ASSURANCE

Reliable, high-quality financial information is essential for organizations across all industries. Lenders, investors, and other stakeholders depend on accurate and credible data to make informed decisions, making assurance services a critical component of financial reporting integrity.

KLCP CPAs LLP provides assurance services backed by deep experience and seasoned professionals. We work closely with organizations to support their financial objectives through proactive engagement, open communication, and rigorous reporting standards. Our approach emphasizes independence and objectivity, reinforcing confidence in the accuracy, reliability, and integrity of financial information.

Lease Accounting

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), which established a comprehensive new framework for lease accounting under U.S. GAAP. This guidance replaced the previous lease standard and requires most lease arrangements to be recognized on the balance sheet.

Since its issuance, FASB has released additional amendments to clarify and refine the application of Topic 842. ASC 842 is now fully effective for most public and private entities and represents the current authoritative guidance governing the accounting and reporting of lease contracts.

Attest service

KLCP CPAs LLP works closely with clients to identify key financial reporting needs. Our attest services are performed in accordance with professional standards and are designed to deliver efficient, cost-effective solutions.

audit & review

Whether publicly listed or privately held, KLCP CPAs LLP provides independent and objective assessments of financial reporting. Leveraging advanced technology and process automation, we enhance accuracy and deliver the confidence stakeholders expect.

Compilation & Preparation Assistance

When limited assurance is required, KLCP CPAs LLP provides compilation and preparation services as alternatives to reviews or audits. In both engagements, we assist management in preparing financial statements without providing assurance or an opinion.

International Audits

KLCP CPAs LLP brings extensive experience working with multinational organizations, including serving as auditors for U.S. entities with international operations and U.S. affiliates of foreign companies. We are well versed in International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA).

Internal Audit Services

KLCP CPAs LLP works with public and private organizations, including those in highly regulated industries, to systematically assess risk and strengthen risk management capabilities. We provide targeted support across specific risk areas or deliver fully outsourced internal audit services, as needed.

Outsourced Accounting Services

KLCP CPAs LLP provides tailored managed services to support small businesses and nonprofit organizations, from outsourced accounting to operational streamlining. Backed by experienced professionals and proven results, we deliver insight beyond day-to-day accounting to help clients navigate tax, audit, and financial complexity and make informed decisions.

Statutory Financial Audits

While statutory audits are often required to meet regulatory or industry obligations, their value extends beyond compliance. KLCP CPAs LLP’s statutory audits support adherence to applicable reporting frameworks while helping identify potential risks and operational weaknesses. Our objective is to enhance transparency and support reliable financial reporting within the relevant statutory requirements.

Employee Benefit Plan Services

Given the significant resources invested in employee benefit plans, effective oversight of risk, internal controls, financial reporting, and regulatory compliance is essential. Plan sponsors turn to KLCP CPAs LLP for timely insight, practical solutions, and comprehensive plan-related expertise.