Audit and Attestation Services

Our assurance services practice is principally focused on delivering auditing and attestation services to private and not-for-profit clients within the public sector market. The Firm is presently registered and licensed with the State Boards of Accountancy in Connecticut, New Jersey and Pennsylvania. Our assurance services practice is designed with a specific focus towards specialized attestation services to assist clients in advancing their risk management and mitigation efforts, and improving internal controls and overall business processes.

ML Weekes clearly understands the audit requirements in the performance of Financial Statement audits and Overhead Rate Certifications in accordance with Generally Accepted Auditing Standards (("GAAS"), Government Auditing Standards ("GAGAS") and the AICPA Audit and Accounting Guide: Audits of Federal Government Contractors, and 2 CFR Part 200 Uniform Guidance, Such audits have, and continue to be, a fundamental service delivered by ML Weekes.

Our philosophy is to provide our clients with knowledgeable, experienced professionals who perform the audit in an efficient and cost effective manner. Our team has the knowledge, skills and ability to accomplish the professional requirements and understand your business and industry. We bring the knowledge of your business and industry.

Our integrated audit team is comprised of professionals with diverse experience and professional reputation in auditing, accounting, government contracting and grants management. The result is an all-inclusive perspective to the delivery of our services. The specialized disciplines of our professionals ensure that the most qualified personnel address each client’s specific needs.

Specialized Attestation and Agreed-Upon Procedures

The need for specialized assurance services often arise in organizations that are beyond the scope of the traditional financial audit. ML Weekes offers highly tailored attestation and agreed upon procedure services that provide independent evaluations on behalf of our clients. Examples we offer include:

  • Audits to determine compliance with government requirements
  • Audits related to program funding requirements for entities that receive federal assistance such as audits of Schedules of Federal Expenditures and compliance with program-specific requirements
  • Internal control assessments and evaluations including those subject to Statement on Standards for Attestation Engagements (SSAE) No. 16, "Reporting on Controls at a Service Organization and International Standard on Assurance Engagements (ISAE) No. 3402, "Assurance Reports on Controls at a Service Organization"
  • Agreed-upon procedures related to contract incurred costs such as termination settlement proposals and incurred cost audits related to prime and subcontracts
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Overhead Rate Audits and Certification

There are many reasons why an organization may be required to certify and obtain an opinion on its overhead rate. One common example is state departments of transportation mandated overhead rate audits of their consultants. Architectural and engineering firms are routinely subject to these audits. When states receive and expend Federal transportation funds, they are subject to audit requirements and rules that mirror the Federal cost principles. As such, its consultants are also subject to these same rules.

We can review your current contracts and assist you in determining those agreements that require overhead certification and audit, and develop an audit plan that will suit your needs.

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Audit representation before Government Agencies

Whether it is an audit by DCAA, OIG or another government agency, it can be a daunting experience for the uninitiated. We can help prepare you for an audit, be your representative or just be there to help you better answer the questions they may ask.

We are veterans of many audits, and we are very knowledgeable in identifying what auditors will typically ask and require of you. We can even schedule "mock" audits to help your staff recognize what to expect during the different types of government audits and reviews. We can provide them the confidence, and you the peace of mind, of knowing that you have nothing to fear. Our support practice includes assistance with:

  • Pre and Post Award Audits of Incurred Costs
  • Accounting System Audits
  • Timekeeping or Labor Audits
  • Billing System Audits
  • Incurred Cost Audits
  • Estimating System Audits
  • Claims or Termination Audits

Regulatory audits such as those above divert your staff from profitable business activities. With your authorization we work with the auditors to resolve issues while they are "in the field", hopefully prior to a report of adverse findings.

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Internal Audit Services

We are available to assess your Internal Audit function, including identify opportunities to enhance its strategic value, act as your internal audit team or supplement your staff in performing internal audits. We can assist in providing key insights that focus on risk, identify company-wide cost improvements and offer recommendations that improve business performance.

Risk management has become increasingly complex. By partnering with your Internal Audit staff we can assist you in improving the risk assessment process, aligning risk management activities with business objectives, and enhancing coordination among risk and control groups to eliminate duplicative efforts.

We review, assess and provide guidance for:

  • Contract risk by performing reviews of contracts and agreements and their requirements
  • Risk remediation by addressing issues identified from internal audit and internal control compliance findings to better manage risk, improve control effectiveness and improve process efficiency
  • Internal controls and regulatory compliance by assisting in evaluating the operating effectiveness of internal controls over financial reporting, identifying control deficiencies and formulating appropriate action plans
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