We Help your Business Grow
We provide the following accounting and auditing services for organizations and institutions of all sizes.
We assist businesses in their start-up process, including setting up their books of accounts in a manual or computerized system. We perform bookkeeping functions such as recording cash receipts and cash disbursements and perform reconciliation of bank accounts and other account analysis. We perform compilations and reviews of financial statements. We offer management accounting, where the information generated is used by the owner/managers, employees, and auditors. The results primarily are provided as a basis for making management or operating decisions.
Internal Audit Services
Internal Audit function serves a pivotal and critical role with senior management to provide enterprise risk assessment and value added processes to the organization. Internal audit function serves to assess the adequacy of internal control necessary to safeguard the company’s assets and achieve a high level of efficiency and effectiveness in all areas of the organization.
Oftentimes, however, companies have limited availability of their internal audit personnel to serve the needs of management.
- A solution to your needs
- Our Internal Audit Services
- Supplier Diversity
- Reasonable Fees
- Commitment to Quality
ADELFIA LLC offers a convenient and practical solution to your needs. Adelfia's professional staff has significant experience in providing internal audit services, as well as providing consulting, financial and compliance audits. We provide loan staffing, full or partial outsourced internal audit services.
- Risk Assessment and Development of Internal Audit Plan
- SOX Controls Testing
- Operational and Process Reviews
- Payroll and Controls Testing
- 401(k) Audit Participant Activity Testing
- Pension Actuary Demographic Data Testing
- Mandates Testing
- Compliance Testing
- Program Review
- Contracts Monitoring Review
- Control Improvement
- As a women and minority-owned accounting firm, we are proud to participate in your supplier diversity initiative.
- We are certified as a Women/Minority Business Enterprise with the following agencies: Chicago Minority Supplier Development Council, State of Illinois, City of Chicago, and Cook County of Illinois.
- We offer our internal audit services at a reasonable fee.
- Our goal is to provide you with cost-effective and efficient service so you can focus your resources to your business operations.
- We are committed to provide quality service.
- Our staff attends extensive training to keep current with internal audit standards, and industry practices.
We offer preparation of tax returns, Federal and State, for individuals and businesses (partnerships, corporations, non-profit organizations, trusts and estates and employee benefit plans). We also offer preparation of monthly/quarterly/annual payroll tax returns, as well as assistance in responding to tax notices and/or audits.
We also provide tax preparation services to:
- US persons (individual, domestic corporation and partnership) who conduct outbound business activities in a foreign country.
Related disclosures and filing are required by US law for:
10% or more shareholder of a US Controlled foreign corporation/partnership.
Transfer of cash or property to a foreign corporation wherein immediately after the transfer, (1) US person becomes a 10% or more shareholder or (2) amount cash transferred during the 12-month period ending the date of transfer exceeds $100,000.
- Owner of foreign financial account including foreign bank deposit or foreign investment that had a maximum balance or value of greater than $10,000 at any time during the calendar year
Foreign owners (non-US) who is a 25% or more shareholder of a US corporation.
Global companies who need to outsource their international tax compliance due to cost and resource constraints.
ADELFIA LLC offers assurance services, an independent professional service, with the goal of improving the information or the context of the information so that decision makers can make more informed and better decisions. Assurance services provide independent and professional opinions that reduce the information risk (risk that comes from incorrect information).
Information Systems Review/Audit/Consulting Services
ADELFIA LLC offers information systems review, audit, or consulting services. Such services include:
- Review of Information Technology (IT) General Controls
- Review of Application Systems
- Review of User Access and Security Controls within the Application
- Review of IT Disaster Recovery/Contingency Plan
- Review of E-commerce Application Environment
- Review of Licensing and Royalties
- Review of Sales Cut-off Procedures
- Review of IT Controls in Support of Sarbanes-Oxley Compliance.
Assess the adequacy and reasonableness of controls within the IT environment and infrastructure that govern the development, maintenance and secured operation of the automated application systems. IT General Controls have pervasive impact to all application systems, the integrity of program and data files, and the overall security of computer operations. The controls reviewed cover the areas of the IT organization and infrastructure, systems development and maintenance, change management, security, and continuous service of computer operations.
Assess the adequacy, effectiveness and efficiency of controls within an application system that assure transactions and master data processed manually and automatically are valid, complete and accurate. The controls reviewed also consider the authorization procedures and segregation of duties.
Assess the adequacy and reasonableness of user access and security controls within an application system (using mainframe or enterprise-wide system).
Assess the adequacy and reasonableness of the company’s documented IT Disaster Recovery/Contingency Plan and test procedures; observe actual testing and recovery procedures.
Assess the adequacy of IT General controls and security within the 3rd party service providers’ network infrastructure, firewalls, local area network, program and data files governing an e-commerce operation. Also, review the control procedures to protect the confidentiality of a customer’s sensitive personal information in compliance with the Payment Card Industry (PCI) standards and requirements. Review the online sales application controls to ensure valid, complete and accurate processing and recording of customer orders, product deliveries, billing, and payment.
Conduct a financial royalty audit of licensees in accordance with set agreements with the licensor through a review of reported sales against sales transaction details, and inventory analysis; compliance to copyrights and manufacturing standards.
Conduct an observation of shipping operations at the distribution centers and testing of transactions to ensure proper compliance to cut-off policies.
- Assess the IT control environment surrounding the business as part of good IT governance over systems planning and life cycle.
- Evaluate the control design and operating effectiveness of the internal controls over financial reporting in compliance with Sarbanes-Oxley Act.
Benefit Plan Services
At Adelfia LLC, we are committed to achieving the highest quality audit possible. We understand the complexity of performing employee benefit plan audits and that's why we have a dedicated team of auditors that possess the specialized knowledge and experience to help ensure compliance with the appropriate standards and changes in regulations that may impact your organization's employee benefit plan audit.
Our key audit professionals have significant experience in performing employee benefit plan audits. We plan and execute our audits in a way that maximizes audit efficiency and quality and we offer your plan administrator and human resources personnel confidence in their plan reporting and management.
- Our Quality Commitment
- Employee Benefit Plan Audit Services
As a member of the American Institute of CPAs Employee Benefit Plan Audit Quality Center , we are committed to adhering to the highest quality standards by voluntarily agreeing to the Center membership requirements, which include designating a partner responsible for our employee benefit plan audit practice, establishing quality control programs, performing annual internal inspection procedures, and making our peer review report findings publicly available.
Our employee benefit plan audit services include:
401k, 403b, Pension, and health and welfare plans subject to the Employee Retirement Income Security Act (ERISA) under the regulatory authority of the U.S. Department of Labor (DOL).
- Preparation of benefit plan financial statements
We tailor our approach with consideration of your plan’s operations, plan documents and compliance requirements. Our fees are reasonable and we want to add value to your employee benefit plan as well as meet your audit regulatory requirement.
Our Employee Benefit Plan Audit Practice Leader, Maria Fides Balita has over 14 years of experience in public accounting, including 7 years of performing benefit plan audits. Prior to joining Adelfia, Maria specialized in auditing employee benefit plans for a Big 4 firm and a member firm of another Big 4 global accounting firm. Maria also serves as facilitator to employee benefit plan trainings.
For more information about our employee benefit plan audit services, contact Maria Fides Balita at 312.240.9500.
For more information about audit quality, visit the Employee Benefit Plan Audit Quality Center at http://www.aicpa.org/EBPAQC
Long-Term Care Application Completion & Document Submission
We offer assistance to complete long-term care application and to obtain the required documents to be submitted with the application and do any follow-up requests.
Cost Report Package Completion & Other Reporting Requirements
We offer assistance in the completion of the required financial and statistical reporting packages by grantors and regulatory agencies, including the Medicare cost report package for Home Health agencies.
Continuing Professional Education (CPE) Trainings
We offer CPE trainings for business owners, management team, or professional staff.