Audit and Assurance Services

Our auditors leverage sophisticated software to identify meaningful insights hidden in your business’s financial data, before translating these into strategic recommendations that help you move your business forward.

Qualities you can expect from our team:

• Professional services delivered in a personalized manner
• Vigilant, detail-oriented accuracy and leading industry expertise
• Well-planned and coordinated delivery
• Proficiency in the use of artificial intelligence (we use MindBridge Ai)
• Efficiencies using technology including IDEA® Data Analysis Software, Smartsheet™, Sharefile™ and CaseWare

We also have extensive experience in mergers and acquisitions — working hand-in-hand with management, buyers, sellers and third-party advisors to ensure you are informed at every step of the process. Our support begins with the acquisition and carries over into sell-side due diligence. This approach helps us to keep deal-related matters at the forefront of your audit each year.

In all of our work, we take a forward-thinking approach designed to keep you prepared and minimize surprises. Above all, we value long-term client relationships that allow us to truly know and understand each other — because like we said, it’s about more than just the numbers.

We tailor our audit approach to the needs and characteristics of each client and invest time to become familiar with each client’s business and accounting systems.

	Preparation & Planning: LBMC’s service model begins with detailed planning and agreed to timelines to ensure that deadlines and expectations are met. LBMC commits to meeting with our clients on a monthly or quarterly basis.
	Collaboration: The LBMC audit team partners with you as an extension of your own internal resources, acting as not merely a service team, but as an advisor to the operation of your enterprise.
	Responsiveness: As an extension of your internal resources, the LBMC audit teams are committed to providing timely and accurate solutions and are able to pivot quickly to meet the needs of your business.

LBMC provides audit services for insurance companies that prepare financial statements in compliance with U.S. GAAP or statutory accounting principles, serving clients’ regulatory needs, while leveraging technology and expertise to streamline processes. The audit approach is tailored to each client, with meticulous planning, collaboration, and a commitment to responsiveness, resulting in an exceptional client experience.

New Accounting Standards Upcoming Effective Dates for Private Companies

The new accounting standards for nonpublic entities, effective in annual 2023 financial statements, are summarized herein. These effective dates correspond to the deferral of certain major standards outlined in ASU 2019-10.

Calendar year-end nonpublic entities will prepare their annual 2023 financial statements reflecting standards that took effect in 2023. Nonpublic entities that report on a calendar year adopt the credit losses (ASC 326, Measurement of Credit Losses on Financial Instruments, and related amendments) standard effective January 1, 2023, for a calendar year-end reporting date as of December 31, 2023.

ASC 326, Financial Instruments-Credit Losses

• ASU 2016-13, Measurement of Credit Losses on Financial Instruments
  For non-SEC filers, the standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.
• ASU 2018-19, Measurement of Credit Losses on Financial Instruments
  The amendments in this ASU must be adopted concurrently with ASU 2016-13.
• ASU 2019-04, Codification Improvements
  The amendments for Topics 1, 2, and 5 in this ASU must be adopted concurrently with ASU 2016-13
• ASU 2019-05, Targeted Transition Relief
  The amendments in this ASU must be adopted concurrently with ASU 2016-13
• ASU 2019-10, Effective Dates
  The amendments in this ASU must be adopted concurrently with ASU 2016-13
• ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses
  The amendments for Topics 6 and 7 in this ASU must be adopted concurrently with ASU 2016-13. All remaining amendments for this ASU should already be in effect.
• ASU 2020-03, Codification Improvements to Financial Instruments
  The amendments in this ASU must be adopted concurrently with ASU 2016-13
• ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures
  The amendments in this ASU must be adopted concurrently with ASU 2016-13

ASC 405-50, Liabilities Supplier Finance Programs

• ASU 2022-04, Disclosure of Supplier Finance Program Obligations
  Effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment requiring rollforward information, which is effective for fiscal years beginning after December 15, 2023.