Beyond the Traditional Procedures
There are three basic levels of financial statement services- audits, reviews, and compilations. While some financial statement services provided by Louis Plung & Company are related to compliance needs, other organizations have financial statements prepared by our expert professionals because of the value it provides to the organization. We go beyond the traditional procedures to test the validity of financial statement balances and remain at your side continuously to provide you with timely critical accounting, financial, and regulatory information that effects your business.
Financial reporting services include:
- Risk-based audit
- Review engagement
- Agreed-upon Procedures
Beyond the Traditional Procedures
Louis Plung & Company offers a variety of services regarding reporting for compliance with specific laws, regulations or other requirements. We can offer an independent evaluation which many times is required by a third party or for management’s own assurance. Engagements to report on compliance differ from client to client based on the specific compliance requirements of a particular party. Compliance reporting encompasses a wide variety of services from an examination of management’s assertion about compliance to an agreed-upon procedures engagement that provides detailed information about the entity’s compliance.
Compliance reporting services include:
- Single audit
- Employee benefit plans audit
- Film production audit
- Agreed-upon procedures
Enhancing Efficiencies Within Your Business
In order to prevent against fraud and protect your assets having practical and effective internal controls is critical. Implementing sound procedures for your general and accounting processes will increase the likelihood that financial information is reliable and company assets are safeguarded.
At Louis Plung & Company, we can help you by conducting an internal control evaluation which is performed by understanding the existing policies and procedures and conducting tests to determine if your controls are functioning as designed. By understanding the business, market conditions, and accounting systems and processes for maintaining the books and records, we can provide specific recommendations for enhancing the business as well as enhancing its accounting systems and processes.
Internal control evaluation services include:
- Processes and procedures evaluation
- Policy documentation
- Institute segregation of duties
- Internal control environment operation tests
- Control record review
- Employee training and guidance
- Operational processes streamline
- Establish management reporting packages and relevant performance measures
Making The Numbers Count
Louis Plung & Company partners with financial institutions and other asset-based lenders to provide lenders with an independent assessment of the collateral that they are lending against. Collateral generally obtained to secure borrowings consist of accounts receivable and inventory. We perform field examinations on site at the borrower’s location. Our field exam procedures are designed based on the terms and conditions within the financing agreement between the lender and the borrower. The specific procedures will vary based on the collateral used to secure the borrowings.
Collateral Verification & Valuation services include:
- Revenue recognition and billing policy review
- Accounts receivable aging subsidiary ledger due diligence
- Confirm outstanding receivable balances
- Collection trend analysis
- Inventory verification review
- physical inventory review
- Inventory quality verification
- Inventory subsidiary ledger due diligence