How do you know when it makes business sense to engage a CPA firm to audit your financial statements? If you depend on outside parties such as bankers, investors, and/or grantors for financial support, then you can probably benefit from an annual audit of the financial statements. Management and members of the Board receive valuable feedback as to internal controls and operating efficiencies. Important factors to consider when choosing an auditor are in depth expertise in your industry, continuity of auditors assigned to the engagement, and direct involvement of the audit partner. Audits need to be well planned and coordinated with your staff and performed in a timely manner. DLHC is a member of the AICPA’s Audit Quality Center which provides us additional resources to assure that quality services are delivered to our clients.
Employee benefit plans such as 401(k) plans, defined benefit plans and health and welfare plans require in depth expertise. DLHC has professionals who specialize in this area and the firm is a member of the AICPA’s Employee Benefit Plan Audit Quality Center (EBPAQC). Some of the benefits of the EBPAQC include industry specific updates and training courses and a direct link to national experts.
Organizations (usually nonprofits and governmental entities) that expend more than $500,000 of Federal awards in a year may be required to have an OMB's Uniform Guidance audit (aka Single Audit). In addition to auditing the financial statements of the organization, the auditor must perform sufficient work to comply with Government Audit Standards and to issue two additional reports that relate to internal controls over Federal awards and to compliance with the grant requirements. DLHC has professionals who specialize in this area and the firm is a member of the AICPA’s Government Audit Quality Center (GAQC). Some of the benefits of the GAQC include industry specific updates and training courses and a direct link to national experts.
Governmental agencies such as HUD may require audits to be performed under Government Audit Standards (aka Yellow Book). Our auditors meet the expanded Yellow Book continuing education and independence requirements.
DLHC is a registered firm with Public Company Accounting Oversight Board (PCAOB).