaining an audit ready state.

Internal Audit

The staff at LIFMS is available to work with Inspector General Office executives, management, and the staff at federal agencies, assisting them with their internal audit activities. Internal Audit Full Outsourcing, Quality Assurance Reviews and Business Transformation assistance, are among the many support services we offer.

Additional Services We Provide for Government Agencies:

  • Agreed Upon Procedures (AUP)
  • Compliance Audits
  • Contract Administration
  • Cost Accounting Standards (CAS)
  • Financial Audits
  • Grant Recipient Compliance Reviews
  • Indirect Costs and Rate
  • Internal Control Reviews
  • Performance Audits
  • Program Assessment & Support
  • Recovery Audits

Capability Statement

Click here to see our Capability Statement.

Our procedures address the Compliance Supplement Requirements as applicable, including:

  • Activities Allowed or Unallowed
  • Allowable Costs/Cost Principles
  • Cash Management
  • Davis-Bacon Act
  • Eligibility
  • Equipment and Real Property Management
  • Matching, Level of Effort, Earmarking
  • Period of Performance
  • Program Income
  • Reporting
  • Sub recipient Monitoring
  • Special Tests
    • SBA WOSB Certified
    • DBE Certified - Disadvantaged Business Enterprise
    • AICPA
    • NYS CPAs
    • QuickBooks Certified
    • QuickBooks Online Certified