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Audit Services & Consulting

Audits often elicit feelings of fear and anxiety and are often looked upon as a necessary evil. However, audits serve a very important role in the financial strength of a company. An audit lends credibility to financial statements for use with lending institutions, government agencies, bonding companies, major vendors, customers, and donors. Additionally, an audit gives management and stockholders an independent basis on which to rely, not only for the general financial position and results of operations, but as a basis for specific decisions.

Through our commitment to client service, Langdon & Company LLP brings more to you than just basic audit services. We take time to understand your operations in order to provide a streamlined audit that also delivers value. You will have access to all levels of personnel on your audit team. Our senior personnel are actively involved and on site during the audit process. Our professionals bring valued insight from our varied experiences to your audit. We share best practices and advice in addition to delivering quality business audit service.

Langdon & Company LLP has a separate audit department to facilitate the requirements of all of the various types of entities that may require an audit. Our professionals collectively have the breadth and depth of training and experience to handle the increasing complexities in audit and accounting standards and business practices. Our personnel receive training specific to their individual needs and practice areas. As an audit client, we keep you informed of developments and changes to accounting and auditing standards as well as access to our professional resources.

Our CPA firm provides the following types of attest and audit services:

Financial Statement Audits

A financial statement audit provides the highest level of assurance that an entity’s financial statements, as a whole, are presented fairly in accordance with generally accepted accounting principles or some other appropriate basis of accounting. This assurance is achieved through independent verification and inspection of accounting records, gaining an understanding of internal control and examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.

Government (Yellow Book) Audits

Government Auditing Standards (the "Yellow Book") contains standards for audits of government organizations, programs, activities, and functions, and of government assistance received by contractors, nonprofit organizations, and other nongovernment organizations. These standards are often referred to as generally accepted government auditing standards (GAGAS). These standards require that auditors assume certain responsibilities and reporting requirements beyond those of audits performed in accordance with auditing standards generally accepted in the United States, such as independence, continuing professional education, compliance and internal control reports, etc. Audits in accordance with these standards combine the normal financial statement audit with assessing internal controls and compliance issues.

In addition to complying with Government Auditing Standards, certain entities that receive funding (either in the form of a loan, grant or program service fee) from the US Department of Housing and Urban Development must also have an audit performed in accordance with the Consolidated Audit Guide for Audits of HUD Programs, issued by HUD, Office of the Inspector General. Our Firm’s audit services professionals have extensive experience with HUD rules and regulations, including the requirement, in some cases, to file financial statements electronically. We have performed audits of entities, both nonprofit and for-profit, that involve HUD direct loans, HUD-insured mortgages and non-supervised mortgagees, loan correspondents and lenders. Due to the additional burden of having to comply and stay current with the many administrative directives of HUD, we feel that this experience and expertise adds value to the traditional audit services required by our clients.

Single (OMB Circular A-133) Audits

Nonprofit organizations receiving federal direct or pass through funding are often required to complete an A-133 audit. The A-133 audit looks at compliance with general and specific government audit requirements which cover financial and non-financial factors. It combines the normal financial statement audit with additional audit coverage of federal funds (typically referred to as a compliance audit).

Cost Certification Audits

Oftentimes, companies that have financed a construction project using governmental (HUD, NCHFA, SBA) financing find themselves in need of an audit certifying the costs of the project in order to close the deal and obtain the needed funds. Langdon & Company LLP has experience in a wide variety of such audits and can provide this business auditing service timely and efficiently.

Employee Benefit Plan Audits

Each year, pension and welfare benefit plans (401(k) plans, 403(b) plans, profit sharing plans, defined benefit plans, etc.) covered by the Employee Retirement Income Security Act (ERISA) are required to file an annual return/report regarding their financial condition, investments, and operations. This reporting requirement is generally satisfied by filing the Form 5500 Annual Return/Report of Employee Benefit Plan and any required attachments.

As part of the 5500 filing requirement, the Department of Labor requires "large" pension plans to be audited by an independent qualified public accountant. A large plan is generally defined as a plan with over 100 participants at the beginning of the plan year. Certain companies that fluctuate between slightly more or less than 100 participants may be exempt of the audit requirement.

We understand the complexities of the industry’s regulatory and reporting requirements and attend specialized training annually to stay on top of the ever-changing standards that govern employee benefit plans. We work closely with our clients and their third-party administrators, custodians, and trustees to ensure plan compliance with all applicable reporting requirements.

Reviews

For some of our clients, reviewed financial statements best serve their business needs. Although a review is substantially less in scope than an audit, it allows us to express limited assurance that the financial statements are in conformity with generally accepted accounting principles. A review consists predominately of performance of analytical procedures, including calculation of certain financial ratios, and inquiries of management and staff. A review may serve as a cost efficient alternative to an audit.

Compilations

In addition to audits and reviews, we also offer compiled financial statements. A compilation presents information that is the representation of management in the form of financial statements without expressing any assurance on that information.

Agreed-Upon Procedures

Langdon & Company LLP offers other attestation services, such as agreed-upon procedures. Agreed upon procedures are a viable solution for transaction support, due diligence, internal controls evaluation, royalty compliance and policies and procedures compliance assessment. These engagements may be performed when traditional services do not meet client needs, or are required by third parties.

Financial Statement Preparation and Review and Audit Support Services

With the onslaught of auditing changes over the last several years, many smaller organizations have found themselves with internal control deficiencies not reported in the past. These primarily relate to the preparation or review of their financial statements. One solution to address such findings is to outsource year-end close and audit preparation services. Because our professionals have significant audit experience, Langdon & Company LLP is uniquely qualified to provide this valuable assistance. Our approach is proactive and anticipates and addresses your auditors’ needs. Services provided include preparation of closing entries, preparation of required schedules as well as preparation of your financial statements including footnotes to be audited by your outside auditor. If the auditor prepares the financial statements, we can also serve as management’s reviewer of those audited financial statements.

Forecasts and Projections

Entities prepare prospective financial information for a variety of reasons. For example, an entity may want to obtain external financing, consider a change in operations or accounting, or prepare a budget. Prospective financial information is of interest to a broad spectrum of parties, including management, present or potential owners of equity interests, credit grantors, and other informed third parties, government agencies, and the public. Prospective financial statements are based on assumptions regarding future events. The assumptions are in turn based on a combination of available information and judgment, in which both history and plans play a part.

Forecasts, one type of prospective financial statements, closely parallel historical financial statements and are intended to provide the financial information needed by persons making financial decisions who have access to neither the entity’s financial records nor its management. Forecasts are based on the responsible party’s assumptions reflecting conditions it expects to exist and the course of action it expects to take. Projections are prospective financial statements that present, to the best of the responsible party’s knowledge and belief, given one or more hypothetical assumptions, an entity’s expected financial position, results of operations, and cash flows.

Our engagements to prospective financial statements may include compiling, examining, or applying agreed-upon procedures to those financial statements.

 

For more information, contact us today!