GOVERNMENT
Our Government Specialists Help You Safeguard Public Funds
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Auditing Government Entities Since 1975.
Larson & Company has been auditing government entities since our inception in 1975. We have since become known as one of the premier providers of audit services to government entities in the State of Utah, and in that time we have worked with over 50 government entities of various sizes and functions.
You need professionals with an understanding of the unique operating characteristics of a government entity. We are available as a resource to you year-round as questions or concerns may arise. Our specialists can offer proactive advice as a matter of course, including issues related to:
- application of GASB statements
- best practices related to Utah cities
- emerging regulatory issues, including transparency standards
Government Audit Services
A full menu of our services for government entities is listed below.
FINANCIAL STATEMENT AUDIT
Our expertise encompasses all accounting and audit principles and regulations as promulgated by the Government Accounting Standards Board and in the Yellow Book. We strive not only to deliver a timely, cost-efficient audit, but also to be an interactive, readily available source of expertise to our government clients.
SINGLE AUDITS UNDER THE UNIFORM GUIDANCE
The Uniform Guidance articulates the standards governing the expenditure of federal awards by states, local governments, and not-for-profit organizations. We can both conduct your audit and assist you in understanding how to most effectively interpret and implement its findings.
FRAUD PREVENTION AND DETECTION
We have developed a fraud prevention training seminar that will educate your staff in recognizing and addressing the three aspects of the fraud triangle: (1) perceived pressure, (2) perceived opportunity, and (3) rationalization. Also, our auditors are both qualified and available to conduct agreed-upon-procedures fraud audits.
ACCOUNTING SYSTEMS CONSULTING
Inefficient accounting systems not only drain your valuable resources but also prevent you from making well-informed, strategic business decisions. We can train both you and your accounting staff to implement and evaluate a system that is efficient, cost-effective, and informative. We are proficient in many common government accounting systems.
INTERNAL CONTROL ANALYSIS
Regularly evaluating and monitoring your internal control system is an important aspect of safeguarding government funding. We can assess the completeness of your current system or perform a more thorough analysis of your system in an agreed-upon-procedures audit format.
STATE LEGAL COMPLIANCE TESTING
State legal compliance rules and regulations vary according to entity type (i.e., municipality, school district, county, and special service district). We are proficient in conducting and evaluating tests in each compliance area (i.e., cash management, budgeting, fund balancing, and asset allocation).
Our Government Audit Team
You want your accounting professionals to be familiar with your organization, understand your mission, and remain accessible to discuss important issues facing your entity in the future. Because of our years of experience and knowledge of government regulations, our municipal clients receive far more guidance and service than you would expect from an auditor. We can offer friendly service with a combination of quality and price that matches the value you seek. The training our audit staff receives complies with all government standards and requirements for continuing education. We work closely with the office of the Utah State Auditor to stay updated on any issues that may arise pertaining to your organization.
WHAT KIND OF EXPERIENCE SHOULD CPA FIRMS HAVE TO SPECIALIZE IN AUDITS FOR GOVERNMENT ENTITIES?
CPA firms that specialize in government audits have dedicated public sector practices with experience serving cities, counties, school districts, and special districts. These firms understand governmental accounting, fund accounting, and compliance requirements under GASB, GAO, and Uniform Guidance standards. A qualified CPA firm working with municipalities or government entities should have experience with government accounting standards, public sector compliance requirements, Single Audits, and working with governing boards and oversight agencies. Industry-specific knowledge helps audits run more efficiently and effectively.
WHAT IS INCLUDED IN A GOVERNMENT FINANCIAL STATEMENT AUDIT?
A government financial statement audit typically includes testing of internal controls, evaluation of compliance with laws and regulations, verification of fund balances, and issuance of an independent auditor’s report. The audit helps ensure accountability and financial integrity for public resources.
CAN A CPA FIRM HELP WITH SINGLE AUDITS AND FEDERAL GRANT COMPLIANCE?
Yes. Many CPA firms provide Single Audit services for government entities that expend federal funds, including testing compliance with Uniform Guidance requirements and federal grant programs to help reduce the risk of audit findings and questioned costs.
HOW OFTEN ARE GOVERNMENT ENTITIES REQUIRED TO HAVE AN EXTERNAL AUDIT?
Most government entities are required to have an annual external audit, depending on state laws, grant requirements, and governing regulations. Annual audits help ensure ongoing compliance, transparency, and fiscal responsibility.
CAN A CPA FIRM ASSIST WITH INTERNAL CONTROL REVIEWS FOR GOVERNMENT ORGANIZATIONS?
Yes. CPA firms often assist government entities with evaluating and improving internal controls, identifying risks, and strengthening financial processes to help prevent errors, fraud, and compliance issues.
DO CPA FIRMS OFFER ACCOUNTING AND ADVISORY SERVICES BEYOND THE ANNUAL AUDIT FOR GOVERNMENTS?
Many CPA firms provide year-round accounting, advisory, and consulting services for government entities, including financial reporting assistance, accounting system support, budgeting guidance, and technical accounting consultations.
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