Government Auditing and Accounting Services::
Program-Specific Audits A program-specific audit is an audit of one program in accordance with Federal and State laws, regulations, or audit guides relative to that particular program or award. It does not require a financial statement audit of the entity. The audit is conducted in accordance with Generally Accepted Auditing Principles and Government Auditing Standards. Program specific audits cover the fiscal year of the project being audited. Internal control structures and compliance with significant requirements are tested as part of every program-specific audit. Audits of government programs are required if the grant recipient receives more that $300,000 in federal grant funds per year.
NIST Audits These are Program Specific Audits required by the National Institute for Science and Technology (NIST), Advanced Technology Programs (ATP). Recipients of grant money from NIST are required to provide an audit of their projects in the first, third, and fifth year of the project. These audits follow very specific government regulations. We assist clients in the preparation of these audits or assist them in implementing the specific accounting practices required under these regulations.
Government Accounting Set-up and Review Our clients around the country engage us to review their accounting systems and to assist them in the implementation of a government compliant accounting system. These services include:
- Account setup
- Authoring appropriate Policies and Procedures
- Setting up compliant accounting systems and controls
We work with attorneys to provide forensic accounting and other analytical needs required in preparation of lawsuits and disputes.
We
are a member of the AICPA employee benefit plan group and
perform benefit plan audits for companies representing
all industries and sizes. Our clients are served by our
knowledgeable team members who have been performing these audits
for years. Our experience and continual training serves to
create a benefit plan audit that is more efficient and
cost-effective than those of larger firms. As a matter of fact,
we're called upon to provide benefit plan audit services to some
clients who use larger accounting firms for their corporate
audit.
History In 1974, the Employee Retirement Income Security Act of 1974 (ERISA) was passed to provide minimum standards of vesting, funding and various other standards, for pension and welfare plans. The Act also established record keeping and financial reporting responsibilities and requirements, and mandated that certain plans obtain an annual audit of their financial statements.
Audit Requirements As a general rule, if you have 100 eligible participants, defined as all employees eligible to participate in the plan whether they contribute to the plan or not, you are required by law to obtain a benefit plan audit. However, certain exceptions may apply from year to year, which should be evaluated on a case-by-case basis. Be sure to consult your benefit plan adviser, or one of our benefit plan specialists (see contact information below) to see if you are required to have your plan audited.
SAS 99 Financial Statement Preparation::
Companies requiring audits are now required to draft their own
financial statements, a process mostly completed by the auditor
in the past. Under SAS99, companies need to have the financial
expertise in house to be able to prepare the financial
statements and the backup supporting the financial statements.
Newman Associates assists clients in preparing in compliance
with PACBOA and AICPA requirements for the audit! We provide the
following services:
- Lead Sheet Preparation
- Journal Entries Required
- Financial Statement Drafting
- Liaison between Auditor and Client
