Audit FAQs

Why do I need an audit?

An audit is performed to ascertain the validity and reliability of information, and also to provide an assessment of an entity’s system of internal control. We can provide an independent assessment of the fairness by which a company’s financial statements are presented by its management. It simply provides assurance for third parties or external users that such statements present ‘fairly’ a company’s financial condition and results of operations. An audit may be a good marketing tool that emphasizes your organization’s financial integrity. Most financial institutions require you to provide audited financial statements when applying for funds.

I am a Nonprofit organization. Do I need an audit?

In Maryland, you are required to have an audit if your organization receives over $500,000 from charitable sources annually.

Who needs an Employee Benefit Plan audit?

The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for retirement and health benefit plans in private industry. It does not require any employer to establish a plan, but it does require that those who establish plans must meet certain minimum standards. Federal law requires employee benefit plans with 100 or more participants to have an audit as part of their Form 5500 filing requirement.

How long are the auditors in the field and typically how many staff are in the field?

One to two days, normally two staff auditors and one manager. A partner of the firm will always be at the initial visit.

What can we expect for fees?

We are competitive when it comes to fees. Once we get an understanding of your needs, we will be able to provide you with an estimate.

Explain your firm’s most recent peer review report, letter of comments, and the firm’s response to the letter of comments.

Our last three peer reviews have been perfect without a letter of comments. We are committed to exceptional audit work and are proud of our audit files.

What size Nonprofit organizations do you typically do audits for?

We work with organizations with budgets of $100,000 to $4,500,000.

Can you provide names and contact information for the staff who may be conducting our audit?

Once we know more about your organization, we will assign the appropriate team to your audit. You can view the partner and staff profiles here.

How will you communicate with our organization during the audit process?

Since we use a paperless system, we request you electronically submit as much documentation as possible. We are also QuickBooks experts, so if you also use QuickBooks we will gain some efficiencies there. Communication will be through email, telephone and/or in person—we’ll adapt to the methods you prefer.

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Professionals at Adeptus who Specialize
in Answering Audit FAQs

Ivan Moseyko

CPA, MBA

Ryan J. Krant

Accountant & Advisor

Bill Conway

CPA , CFE

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Adeptus Partners LLC