Audit and Assurance Services
Organizations often require independent audit and assurance services as they grow, pursue financing, respond to regulatory requirements, or strengthen governance. An audit may begin as a compliance requirement, but it should also provide leadership with greater confidence in financial reporting, internal controls, and the information used to make business decisions.
LBMC’s Audit & Assurance professionals work with privately held companies, private equity-backed businesses, healthcare organizations, not-for-profits, and other complex organizations to deliver independent audits, practical recommendations, and a collaborative process designed to minimize disruption while meeting stakeholder expectations.
When Organizations Seek Independent Assurance
Audit requirements often evolve as organizations grow, respond to new stakeholder expectations, or navigate changes in their business. Independent assurance helps organizations meet reporting requirements, strengthen financial reporting, improve governance, and provide stakeholders with confidence in their financial information.
Common situations include:
- Preparing for an annual financial statement audit or first-year audit.
- Meeting lender, investor, board, or regulatory reporting requirements.
- Strengthening internal controls and financial reporting processes.
- Adopting new accounting standards or responding to evolving regulatory requirements.
- Preparing for a merger, acquisition, or other significant business transaction.
- Expanding internal audit capabilities or enhancing governance and risk management.
Preparing for an Audit?
Whether you’re planning your first audit or looking for a new audit partner, our professionals can help you understand your requirements and plan your next steps.
LBMC’s Audit and Assurance Services
LBMC provides a comprehensive range of audit and assurance services that help organizations meet financial reporting requirements, strengthen internal controls, manage risk, and support stakeholder confidence. From annual financial statement audits to specialized assurance and compliance services, our professionals deliver practical guidance tailored to your organization’s needs.
Core Audit Services
Financial Statement Audit
Independent financial statement audits designed to meet lender, investor, board, and regulatory requirements while providing stakeholders with confidence in your financial reporting and identifying opportunities to strengthen financial reporting processes.
Employee Benefit Plan Audit
Experienced ERISA audit professionals helping plan sponsors meet regulatory requirements through efficient, transparent audits that support fiduciary responsibilities and participant confidence.
Risk & Compliance Services
Internal Audit
Independent internal audit services that help organizations strengthen governance, evaluate internal controls, manage risk, and improve operational performance.
Sarbanes-Oxley (SOX) Compliance
Scalable SOX compliance solutions that help public and private companies strengthen internal controls, support regulatory compliance, and align with the COSO Framework.
SOC Audit
Independent SOC audit services that help organizations demonstrate effective internal controls, build trust with customers, and meet stakeholder expectations for security and compliance.
Specialized Accounting Support
Lease Accounting
Practical guidance to help organizations implement and maintain compliance with evolving lease accounting standards while improving financial reporting accuracy.
Find the Right Audit Solution
Every organization has different reporting requirements and business challenges. Let’s discuss your situation and determine which audit and assurance services best fit your needs.
Financial Statement Audit Services
Independent financial statement audits provide assurance that your financial statements are presented fairly while helping organizations meet reporting requirements, satisfy lender, investor, board, and regulatory expectations, and strengthen confidence in their financial reporting.
LBMC performs financial statement audits for privately held companies, private equity-backed businesses, healthcare organizations, not-for-profits, governmental entities, and other organizations preparing financial statements under U.S. GAAP and other applicable reporting frameworks. Every engagement is tailored to your organization, industry, and reporting requirements, with a focus on collaboration, responsiveness, and an efficient audit process.
What You Gain from a Financial Statement Audit
An effective financial statement audit should do more than satisfy a requirement. It should provide meaningful insight into your financial reporting processes while helping leadership identify opportunities to strengthen controls and reduce risk.
With LBMC, clients benefit from:
- Independent assurance that supports lenders, investors, boards, and other stakeholders
- Practical recommendations to strengthen internal controls and financial reporting processes
- Clear communication throughout the engagement
- Insights into financial reporting risks and operational improvement opportunities
- An efficient, technology-enabled audit process designed to minimize disruption
Our Audit Approach
Every audit follows a structured process designed to deliver high-quality results while minimizing disruption to your organization’s day-to-day operations.
Our approach includes:
- Planning and scoping – Understand your business, risks, and reporting requirements.
- Risk assessment and control evaluation – Identify key areas of audit focus.
- Fieldwork and testing – Perform audit procedures using data-driven tools and techniques.
- Ongoing communication – Discuss observations and recommendations throughout the engagement.
- Final reporting – Deliver audited financial statements and required opinions.
Why Choose LBMC for Audit & Assurance?
Organizations choose LBMC because we combine technical audit expertise with a practical understanding of financial reporting, governance, and organizational risk. Our professionals work collaboratively with management throughout the engagement, delivering an efficient audit process while providing insights that extend beyond compliance.
LBMC’s approach is built on:
- Industry-focused audit teams with experience serving privately held companies, healthcare organizations, private equity-backed businesses, not-for-profits, governmental entities, and other complex organizations.
- A collaborative audit process that emphasizes planning, communication, and responsiveness from the initial planning meeting through final reporting.
- Technology-enabled audit execution that improves efficiency, reduces disruption, and enhances the quality of the audit.
- Practical recommendations that help strengthen financial reporting processes, internal controls, and governance.
- Long-term client relationships built on consistency, accessibility, and trusted advice.
Local Expertise, Wherever You Are
With offices in Chattanooga, Memphis, Louisville, Nashville, Knoxville, Charlotte, and Philadelphia, along with remote professionals serving clients across the country, LBMC partners with businesses throughout the region and beyond.
Technology That Delivers Better Audits
An effective audit goes beyond confirming the numbers, it uncovers insights that help you strengthen your business.
Our audit professionals use advanced technologies, including artificial intelligence and data analytics, to evaluate larger volumes of financial data, identify unusual patterns, and surface risks that traditional sampling may miss. Those insights become practical recommendations that improve controls, support better decisions, and prepare your organization for future growth.
Our technology toolkit includes:
- AI-powered risk analysis with MindBridge
- IDEA® Data Analysis Software
- CaseWare
- Smartsheet™
- ShareFile®
Technology enhances the audit process, but experienced professionals remain at the center of every engagement.
Industries We Serve
Every industry has unique financial reporting requirements, regulatory obligations, and operational risks. LBMC’s Audit & Assurance professionals tailor each engagement to your organization’s industry, helping you meet compliance requirements while providing practical insights that support stronger financial reporting and governance.
Featured Industries
LBMC also provides audit and assurance services to organizations across many other industries, including not-for-profit organizations, financial services, professional services, technology, retail, and more. Our industry-focused teams understand the unique reporting requirements and business challenges that shape each engagement.
There is no greater tool than an accurate map of your operation. With assurance, we are painting an extremely detailed picture of your operation and saying: ‘Based on the data, this is where we should focus our efforts.’ It allows us to be proactive, to identify potential issues before they become serious problems.
Jim Stevison, Shareholder, Audit and Assurance
Audit Support Throughout the Deal Lifecycle
Whether you’re acquiring a business, preparing for a sale, or navigating due diligence, our audit professionals work alongside management, buyers, sellers, and advisors to provide financial clarity throughout the transaction process.
From acquisition through sell-side diligence, we help identify accounting issues early, reduce surprises, and keep your transaction moving forward with confidence.
Audit and Assurance Resources
Frequently Asked Questions About Audit and Assurance Services
What is a financial statement audit?
A financial statement audit is an independent examination of your organization’s financial statements. Our auditors evaluate whether your financial statements are presented fairly in accordance with applicable accounting standards, providing stakeholders with confidence in the accuracy and reliability of your financial reporting.
When does my business need an audit?
You may need a financial statement audit because of lender requirements, investor expectations, regulatory obligations, grant funding, or contractual agreements. Even when an audit isn’t required, many organizations choose one to strengthen financial reporting, improve internal controls, and build credibility with stakeholders.
Depending on your organization’s needs, you may also benefit from related audit and assurance services. Employee Benefit Plan Audits help plan sponsors meet ERISA requirements, Internal Audit strengthens governance and risk management, SOX Compliance supports organizations subject to Sarbanes-Oxley requirements, SOC Audits help service organizations demonstrate effective internal controls, and Lease Accounting Services assist organizations implementing and maintaining compliance with current lease accounting standards.
What's the difference between an audit and a review?
An audit provides the highest level of assurance and includes extensive testing of financial records, internal controls, and supporting documentation. A review involves analytical procedures and inquiries but does not include the same level of testing. Reviews provide limited assurance, while audits provide reasonable assurance on the fairness of your financial statements.
What's the difference between audit and assurance services?
A financial statement audit is one type of assurance service. While an audit focuses on providing an opinion on your financial statements, assurance services can also evaluate internal controls, compliance, risk management, cybersecurity, operational processes, and other areas important to your organization. Together, these services help strengthen governance and increase stakeholder confidence.
Depending on your organization’s objectives, you may benefit from services such as Internal Audit, SOC Audit, or SOX Compliance in addition to a traditional financial statement audit.
How can technology improve the audit process?
Technology allows auditors to analyze larger volumes of financial data, identify unusual transactions more efficiently, and uncover insights that traditional sampling methods may miss. At LBMC, we leverage advanced data analytics and AI-powered tools, including MindBridge, to enhance audit quality while improving efficiency for our clients.
How should we prepare for an audit?
Preparation starts with organized financial records, timely reconciliations, and clear documentation of significant transactions. Your LBMC engagement team will provide a detailed request list and work with your team throughout the process to help keep the audit organized, efficient, and on schedule.
Organizations implementing new lease accounting standards may also benefit from our Lease Accounting Services before beginning the audit process.
Why choose LBMC for audit and assurance services?
LBMC combines deep industry experience with a personalized approach and advanced technology to deliver audits that provide more than compliance. Our professionals work to understand your organization, identify opportunities to strengthen financial processes, and provide practical insights that support informed business decisions and long-term growth.
Contact Us
Headquarters (Nashville, TN):
201 Franklin Road
Brentwood, TN 37027
615-377-4600
Office Hours: 8am-5pm, Monday-Friday
Mailing Address:
P.O. Box 1869
Brentwood, TN 37024-1869
Chattanooga, TN:
605 Chestnut Street, Suite 1100
Chattanooga, TN 37450
423-468-5042
Knoxville, TN:
2095 Lakeside Centre Way
Knoxville, TN 37922
865-691-9000
Memphis, TN:
5100 Poplar Avenue, Suite 1400
Memphis, TN 38137-1499
901-685-1040
Louisville, KY:
325 West Main Street, Suite 1600
Louisville, KY 40202
502-585-1600
Charlotte, NC:
3700 Arco Corporate Drive, Suite 175
Charlotte, NC 28273
704-846-6750
We’re happy to answer any questions you may have on what our team can do for you. Please send us a note using the form and one of our professionals will get back to you promptly.