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 the opportunities to improve your business, and it shows in how we audit.

Management Audits

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

We take pride in fully understanding 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 a historical or compliance activity; we perform a holistic-review, in all our audits. Depending on your type of audit, we provide you with identified gaps and recommendations to improve, as well as have discussions with you about your reports/results and what they should be telling you.

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. Controls over financial reporting may be designed and operating effectively, but are 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 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:

  • 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.

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 focuses on a broader array of risks. When applicable, we review your previous audit as well. By 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 will allow us to evaluate the organization’s ability to manage and monitor risks on an ongoing basis, instead of focusing only on the 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.

Asset Based Lending Audit
Our proven collateral field examination methodology identifies areas of potential risks, assesses the risks, and provides 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's 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 know you are optimizing your healthcare costs. We only get paid, when we find your money is being lost due to waste, fraud, wrong payments, Etc.

Technology & Security 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
  • Management Information Systems Audit
  • Business 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.

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.

 

"All rights reserved. Ladlas Prince refers to the network of professional firms under the umbrella of Ladlas Prince LLC, each of which is a separate and independent legal entity."
"Disclaimer: Ladlas Prince is management consulting company and not a law firm or a substitute for an attorney or law firm. While some of our team have legal background and are licensed attorney(ies), they work solely in a management consulting capacity as this is advantageous for our compliance work. Our management consulting work or product(s) and communication are not covered by the attorney-client privilege; only a non-disclosure where agreed upon. Ladlas Prince will forward legal advisory request to independent attorneys and firms at your specific request. We do not provide any kind of legal advice, opinion, or recommendation."