Accountability not only extends to Tribal members but also to the federal government when federal assistance is expended to support Tribal programs. Timely and accurate financial statements are critical to the continued receipt of federal dollars that provide essential services to Tribal members. We perform independent audits of Tribes as well as related entity financial statements in an effort to provide assurance that the financial statements fairly represent the financial condition of the organization. We understand the importance of deadlines and have a proven track record of helping our clients meet filing deadlines to the Federal Audit Clearinghouse, financial institutions, and others.
The Single Audit Act requires that non-federal entities who expend $750,000 or more a year in federal awards must have a single or program-specific audit. The Single Audit Act requires the auditing of the use and management of the Federal funds to verify compliance with laws and regulations applicable to that specific program. Our firm performs a multitude of these audits and can aide in your organization’s compliance with these requirements.
You not only have a fiduciary duty to the Tribe’s general membership, you must also protect the assets of the Tribe’s employees. Employee benefit plan audits include pension, health and welfare, and 401(k) plans subject to the Employee Retirement Income Security Act (ERISA). Generally, Federal law requires employee benefit plans with 100 or more participants to have an audit as part of their obligation to file an annual return/report (Form 5500 Series). A quality audit helps ensure the financial integrity of a plan and protect plan assets. A quality audit also will help a plan administrator carry out its legal responsibility to file a complete and accurate annual return/report for the plan each year. We perform benefit plan audits for numerous Tribal governments and have specific experience understanding the differences between governmental and non-governmental plans as outlined in the 2006 Pension Protection Act.