Audit, Reviews, and Compilations
An audit provides the highest level of assurance for your financial scenario. LTC CPA’s capabilities include a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we provide a report on whether the financial statements are fairly stated and free of material misstatements.
Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, as well as various inquiries we make of your company's management team. If your financial statements or supporting information appear inconsistent or otherwise questionable, our team of CPA’s may need to perform additional procedures.
A compilation provides the lowest level of assurance. When compiling financial statements for our clients, LTC presents information that is the "representation of management" and expresses no opinion or assurance on the statements.
LTC CPA’s Provide These Types of Audits
Employee benefit plan audits are required by the Employee Retirement Income Security Act of 1974 (ERISA) and the U.S. Department of Labor (DOL). These audits apply to employers with more than 100 eligible plan participants at the beginning of any plan year, and they may be required for some smaller benefit plans.
A retirement plan's sponsor is responsible for complying with these requirements and an incomplete, inadequate, or untimely audit report may result in significant penalties being assessed against the plan's sponsor. Therefore, one of the most important duties of the plan sponsor is selecting an independent auditor for the plan.
Not only do our experienced CPA’s understand the specific areas of testing required by the U.S. Department of Labor, we understand how important it is for your organization to remain compliant. We partner with you and your team to ensure your legal responsibility to file complete and accurate annual returns and reports is fulfilled.
LTC’s Pension Plan Services Include the Following:
- 401(k) Plan Audits
- 403(b) Plan Audits
- Pension and Profit Sharing Plan Audits
- Defined Benefit Plan Audits, including Cash Balance Plans
- ESOP audits
A single audit is a review of how an organization has managed a grant to ensure it is in compliance with all the rules and regulations of each grant award. Required components of an audit include components such as financial statements and records, expenditures, and internal controls.
Non-profit organizations and governmental entities expending more than $750,000 in federal awards are subject to a single audit.
LTC CPA’s are highly competent and we provide single audits in a very timely manner and in a cost effective way.
We perform independent audits for escrow accounts required by the California Department of Business Oversight. As a part of LTC’s core services, we also provide technical and professional expertise, related to requirements established by this regulatory agency.
The required Department of Business Oversight (D.B.O) financial and compliance audit can be an expensive and very time-consuming process. Not only is the audit required annually, the audit procedures required by the D.B.O. are complex and unique. Considering not all CPAs are experienced with these requirements, not choosing the right CPA can be a big waste of your precious time and increases expenses significantly, just to be certain this audit is conducted correctly. LTC’s talented and skilled CPAs can help you avoid potential costly delays and unnecessary expenses.
Through LTC’s charitable arm, we support local nonprofit organizations involving the arts and private education. We also help charities successfully navigate the unique and often complex operating regulatory environment, to ensure they can focus on fulfilling their mission and helping those in need. Our team of experienced accounting and business advisors are familiar with special compliance procedures and reporting requirements that often contributes to a nonprofits’ ongoing success.
LTC also provides attestation and business consulting services for non-profit entities including:
- Comprehensive audits
- Strategic planning
- Internal control consulting
- Tax planning and consulting
- Preparation of Federal 990s and related federal and state filings