But I don't really agree with those people who insist that 44.1/16bit is all you need.
I do all my audio work at 48k/32-bit float. There is a reason for this: it's to avoid clipping when you are doing destructive effects. With 32-bit you can spike above zero-db but still preserve the curve of the waveform, and bring that spike back down under zero-db before you render.
Not sure how this impacts your board or your use-case, but I wanted to point this out. It's probably overkill in your context.
I convert everything to 48k/32-bit, even when I am ripping from AAC video, converting mp3s, whatever.