Audits, Reviews and Compilations
For over 70 years the CPAs at DWD have provided attest services to clients throughout Northeast Indiana. There are three types of attest services: audits, reviews and compilations. Audited financial statements give the highest level of assurance allowing auditors to express an opinion of the organization. Reviewed financial statements contain some inquiry and analytical testing, however, do not express an opinion. These statements contain "limited assurance." A compilation of financial statements is the simplest form of preparing statements and for these no inquiry and analytical testing is performed and neither is an opinion.
The CPAs at DWD are qualified to perform the following types of specialized audits:
- Rural Development (RD) Government Assisted Housing
- Government Auditing Standards (Yellowbook)
- OMB Circular A-133 Audits
- Audits of Employee Benefit Plans*
*Businesses and nonprofit organizations that provide an employee benefit plan and have at least 100 people eligible to participate in the plan, are required by the Internal Revenue Service to have the plan audited annually.
DWD audits employee benefit plans and pension plans for:
- Initial year plans that are required by the IRS to have additional audit procedures performed
- On-going plans that are administered by a CPA or (TPA) firm that is not permitted to audit the plan due to conflict of interest issues
Choosing An Accountant to Provide Attest Services
Please consider the following information when choosing an accountant to perform your organization’s attest services:
The accessibility and responsiveness of the firm’s personnel. DWD’s staff works in teams to better serve our clients. More than one individual will be responsible for and familiar with your organization and its needs. If one person is not available to take your call, another member of the team will be glad to assist you. You can be assured that we will always work with your personnel in a courteous and professional manner.
The involvement of the Director/Partner serving your organization. DWD’s policy is to provide dedicated involvement of the Director in charge of the engagement. We utilize a mix of experienced and junior staff on the fieldwork in order to perform the engagement in a few days rather than send only a junior person who might spend a week or more performing the work. We find that this approach serves to minimize disruptions to you and your staff.
The firm’s ability to take a pro-active stance in relation to your organization; its ability to identify opportunities and to help your organization to benefit from those opportunities. DWD’s decades of experience serving businesses and nonprofit organizations and its on-going training allow us to identify and make additional suggestions with regard to internal accounting controls and accounting efficiencies.
The firm’s ability to add value to its services. Many firms can provide you with a standard report. DWD provides the report and also includes a letter addressing observations made during the audit and recommendations for improving the organization’s cost effectiveness, promoting accounting efficiency and control, and maximizing the organization’s resources.