Food Processing and Agriculture
Food processors and the agriculture ventures require specialized knowledge from their accountants and auditors to properly and efficiently plan and conduct audits. Not only do the accountants and auditors need to understand the various accounting treatments and unique processes related to items such as inventory, they also need to understand the inherent risks and regulatory environment unique to the Food and Agriculture industry.
Morice & Layton has the expertise and knowledge related to the Food Processing and Agricultural industries. One of our founding partners, Mr. Fagan, was the CFO of a dairy processing and cheese manufacturing entity in California. He has first-hand knowledge of the processes involved in processing food commodities and branded food products. In addition, Mr. Fagan has worked with a host of agriculture ventures from lemon growers in Ventura, California to urban farming entities in Baltimore, Maryland.
We specialize in developing and refining inventory systems for food processing entities. We understand the perishable nature of the products and the various techniques in valuing inventory per US GAAP requirements. We can provide guidance in developing accounting policies or assist with internal controls, such as those related to the Sarbanes-Oxley Act (SOX) Section 404 or 302.
Multi-State Food Processor Audits
We provide audit and attest services to food processors participating in the USDA’s Food Distribution Program providing the highest level of assurance required. Whether your entity only processes a minimal amount of food commodities under the Program or processes millions of dollars of donated food and requires an annual examination, we can provide the attest service both timely and efficiently.
Our methodology starts by assessing your organization and the food commodities you process, along with the State’s Distributing Agency that are served. We begin each engagement with a tour or site visit to document the processes and understand the people and processes involved. We aim to provide a thorough, yet unobtrusive and efficient examination; with communication and coordination being our differentiating factor. We understand the timelines and processes of the collecting and verifying the data in the Performance Reports and seek to deliver a value added examination that is done in cooperation, but also independent.
Give us a call today to find out how we can lower your cost and increase your satisfaction to this routine examination.