Can you work with our third-party administrator and recordkeeper?

Yes. Benefit plan audits often involve collaboration with multiple service providers, and coordinating information among those parties is an important part of an efficient audit process.

Preparing participant data, payroll information, trust statements, plan documents, and coordinating with your third-party administrator before fieldwork begins can help the audit proceed more efficiently.

The audit evaluates the plan’s financial statements, participant data, contributions, distributions, investments, and compliance with applicable reporting requirements.

An audit is generally required if the plan has 100 or more participants with account balances at the beginning of the plan year, although specific Department of Labor rules and exceptions may apply.

The timeline depends on the type of engagement, the complexity of your organization, and the availability of financial information. As part of our YeoLean audit process, our team will work with you to develop a timeline that works to meet deadlines with minimal disruption to your staff.

Yes. Many organizations begin with one type of engagement and transition as they grow, seek financing, or encounter new reporting requirements.

Many privately held businesses only require a compilation or review. An audit is typically required when requested by lenders, regulators, funding agencies, or governing documents.

Requirements often depend on your lender, investors, board, grantors, or regulatory obligations. Your organization’s size, growth plans, and reporting objectives also play a role.

The primary difference is the level of assurance provided. A compilation prepares financial statements without providing assurance, a review offers limited assurance through analytical procedures and inquiries, and an audit provides the highest level of independent assurance through more extensive testing.

An audit provides more than an opinion on financial statements. Our team shares insights and recommendations that can help strengthen internal controls, improve processes, and support better decision-making.

A successful audit starts with preparation. Organizations can help streamline the process by maintaining accurate records, documenting policies and procedures, reconciling accounts regularly, and communicating with their audit team throughout the year. We work collaboratively with management teams to make the audit process efficient, organized, and valuable beyond compliance.

We serve a wide range of organizations, including nonprofits, governmental entities, educational institutions, healthcare organizations, and businesses. Our experience with different industries allows us to understand the unique reporting requirements, regulations, and challenges each organization faces.

GASB (Governmental Accounting Standards Board) standards establish accounting and financial reporting requirements for state and local governments and other governmental entities. Organizations that follow GASB standards often have unique reporting requirements compared to businesses and nonprofits. Our professionals have experience working with governmental entities to provide audit services that address GASB reporting requirements and help ensure accurate, reliable financial statements.

Organizations that receive federal funding may be required to complete a Single Audit based on the amount of federal awards they expend during the year. Requirements can vary depending on the type and amount of funding received. We help nonprofit organizations, municipalities, and other entities understand their compliance responsibilities and prepare for the audit process.

A Federal Single Audit is a specialized compliance audit required for certain organizations that receive federal financial assistance. In addition to examining financial statements, a Single Audit evaluates compliance with requirements related to federal awards, internal controls, and applicable regulations. Our team helps nonprofits, governments, educational institutions, and other organizations navigate the Single Audit process and meet federal compliance requirements.

Many organizations pursue an audit because it is required by a lender, grantor, government agency, board, or other stakeholder. Others choose to complete an audit to strengthen internal controls, improve financial reporting, or provide greater confidence to those who rely on their financial information. We work with organizations of all sizes to understand their requirements and determine the right approach.

The level of assurance your organization needs depends on your goals, reporting requirements, and the expectations of your stakeholders. An audit provides the highest level of assurance through a detailed examination of financial statements and internal controls. A review provides limited assurance through analytical procedures and inquiries, while a compilation involves preparing financial statements based on information provided by management. Our team can help you understand which level of service is appropriate for your organization and its specific needs.

Many physicians use valuations to support succession planning, shareholder agreements, strategic growth decisions, tax planning, and long-term financial planning, even when a sale is not imminent.

Valuation professionals typically review financial statements, tax returns, provider compensation information, production reports, accounts receivable, organizational documents, and other financial and operational data relevant to the practice.

Preparation often includes reviewing financial performance, evaluating operations, addressing compliance concerns, documenting processes, and understanding the practice’s current value. Taking proactive steps before a transition can help minimize disruptions and improve readiness for potential buyers or successors.