Many DDS vendors believe they do not need a 2011 Audit or Review. The California State Assembly Bill clearly requires all DDS vendors whose revenues exceed $250,000 need a Reviewed Financial Statement from a Certified Public Accountant. DDS Vendors whose revenues exceed $500,000 in 2011 require a full audit. This is not based on partial year nor your orientation (fiscal or calendar year) This is California State Law and can not be waived by any DDS Regional Center.
As a CPA Audit Firm we are very careful to be certain a vendor actually needs an audit. We look at vendor’s service codes and revenues and rates. We can not complete a 2012 audit without first checking for a need for a 2011 audit. If 2011 revenues call for an audit, the 2011 audit must be completed before we can issue a passing 2012 audit.
I am happy to discuss this requirement more with any DDS vendor as I know this has been confusing in the past.
