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AUDIT AND ASSURANCE                                                                  Bookmark and Share

Our audit and assurance services go beyond reporting the results – you’ll gain a clearer understanding of your top and bottom lines and a true measure of your success.

At LM Austin our audit and assurance services include:

Financial Audits

Reviews and Compilations

Compliance Audits

Internal Audits and Risk Management

Forecasts and Projections

Special Reports (Agreed-upon Procedures)

Contact us today for more information about LM Austin LLC's Audit and Assurance Services.

Financial Audits

We utilize an intelligent, efficient risk-based approach to planning and conducting your audit which is driven by our unwavering commitment to outstanding service. We meet with your team to identify key cost and revenue drivers as well as potential areas of concern. By learning everything we can about your business and the opportunities and challenges you face, we're able to assess the risks associated with your control environment and information systems. This allows us to identify areas where you are most susceptible to misstatement, and develop and execute a focused audit plan to prevent unnecessary time and effort being spent on immaterial items.

Armed with an in-depth knowledge of your business, our experienced assurance professionals provide the highest level of service within the tightest deadlines. LM Austin employs precise technology to free clients from the burden of paperwork, using our auditing software and paperless filing system.

Reviews and Compilations

In circumstances where a lower level of assurance is acceptable, a review or compilation may be a better choice.

A review expresses “limited assurance”, but not an opinion, about financial statements based on analytical procedures and inquiries of an entity’s management. Reviewed financial statements have attributes similar to audited financial statements, such as full footnote disclosure, presentation in accordance with Generally Accepted Accounting Principles (GAAP) or another comprehensive basis of accounting, and additional information, if necessary.

When it makes sense to do a review:

Investors or lending institutions require a limited level of assurance but do not require an audited financial statement.

You want a certain level of comfort that analytical procedures and inquiries from a quality firm can provide.

You need a CPA's technical expertise without the work or expense of an audit.

You require a report from an independent source.

A compilation presents financial statements without assurance as to conformity with Generally Accepted Accounting Principles (GAAP).

When it makes sense to do a compilation:

A clean presentation of financial data is needed but no assurance as to the accuracy of the information is necessary.

Management prefers to show only the financial statements and not include disclosures required by a review or audit engagement.

We are already providing accounting services and are not independent.

Compliance Audits

We are committed to providing the highest quality and most efficient compliance audits to our clients. We have extensive experience in conducting audits in accordance with Government Auditing Standards, the Single Audit Act and OMB Circulars. Our professionals are familiar not only with the requirements of all applicable laws, regulations and OMB Circulars, but also with the funding sources of our clients’ grant programs.

Internal Audits and Risk Management

A well-functioning internal audit function that works collaboratively with management and the board is a key resource to identify risks and recommend improvements to an organization's governance, risk management, internal controls and operations. LM Austin has the knowledge and experience to handle all elements of the internal audit function including:

Internal audit start-up and development guidance

Full-service outsourcing and co-sourcing to augment your existing internal audit function

Execution of financial, operational and compliance audits

Audit committee advisory services

Fraud risk assessment

Sarbanes –Oxley compliance and internal control testing

Forecasts and Projections

Business owners know they need to plan for the future if they want to succeed. They must consider management strategies, prepare budgets and plan for alternative funding possibilities. An important part of the planning process is preparing prospective financial statements that attempt to predict the outcome of your future business activities. These documents are not produced on a regular basis but are important when you want to report your financial condition. They are based on management expectations of how your business is currently operating (forecasts) or on a hypothetical assumption about your businesses future actions (projections). Whether you need to plan for the purchase of new equipment or a complete financial overhaul, LM Austin has the experience and knowledge to help your company exceed its financial goals.

Special Reports (Agreed-upon Procedures)

Agreed-upon procedures engagements offer the flexibility of applying specific agreed-upon procedures to financial and nonfinancial information and report on the results of those procedures in the form of findings to provide clarity on a specific issue. In an agreed-upon procedures engagement, we work with our clients to define an objective and establish a set of procedures, to assist our clients in evaluating certain subject matter, or assertions about subject matter, based on their needs. Once a set of procedures are agreed-upon, the procedures are performed, the findings from the agreed-upon procedures engagement are presented and the findings are then used by the client to provide clarity on the issue.

Examples of various agreed-upon procedures engagements include:

Due diligence

Transaction support

Contract compliance

Policies and procedures compliance assessment


 

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