Our Services - Audit

Consultants . Accountants . Auditors . Advisors . Attorneys

For us, an audit is more than a routine, historical, or compliance activity. It is our passion, we love it, we rejoice in it (the opportunities to improve your business), and it shows in how we audit.

Audits

When it comes to audit, accounting, and other assurance services, the difference between meeting and exceeding your expectations comes down to personal attention and the value delivered.

We take pride in fully understand your organization, staying abreast of the challenges facing your industry and its changing business risks. We go above and beyond the numbers, by recommending controls’ improvement. Improving the quality of the information your accounting system generates that you use to make important day to day decisions. Helping you interpret the financial information to make the right decisions.

Our Audit Approach
When we show up, you know “right-away” that you are getting high quality value from your audit. We make the audit more than simply an historical or compliance activity; we perform a holistic-review, in all our audit, we don’t check the boxes or use-up your tab. Depending on your type of audit, we provide you with our identified gaps and recommendations to improve, as well as discussions with you about your reports/results and what they should be telling you.

Asset Based Lending Audit
Our proven collateral field examination methodology identify areas of potential risks, assess the risks, and provide recommendations to commercial/asset-based lenders to aid in making prudent decisions. Included in our common areas of expertise are new business pre-loan reviews and recurring field examinations. Both are essential tools to assist the commercial/asset-based lender in structuring existing or proposed credit facilities and in better understanding the underlying collateral.

Ladlas Prince provides field examination services for a wide range of commercial bankers/asset based lenders, from community lenders to large national financial institutions. Our customers include commercial lenders offering informal or lightly monitored lines of credit to asset based lenders offering fully monitored asset based lending facilities. Ladlas Prince success comes from our experience, commitment to quality, and our ability to customize our collateral field examination programs to suit a wide range of lenders, from the most experienced asset-based lender, to the commercial lender requesting a field examination for the first time. The following are included in our ABL audit:

Traditional collateral field examinations
Consumer finance field examinations
Premium finance field examinations
Floor plan field examinations
Accounts receivable confirmations
Takedown field examinations
Accounts receivable aging analysis and ineligible calculation

Benefit Plan Audit (BPA)
Included in our specialties, is the evaluation of benefit plan payments, procedures, and controls. We offer a complete line of services, to provide you with the results you need so you can find out if your administrator is really "looking out" for your healthcare costs. After all, "What You Want, We Want some of it too.” We only get pay, when we found your money; waste, fraud, wrong payments, e.t.c.

Internal Audit
In recent years, organizations have been challenged with the dilemma of forgoing operational audits for efficiency and effectiveness in lieu of meeting compliance requirements imposed by the Sarbanes-Oxley Act of 2002. Although the focus may have changed, the risk environment in which you operate has not. Don’t be lulled into a false sense of comfort. Controls over financial reporting may be designed and operating effectively; is the rest of your operations?

We can provide you with a full-blown internal audit function or simply help out where needed for as long as need us. We have served our customers by providing full outsourcing, co-sourcing, and ad-hoc staffing needs. We can assist anywhere on the services spectrum that best suits your requirements. We commit to making our methodology and technology available to ensure you get the very best service. We have experience assisting clients within the following environments:

Operational reviews for efficiency and effectiveness
Internal control review, testing, reporting, and remediation
Outsourcing/Co-sourcing, engagement staffing, project assistance, special projects, mega-project reviews, strategic planning and support.

Ladlas Prince is comprised of personnel with experience at providing operational reviews for efficiency and effectiveness, regardless of the industry. If you’re experiencing unexplained variances, frequent write-offs, loss due to misappropriations, or you simply question the effectiveness of certain processes, we are ready to help, contact us.

Compliance & Enterprise Risk Audits
Have you performed a top-down, risk-based audit and assessed your organization’s risk in a Sarbanes-Oxley (SOX) world? The SOX Act of 2002 necessitates that management have a more structured, focused understanding of the key risks facing a company, particularly relating to financial reporting.

Working with your management team, our approach begins with a broad understanding of your corporate governance, and then we apply our Enterprise Risk Management (ERM) methodology, Holistic-review, which focus on a broader array of risks. When applicable, we review your previous audit too. At the end, we have a mixture of your strategy, objective, risk appetite and ethic in our audit planning, positioning these factors as the foundation for our audit, which allow us to evaluate the organization’s ability to manage and monitor risks on an ongoing basis, instead of focusing only on their success in managing risks in the past.

To keep up with a rapidly changing marketplace, your company needs highly qualified professionals with the knowledge, methodology, and resources necessary to assist you in addressing your risks. That’s why Ladlas Prince takes the approach of melting the skills of industry specialists with our team of internal control professionals to show you how to make the most of your internal audit and risk management functions while keeping your organization thriving.

Technology & Security Audits
Information Technology Audits; the ever-changing requirements of governing bodies like NIST and SOX makes completing information technology audits difficult. The shortage of Information Technology auditors can further compound this problem. Let us handle your Federal Information Security Management Act (FISMA) requirements. We are thoroughly familiar with OMB Circular A-130, NIST special publications, the Federal Information System Control Audit Manual audit methodology and the FISMA regulations. We have developed our own internal tools, e-work-papers and methodology to address these requirements. All of our experienced auditors have the Certified Information System Auditor (CISA) accreditation. Our Technology Audit types are:

Information Technologies (infrastructures) Audit
Business Information Systems Audit
Management Information Systems Audit
Information Security Management Systems Audit

In today's complex networked environments the potential for unanticipated exposure to risk is growing and Information Security is an ongoing challenge. Of particular significance are the following concerns:

Financial impact
Damage to reputation
Business risk exposure
Legal issues
Loss of Internet presence (business may even cease)

However, there are steps that can be taken to mitigate and anticipate these risks for organizations both large and small. The objective is to discover vulnerabilities & recommend remedies in order to prevent successful attacks; our audit services check every aspect of your business operations and not just test your networks, using sophisticated tools & techniques from the perspective of an attacker.

Included in what we audit for in Security are the following:

Information Security Policies and Procedures
Information Asset Identification, Classification, Inventory & Control
Personnel, Physical & Environmental security
Business Continuity Program & Services
Communication & Operational
Access Control / Management
Systems dev & maintenance

While our alliance Compliantz software offers organizations the capability for self-assessments, it is highly recommended that an assessment be undertaken by an external entity at least once a year to prevent the potential for internal collusion/fraud. We can perform an on-site "healthcheck" in 5 days that will report on areas of non-compliance with applicable regulations and recommended actions to become compliant. This work will be done at a fixed fee, which is rare to find these days.

Our size has afforded us the adequate resources and expertise to handle anything from small to large, complicated assignments. Yes we have the smaller-firm values of personal attention and service that add value to engagements of any size. At Ladlas Prince, we are “Second to None, Above the Standard!”

Note: we strongly advise against, a same firm provision of audit & implementation services to the same client (this negates independence, and cloud vulnerability gaps). Therefore, if others have audited you, let us do the implementation of those findings/remediation; refer to our consulting section.

Government Audits

In addition to all the applicable audit services mentioned in our commercial/corporate section, we offer the following for government entities and programs:

Contract, Grant, and Compliance Audits; we can audit your federal contract and grant funds worldwide; we perform engagement worldwide. We are experts at evaluating internal control and compliance with regulations, laws, contracts and grants requirements, our recommendations prevent future problems and help ensure that future costs are reasonable, allocable, eligible and allowable.

Financial Statement Audits; agencies face new obstacles and challenges every day in meeting the ever-changing demands of Congress, OMB, and Treasury. We understand how these sometimes radical changes impact an agency's ability to produce auditable financial statements. Our experienced team members effectively and efficiently analyze client needs, assist them in overcoming these new hurdles, and provide both short- and long-term solutions.

Performance and Operational Audits; mostly an entity's accounting information does not tell the whole story. We provide services designed to help organizations measure performance through the evaluation of non-financial information. We can assist governmental and nongovernmental organizations in developing strategic plans and measurement systems by:

Identifying missions, goals, and objectives
Determining input, output, and output measures
Designing performance data collection systems
Evaluating and reporting progress
Updating and enhancing strategic plans based on measured results

Ladlas Prince also conducts performance audits designed to assess and improve economy/efficiency of programs, measuring program results.

Information Technology Audits; the ever-changing requirements of NIST and OMB make completing information technology audits difficult. The shortage of IT auditors can further compound this problem. Let us handle your Federal Information Security Management Act (FISMA) requirements. We are thoroughly familiar with OMB Circular A-130, NIST special publications, the Federal Information System Control Audit Manual audit methodology and the FISMA regulations. We have developed our own internal tools, e-work-papers and methodology to address these requirements. All of our experienced auditors have the Certified Information System Auditor (CISA) accreditation.

Let us help you!

We stay on the cutting edge of financial management and audit requirements and technology. We retain our clients and attract new clients by delivering high-quality services and meeting client expectations. Our team will identify questionable costs for government recovery AND assist agencies in meeting critical and complex financial reporting requirements.