Government
At LBMC, we understand these demands and offer a wealth of experience with government and public agencies. We can help you plan and manage so your agency can overcome financial challenges and achieve new levels of public service.
As a government entity, you provide services that we cannot (or would not want to) live without. At the same time, your organization is under extreme regulatory scrutiny and tremendous public pressure to make every penny count. You are expected to provide much-needed public services under a tight budget—often, a budget that gets tighter each year—while navigating a complex and shifting regulatory environment.
We understand the unique reporting and audit requirements of governmental entities. Beyond the basic reporting requirements, governmental entities have the responsibility to demonstrate their fiscal accountability and compliance with restrictions on the use of resources in connection with annual budgets and federal and state grantors.
Members of the LBMC Government Services Team work closely with the management, audit committees, council members, and the boards of directors of numerous governmental entities. Our firm is one of the few in our region that has placed an emphasis and specialized in servicing governmental entities.
We take pride in meeting and exceeding our client’s expectations. We provide clear and open lines of communication and commit to performing our services at convenient times for our clients. At the beginning of each audit engagement, we establish an engagement timeline that fits the needs of our clients.
Our services are available remotely, in-person, or through hybrid engagements that blend the best of both worlds. Our professionals use sophisticated audit technology that enables both parties to upload files and monitor the progress of the audit through an intuitive digital dashboard.
Governmental Entities Served:
- Counties and Cities
- State Agencies
- Public and Private Colleges and Universities
- Parking Authorities
- Quasi-governmental not-for-profits
- Municipalities
- Public School Districts
- Higher Education Assistance Authorities
- Comprehensive Care Centers
- Pension Plans
Our Services for Government Include:
- Financial statement audits
- Internal audit and risk advisory services
- Agreed upon procedures
- Data Collection Form filings for the Single Audit Reporting Package
- Cost certifications
- Tax Increments Financing (“TIF”) certifications
- Audits of School Activity Funds
- Information technology – review of controls
- Single audits in accordance with the Uniform Guidance
- Compliance audits
- New accounting standards implementation including FASB and GASB standards
- Real Estate Assessment Center (“REAC”) filings
- HUD compliance audits
- Audits of Workers’ Compensation Funds
Related Insights for Government
Tax
- Understanding Beneficial Owner Reporting Requirements
Gain clarity on the Corporate Transparency Act’s impact on reporting obligations for government-affiliated entities. - How Trump’s Return Could Impact Federal Taxes
Explore potential shifts in federal tax policies and their implications for government budgeting and funding strategies. - Trump’s Executive Orders: Tax, Trade, and Policy Shifts
Understand recent executive orders affecting taxation and trade, and how they may influence governmental operations.
Advisory
- CMMC Program Final Rule: What to Know Heading into 2025
Prepare for the Department of Defense’s updated cybersecurity requirements impacting government contractors. - The HIPAA Security Rule: New Requirements for Healthcare
Stay informed on enhanced HIPAA regulations to ensure compliance within government-run healthcare programs. - Value-Based Reimbursement and Contracting
Adapt to evolving reimbursement models to optimize funding and service delivery in public health initiatives.
Audit & Assurance
- Clarifying the Single Audit Threshold Changes for 2024
Understand the updated audit requirements for entities receiving federal funds to maintain compliance. - GASB 101 – Sick of accruals? Get ready to accrue sick time!
Implement new GASB standards for compensated absences to ensure accurate financial reporting. - Provider Relief Fund: ARP Reporting and Audits
Navigate the complexities of reporting and auditing requirements for federal relief funds in governmental healthcare entities.