Although LRM does not conduct financial audits, our daily fiscal agent management services can help assure our clients that when it is time for an audit, they are prepared.
Many of LRM’s clients have received favorable audits by outside auditors.
For the past nine fiscal years (2002-2011), under LRM’s stewardship, Area Resources for Community and Human Services (ARCHS)’ financial statements have earned unqualified, or “clean,” audits from independent auditors.
Issuance of an unqualified opinion means an auditor, upon review of an organization’s financial statements and accompanying notes, concluded that the financial statements and accompanying notes are presented fairly and conforms to generally accepted accounting principles. Financial statements certified as “clean” confirm that an auditor can report that the financial statements are reliable and represent the true financial condition of the organization.
The audit opinion is more than an approval of accounting controls and principles. The unqualified audit signifies that the financial reporting and controls implemented are proper and sufficient to ensure the accuracy of ARCHS’ financial reporting and balances. It also promotes confidence in ARCHS’ various funders that ARCHS is properly managing its budget authority.
The audit opinion advances one of ARCHS’ priorities, which is to enforce sound financial management practices through transparency, integrity, and accountability.In FY09 and FY10, ARCHS successfully completed Federal A133 Audits for its work with federal grants. ARCHS is also annually audit by the State of Missouri Department of Social Services.
LRM is a wholly-owned subsidiary of ARCHS.