Certified Public Accountant or CPA is a professional license that permits the holder to practice accountancy. It is awarded after passing a series of exams. In the US, individuals generally take these exams around the time they complete a bachelor's degree, often one in Business Administration, Finance or Accounting. This is one of those occupational groups where a professional association (as opposed to a state) confers the professional license. Bookkeepers are not accountants. Bookkeeping has traditionally been a clerical position, responsible for debiting and crediting the correct accounts in the employer's financial records (aka books). This person may or may not write checks. At its most basic, bookkeeping is divided into accounts payable and accounts receivable. In larger organizations, bookkeepers are generally supervised by accountants whose job is to set up and keep track of the financial system, making sure it complies with GAAP's "generally accepted accounting practices." The person who keeps your books cannot also do the audit, unless he/she has the education and training to do an internal audit, often in preparation for the financial audit. A financial audit requires that external eyes go over all financial transactions and records very carefully in order to identify irregularities or signs that there could be future problems. At the end of the process they sign a legally binding document that attests to the financial health (or lack thereof) of the organization. I do not know what sort of review the original poster suggested was being considered but I doubt that the review would substitute for an audit in the eyes of most state agencies, Federal agencies, private foundations, donors or lenders who require audits. In response to a groundswell of requests here in Wisconsin, the Better Business Bureau has been attempting to keep track of non-profit organizations as a way to minimize the scams and less-than-savory practices some engage in. BBB now requests copies of financial audits as part of their system. They are a good source for individuals and funding agencies to check to determine whether a request for a contribution is coming from a valid source or not. While discontinuing an audit may seem like a good way to save much needed funds, it will put Board members and staff at risk, especially if errors creep into the financial system and anything goes missing. I liken an annual audit to an annual check-up by your physician. Maybe you can skip it but is it really a good idea to do so? Judith Turner Whitefish Bay, WI (who has lots of years of observing and interacting with a wide variety of financial systems in governmental agencies and in private non-profits) ____________________________________________________________________________________ Be a better Heartthrob. Get better relationship answers from someone who knows. Yahoo! Answers - Check it out. http://answers.yahoo.com/dir/?link=list&sid=396545433 ========================================================= 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).