Federal Government Services

LIFMS is 3rd party federally Certified as a Woman Owned Small Business (WOSB) by the Women’s Business Enterprise by the Women Presidents’ Educational Organization, a regional certifying partner of the Women’s Business Enterprise National Council (WBENC).

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.

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