Accounting & Audit
At some firms accounting and auditing are all but forgotten. Peruse many firm’s brochures or web sites and you may never even find accounting and auditing profiled. Services at accounting firms have expanded into so many areas that these core practices are becoming increasingly neglected. Not so at Federman, Lally & Remis. We started as accountants and auditors and remain so. Many firms actually no longer do audits, although you will have to ask as this information is rarely volunteered. The technical complexity of audits, the insurance and regulatory requirements, the requirements for continuing education, second partner review and the ongoing requirement for peer review have driven many firms out of the auditing practice. Even if your enterprise does not require an audit now, it is important that your accounting firm be capable of performing one. Otherwise you run the risk that you could out grow your firm and be forced to change at an in-opportune time.
Arcane, difficult and technically challenging as audits may be, we are auditors and do audits. It is our core practice competence and a hallmark of our professionalism. Accounting and auditing is not a sideline here. Accounting and auditing is not a loss leader. It is the base of our client relationship and key to our practice.