Financial Reports

TBC maintains high standards of professional practice, providing a strong system of quality control that emphasizes independence and objectivity. We have consistently received the highest unqualified opinion during our regular peer reviews.

We realize that engaging a CPA firm to audit your company’s financial statement may be necessary for statutory or regulatory reasons , however at TBC we are committed to going beyond those requirements. Our practice centers around gaining a thorough understanding of your business. This allows us to not only deliver an audited financial statement to satisfy those requirements but allows us the opportunity to assist you in achieving your organization’s goals. Our commitment to serving you is throughout the year, not only during the audit, as such we are able to provide you with practical suggestions to add value to your company’s operational efficiencies and help you enhance systems and procedures. 

Are you preparing your company for future growth? A reviewed financial statement can provide a necessary level of comfort to a lender who may be funding your next business initiative. Although this level of assurance is less than an audit, our approach to servicing your organization does not change. We go beyond the delivery of a reviewed financial statement, demonstrated by our commitment to understanding your goals and our desire to assisting you in reaching the next level. Our goal is to ensure that our clients receive the right level of financial statement assurance and still receive the expertise from our organization to assist you to achieve your goals.

No matter what level of assurance you require, you can count on our professionals to provide constructive solutions that will help your company reach its financial goals. Drawing from our extensive experience in all three areas of the financial reporting process, our approach to a compilation, review or audit remains the same. Our associates are committed to providing you with the level of service that fits your needs. We have experience working with many businesses that require  a compilation for a number of reasons, to determine the financial health of the business, to assess your own level of comfort with the statements or it may be the minimum requirement for lenders or customers who need to be assured with the accuracy of the financial statements. 

Has anyone asked you "How much are you worth?" If so, you may need a personal financial statement. We have many years of experience providing clients with personal financial statements which can help to answer that question. Banks, investors and other business contacts may be asking you for a personal financial statement.

Many individuals don't know where to start when asked to provide a personal financial statement. We can take the financial information that you provide and put it into a financial statement format that is clear to read and easy to understand. We make the process much easier and seamless for the busy individual by asking concise questions.

 

Accounting Services

Our Firm is able to help clients with the following accounting services: Forecasting and projections and bookkeeping assistance.

We can assist you with accounting software training services and temporary bookkeeping services. Our software expertise ranges from general programs like Quickbooks and Sage 50 Accounting  (formerly Peachtree) while we also have many years of experience with industry specific software like Sage 300 Construction and Real Estate (formerly Sage Timberline Office) & Sage 100 Contractor (formerly MasterBuilder). Our bookkeeping services are proactive and provide you with on-time general ledger reporting and financial statements. With both our accounting software and bookkeeping assistance programs, we strive to ease your accounting burdens so you may concentrate on managing your business affairs. 

Organizations often require outside assistance in preparing internal budgets, forecasts or projections. We can assist you to prepare a budget or complete a forecast or projection for internal financial management purposes to support various needs, including board presentations, banking requirements and decision making processes. Let us use our more than 40 years of experience to help you prepare for the future.

Certified Audits

We can prepare audits of financial statements, government audits, HUD audits, single audits and federal program audits.

We realize that engaging a CPA firm to audit your company’s financial statement may be necessary for statutory or regulatory reasons , however at TBC we are committed to going beyond those requirements. Our practice centers around gaining a though understanding of your business. This allows us to not only deliver an audited financial statement to satisfy those requirements but allows us the opportunity to assist you in achieving your organization’s goals. In addition, our commitment to serving you is throughout the year, not only during the audit, as such we are able to provide you with practical suggestions to add value to your company’s operational efficiencies and help you enhance systems and procedures. As your auditors our overarching goal is to help you meet your financial goals.

For more than four decades, property managers and owners have turned to our Firm when they are in need of a HUD audit. We have gained extensive experience through auditing various HUD assisted projects and projects funded by New York State Division of Housing and Community Renewal.

As result of our professionals’ familiarity with the Real Estate Assessment Center (REAC), our clients can be assured that their annual financial statements are filed timely. Our staff is dedicated to serving HUDs, demonstrated by our attendance at conferences on both the national and regional level. As a complement to our HUD audit expertise, our Firm can perform related services for low income housing tax credit properties as well.

Single audits are complex engagements with a number of unusual audit requirements. As a leader in performing these specialized engagements, our team of professionals has developed a strong reputation among the organizations who need these audits, most notably governmental entities and not-for-profit organizations  that expend $750,000 or more of federal funds annually. Our professionals understand that organizations receiving these operational funds rely heavily on this financial support and therefore, they cannot risk losing the funding due to compliance issues. Our approach to single audits is extremely thorough, one which consists of auditing the basic financial statements and performing an audit of the major federal award programs. Throughout this process, we gain an understanding of the internal controls and ensure that the entity is meeting the compliance requirements over the programs.    

Federal Program Audits are oftentimes required for recipients of grant money. These audits follow very specific government regulations. We assist clients in the preparation of these audits or assist them in implementing the specific accounting guidelines required under these regulations.

Employee Benefit Plan Audits

We have the technical skills and expertise to audit 401(k) plans, defined benefit plans, defined contribution plans, health and welfare plans, and multi-employer plans.  As a member of the American Institute of Certified Public Accountants (AICPA) Employee Benefit Plan Audit Quality Center and the International Foundation of Employee Benefit Plans, we are committed to delivering the highest quality audit services possible.

If your 401(k) plan requires an annual audit, look no further than the specialists at TBC. The Employee Benefit Plan Audit team specialists understand the various rules and limitations that the federal government requires 401(k) plans to adhere to. With more than three decades of experience helping our clients navigate the compliance challenges brought forth by the complex and constantly changing regulatory environment, we can assist you.  When you bring in our team for your 401(k) audit, we will carefully assign professionals who not only have many years of experience in this arena,  but who pay close attention to the details and respond quickly to your needs.

Many clients choose TBC because we proactively communicate and assist with implementing the latest accounting and regulatory changes that impact your plan. 

In addition, TBC assigns dedicated employee benefit plan audit service professionals to your engagement team.  The in-depth experience of these professionals allows us to deliver timely audit services with minimal disruption to your organization.

Our expert team has over 30 years experience in auditing profit sharing plans and other defined contribution plans.  We assist our clients in handling increased responsibilities and compliance matters related to challenges from the complex and constantly changing regulatory environment.  The professionals assigned to your audit are carefully selected in order to achieve the highest level of appropriate experience, personal chemistry and responsiveness.

TBC has professionals who specialize in providing services to Health Benefit Plans.  TBC evaluates whether Plans are in compliance with health plan regulatory changes.

We provide our clients with consistent engagement teams that realize efficiencies and deliver timely audit services with minimal disruption to your organization.  Our focus on compliance ensures that all required Plan filings are completed on a timely basis.

The experience of our employee benefit plan professionals enables us to provide a consistent engagement team that can offer timely audit services for Pension, Welfare, Annuity and Training Funds.

We maintain close coordination and strong communication with the plan sponsor and various service providers in order to streamline the audit process. Our focus is on new regulatory pronouncements and compliance related to all types of multi-employer plans. This focus ensures that the Plans remain in compliance with all required filings.

Service Organization Controls (SOC)

Today, it is common for entities to outsource to a service organization certain tasks or functions related to their business, even those that are core to their operations.  By engaging an independent CPA to examine and report on a service organization’s controls, service organizations can respond to meet the needs of their user entities and obtain an objective evaluation of the effectiveness of controls that address operations and compliance, as well as financial reporting.  To provide the framework for CPAs to examine controls and to help management understand the related risks, the AICPA established three Service Organization Control (SOC) reporting options.

SOC 1 engagement s are performed in accordance with Statement on Standards for Attestation Engagements (SSAE) 16, Reporting on Controls at a Service Organization, formerly SAS 70.  This is intended to be a report from the service organization’s auditor to its customer’s auditor.  It focuses solely on controls at a service organization that are likely to be relevant to an audit of a user entity’s financial statements (internal controls over financial reporting).  There are two types of SOC 1 reports:

  • Type 1 - A report on management’s description of the service organization’s system and the suitability of the design of the controls to achieve the related control objectives included in the description as of a specified date.
  • Type 2 - A report on management’s description of the service organization’s system and the suitability of the design and operating effectiveness of the controls to achieve the related control objectives included in the description throughout a specified period. Testing over a period of time is what distinguishes a Type 2 report from a Type 1.  Type 1 reports are as of a point in time and typically are only performed in the first year of reporting, and then Type 2 examinations are performed thereafter.

SOC 2 engagements address controls at the service organization that relate to operations and compliance. SOC 2 reports specifically address one or more of the following key system attributes: security, availability, processing integrity, confidentiality, and privacy, which are Trust Services Principles. This is intended to be a report from the service organization’s management to its customers’ management (not auditor to auditor). There are two types of SOC 2 reports:

  • Type 1 - A report on management’s description of the service organization’s system and the suitability of the design of the controls to achieve the related control objectives included in the description as of a specified date.
  • Type 2 - A report on management’s description of the service organization’s system and the suitability of the design and operating effectiveness of the controls to achieve the related control objectives included in the description throughout a specified period. Testing over a period of time is what distinguishes a Type 2 report from a Type 1. Type 1 reports are as of a point in time and typically are only performed in the first year of reporting, and then Type 2 examinations are performed thereafter.

Service Organizations may need a general-use report (or seal) instead of or in addition to a SOC 2 report.  In addition, a service organization may not wish to provide details of controls in its system description or a description that meets the criteria as required in the SOC 2 guidelines.  In these situations, the service organization may find a SOC 3 report on one or more of the five Trust Services principles better meets its needs.  Because SOC 3 reports are for general use, they can be freely distributed or posted on the service organization's website via a publicly visible SOC seal with a link to the report.