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 Standars (Yellowbook)
- OMB Circular A-133 Audits
- Audits of Employee Benefit Plans and Pension 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.
Basis Reporting Requirement Delayed
Posted on Thursday, November 01, 2012
A law passed in 2008 requires brokers to report an investor's basis in stocks and mutual fund shares when these investments are sold. The final step in
Fiscal Sponsorships
Posted on Wednesday, October 24, 2012
A fiscal sponsorship exists when one organization, the “fiscal sponsor” shares its tax exempt status with another organization, the “fiscal
Political Campaign Intervention
Posted on Wednesday, October 10, 2012
It’s an election year which means an increased opportunity for nonprofit organizations to engage in activities that may jeopardize their tax exempt
Forgiven Debt Can Be Taxed As Income
Posted on Tuesday, October 09, 2012
With the recent economic downturn experienced by many taxpayers, there is a tax concept that is very important: cancellation of debt. You would think that the
AMT…Will It Affect You?
Posted on Friday, October 05, 2012
In your tax planning, don't overlook how your tax-saving strategies might be affected by the alternative minimum tax. * What is the alternative minimum
Is All My Income Taxable?
Posted on Wednesday, October 03, 2012
Generally, all sources of income are subject to income tax unless specifically excluded. Here are some sources of money that are not taxable: * Money
Final Filing Deadline on October 15
Posted on Wednesday, October 03, 2012
Tick-tock. Time is almost up on that six-month extension you filed back in April to give yourself more time to complete your 2011 individual income tax
Tips For Cutting Cost In Your Business
Posted on Wednesday, October 03, 2012
Keeping costs under control is crucial in today’s challenging business environment. Without a doubt, one of the quickest ways for a business to cut
The Tax Cliff Approaches
Posted on Wednesday, October 03, 2012
According to a report released today by the Tax Policy Center, there is a fiscal cliff coming for US taxpayers on January 1, 2013 that will boost taxes by
3.8% Medicare Tax Looms For 2013
Posted on Friday, September 28, 2012
In 2013, a new and unique tax will take effect--a 3.8 percent "unearned income Medicare contribution" tax as part of the structure in place to pay for health
