We pride ourselves on the reputation we have achieved for excellence while serving as the auditor for clients in distinct industry niches:
- insurance industry and alternative risk
- associations and other non-profits
- employee benefit plans
Each financial statement audit performed by Johnson Lambert & Co. LLP begins by understanding the client’s business. Because our business philosophy is to focus on targeted industry niches, we monitor and stay abreast of trends, laws and regulations, new accounting rules and other environmental factors impacting our clients. However, it is equally important that we understand the unique goals, opportunities and challenges facing each client.
We use this understanding of each client and the environment in which they operate to assess the risks impacting each client’s business and their financial reporting process. Using this risk assessment, we develop a tailored audit approach responsive to the risk profile of each client. Accordingly, our audits emphasize the higher risk areas and avoid spending excessive efforts in lower risk areas.
A carefully selected team of personnel with industry-specific expertise performs each audit. Such expertise is gained through specialized training, participation in industry activities and by serving multiple clients in the industry. Additionally, many of our personnel have prior relevant experience having worked directly in finance and accounting positions in the industry.
In addition to financial statement audit services, we are also able to creatively design non-traditional assurance engagements to meet specific needs. Such engagements can be broad in scope or can be narrowly focused depending on the needs of the users of the assurance provided by the engagement.
We are committed to the highest standards of quality and ethics. We have implemented a comprehensive system of quality control to ensure that consistently high quality is maintained in the delivery of our audit and other assurance services.
As evidence of our commitment to quality, we have voluntarily joined two American Institute of Certified Public Accountants (AICPA) Quality Centers: the Employee Benefit Plan Audit Quality Center and the Governmental Audit Quality Center. Additionally we are members of The Audit Quality Center, an affiliate of the AICPA which serves investors, public company auditors and the markets.
We are periodically subject to an independent peer review of the system of quality control over our accounting and auditing practice. Our most recent Peer Review Report provided an unqualified (“clean”) opinion on Johnson Lambert & Co. LLP’s compliance with the requirements of quality control standards for an accounting and auditing practice established by the AICPA. Click to read our Peer Review Report.
We are also registered with the Public Companies Accounting Oversight Board (PCAOB) and are thus able to perform audit services for SEC registrants. As a PCAOB registered firm, we are subject to periodic inspection by the PCAOB. A PCAOB Inspection includes review of certain aspects of selected audits performed by the firm and reviews of other matters related to the firm’s quality control system. Our most recent PCAOB Inspection Report issued by the PCAOB does not describe any quality control defects or criticisms. Click to read our PCAOB Inspection Report.