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Lani Eko & Company, CPAs, PLLC diverse and technical expertise includes:
We perform CFO Act audits, financial statement audits, financial-related audits and performance audits. An independent assessment of an audited entity's a) financial statements in conformity with generally accepted accounting principles, b) financial information, adherence to financial compliance requirements and internal controls, or c) organization or program performance to identify areas for improvement. We assist agencies in developing questions for use at hearings, develop methods and approaches in evaluating a new or proposed program and forecast potential program outcomes. Also, LEC perform audits to recover funds resulting from overpayments, duplicate payments and underpayments.
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The passage of Sarbanes-Oxley Act of 2002 (SOX) has refocused attention of federal agencies and departments to reevaluate current policies relating to internal control over financial reporting and management related responsibilities. To apply the requirements of SOX to federal arena, OMB Circular A-123 was revised through an appendix, Appendix A-Internal Control over Financial Reporting. Appendix-A emphasizes management responsibilities for establishing and maintaining effective internal control over financial reporting by (i) requiring that documentation be maintained not only of the controls in place but also of the assessment process and the methodology management used to support its assertion as to the effectiveness of the internal control over financial reporting; (ii) requiring that management performed monitoring activities that include direct testing of controls as part of the assessment process; and (iii) requiring separate assurance statement from management on the effectiveness of internal control over financial reporting.
LEC’s professionals have gained experience through direct knowledge of providing similar services to federal agencies and departments. Over the years, for major financial processes, including Fund Balance with Treasury, Obligations, Accounts Payable, Appropriations Received, Credit Program Receivables and Liability for Loan Guarantees, we have assisted in assessing risks, planning monitoring and developing testing, developing documentation standards, identifying key controls and compensating controls, and assessing effectiveness of controls. We do not believe in one size fits all approach; therefore, our professionals assist federal agencies and departments in developing Corrective Action Plans that meet their unique needs.
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LEC professionals assist agencies to determine proprietary of grant charges, the financial capability of the prospective contractors, the adequacy of the offerors’ accounting systems, the allocability and allowability of charges, compliance with enabling laws, and the reasonableness of proposed costs. The audits are in accordance with Government Auditing Standards, OMB Bulletins and Circulars, the cost principles set forth in Accounting Guide for Government Contracts, Federal Acquisition Regulations, and Cost Accounting Standard Board Rules and Regulations.
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We assist agencies in reconciling Fund Balance with Treasury and general ledger accounts, reconciling differences between proprietary and budgetary accounts, defining accounting transactions that comply with SFFAS requirements; establishing the necessary internal control for maintaining the accuracy and integrity of general ledger accounts; verifying accounting transactional logic and accuracy of balances; and correcting existing errors in the general ledger account balances, and training staff in the proper implementation of accounting policies and procedures. In addition, we perform transaction analysis, transaction processing, data analysis and summarization, technical assistance in devising new or revised accounting policies and procedures, classifying accounting transactions, and conduct special studies to improve accounting operations.
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LEC assist agencies in compiling financial statements (Balance Sheet, Statement of Net Cost, Statement of Changes in Net Position, Statement of Budgetary Resources and Statement of Financing) that comply with the Statement of Federal Financial Accounting Standards; other generally accepted accounting principles; and agency policies and procedures, and train agencies staff in compilation of financial statements.
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We perform assessment of agencies current financial statements, procedures and ability to produce auditable financial statements; develop audit milestones for each implementation task; assist agencies to “cleanse” system data; find suitable alternative solutions to support general ledger balances that no longer have supporting data; enhance the data collection and retention process; and provide recommendations in order that agencies can meet their goals of issuing financial statements that comply with Statement of Federal Financial Accounting Standards.
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The Federal Credit Reform Act of 1990 (FCRA), as amended significantly changed the way federal government budget and accounts for its credit programs. Under the FCRA, agencies are required to budget for the direct loans and guarantee loans present value of expected long term subsidy cost to the federal government. LEC professionals assist agencies to assess data quality and key assumptions; test loan models; review backcast and sensitivity analysis; assess proprietary of OMB Subsidy Calculator options selected; compare results of modeling to general ledger entries and review disclosures for consistency with SFFAS Nos. 2 and 18.
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We assist agencies in assessment and improvement of the budget formulation and execution processes; conduct special reviews to resolve budget formulation or budget execution issues and provide technical assistance to improve budget preparation or execution processes.
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