COMPANY PROFILE

Founded in 1988, Padilla & Company, LLP is a New York CPA firm that has provided external and internal auditing, tax planning, management consulting and accounting services to a wide range of clients in the New York City Metropolitan area.

For over twenty years our expertise has been performing government audits for New York City and State agencies, and audits of not-for-profit organizations that receive federal funding and require Office of Management and Budget (OMB) Circular A-133 audits. Our not-for-profit clients encompass entities that provide community-based services such as headstart, foster care, after-school and day care programs, health care and counseling services, employment assistance, social awareness and advocacy groups, youth programs, programs for the elderly and mentally challenged, low income housing for the homeless and professional associations.

We also perform attestation engagements which include the assessment of our clients' internal control structure in accordance with the standards set by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). We advise our clients on the recent changes in accounting standards such as the Sarbanes-Oxley Act, Statement on Auditing Standards (SAS) 99 and Public Company Accounting Oversight Board (PCAOB) Standards, and audit risk assessments.

The partners and staff of the firm are kept abreast with the most recent developments in external and internal audits, accounting as well as governmental yellow book audit and accounting standards.

Padilla & Company, LLP adheres to the highest professional standards in the industry. Our audits and attestation engagements are performed in accordance with the American Institute of Certified Public Accountants (AICPA) generally accepted auditing standards, United States General Accounting Office (GAO) government auditing standards (yellow book), New York City and State audit guides and directives of the NYC Comptroller's Office. We make sure that our staff are well informed of the most recent developments in the field of accounting, auditing, taxation, and information technology.

In addition to our audit and attestation services, we also provide tax preparation, tax and financial planning, and management consulting services to not-for-profit organizations and small businesses and perform peer reviews for other accounting firms.

These services are provided by our staff of skilled professionals who are committed to helping our clients achieve their objectives. The expertise of our staff is further enhanced by constant in-house training and seminars. These seminars are conducted by the managing partner who performs peer reviews and is a long-time educator who has taught Government and Not-For-Profit Accounting, Audit and Taxation.

To adhere to the highest degree of professionalism, we are members of the American Institute of Certified Public Accountants (AICPA), the New York State Society of Certified Public Accountants (NYSSCPA) and the Association of Government Accountants (AGA). Our staff is required to complete continuing education courses by these entities' accounting regulations.

Our computers are connected through a local area network and are internet ready, and our staffs are equipped with laptops. We employ only the most up-to-date versions of software such as Windows Vista and XP, CCH Prosystem fx Engagement, Microsoft Office 2007, Drake Tax Software, QuickBooks Professional and Quicken. We also have Thomson Reuters' PPC Guides which provides us with timely and comprehensive database of expert-written analytical accounting, auditing, governmental, internal controls and SEC information as well as primary source data. It also provides us updates for current, complete and objective resource for our financial reporting needs.

Padilla & Company, LLP is a certified minority business enterprise as determined by the State and City of New York. We are also included in the Pre-Qualified Certified Public Accountant (CPA) listing of the New York State (NYS) Offices of General Services Administration and the New York City Comptroller's Office.