Our Experience

Our Experience

For over the past ten years, Thomas Sovereign (formerly Thomas Edgley), our firm's founding CPA, has focused primarily on the following areas of practice:

  • Financial audits of non-profit entities under OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations (superseded by 2 CFR 200, subpart F).
  • Financial audits of federally assisted or subsidized for-profit entities under Government Auditing Standards.
  • Compliance audits of non-governmental organizations that participate financially in federal programs.
  • Simplifying tax law and regulatory compliance issues for partnerships, non-profits, corporations and individuals.
  • Supervising and training professional accounting staff.

Thomas is accustomed to completing, reviewing or supervising over 100 audits every year. A majority of these audits are completed under government auditing standards, for non-profits or entities participating in federal programs.

Each year, Thomas participates in dozens of education and training seminars to keep abreast of industry trends, changing regulations, and advanced audit, accounting, and tax issues affecting our clients and engagements.

He has taught several courses on audit documentation, compliance audits, Government Auditing Standards, and the Single Audit Act. Thomas has leadership experience on the quality control committee of a large CPA firm, and has developed templates used in thousands of audit engagements each year.

Thomas has regular experience with both for-profit and not-for-profit entities that receive assistance from the following departments of the federal government:

  • Agriculture
  • Education
  • Energy
  • Health and Human Services
  • Housing & Urban Development
  • Justice
  • Labor
  • Treasury
  • Veterans Affairs

Most engagements that adhere to Government Auditing Standards require the auditor to test for compliance with the requirements of laws, regulations, contracts, and grants applicable to federal awards. Thomas has extensive experience in conducting, teaching, and reviewing federal compliance audits over the past eight years. He is regularly called upon by clients to assist in preparing written responses to governmental oversight agencies relating to audit findings or questions arising from regulatory inspections or examinations.

Thomas is qualified and has experience preparing annual federal and state income tax returns for various entities including partnerships, C corporations, subchapter S corporations, limited liability companies, not-for-profit corporations, and individuals. He regularly participates in training and continuing education relating to changes in tax law and reporting regulations, and has devoted substantial time to working directly with clients to help them understand and comply with the requirements applicable to IRS form 990.

Peer review is required every three years for all public accounting firms that issue audits. Sovereign is enrolled in the AICPA peer review program, and completed peer review during the fourth quarter of 2016. As a result of that peer review, Sovereign CPA Services received the highest possible rating of pass for its system of quality control. A copy of the peer review report can be found here. Sovereign will undergo its next peer review in 2019.