Dear Sarah,

I work as an internal auditor in the Heritage sector and am also the UK 
equivalent of your CPA.

Not being familiar with US financial legislation can you advise me:

1. What is the difference between an annual audit and an annual review - in 
terms of content?

2. Is there a legal requirement for you to have one or both of these and if so, 
how often?

I agree with Bronwen - it's definitely worth shopping around and I would say 
that if you have had the same CPA for the past 15 years, then a change might 
be quite heathy anyway, not least as you aren't happy with price!

I'd also be interested to know what you want from this kind of audit/review! In 
the UK, for example, a financial external audit would cover different areas to 
an internal audit, although there would be areas of common interest.


Kind Regards,

Jerry Symonds - Senior Internal Auditor
Historic Royal Palaces
Surrey, England





Dear List:

 

Our museum has had an independent CPA firm perform an annual audit for the 
past fifteen years. The cost for this audit has increased to an uncomfortable 
level. The board is considering having a CPA firm perform an annual review 
instead and schedule an audit for every five years.  Our museum has an 
operating budget of 270,000.  Our bookkeeping is done by a separate CPA firm. 
Have any like sized organizations made the move to a review? If so how has it 
impacted giving from Foundations and individuals? I am concerned that our 
museum would lose some credibility if we made the switch.

 

Sarah Y. Smith

Executive Director

Hanover Tavern Foundation

(804) 537-5050 ext. 22

www.hanovertavern.org

=========================================================
Important Subscriber Information:

The Museum-L FAQ file is located at http://www.finalchapter.com/museum-l-faq/ . You may obtain detailed information about the listserv commands by sending a one line e-mail message to [log in to unmask] . The body of the message should read "help" (without the quotes).

If you decide to leave Museum-L, please send a one line e-mail message to [log in to unmask] . The body of the message should read "Signoff Museum-L" (without the quotes).