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Date: | Sat, 16 Jun 2007 05:31:13 -0400 |
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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
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