Auditee Resource Center

By: Jill Palmeter, CPA, Partner (Nov, 2012)

The American Institute of Certified Public Accountants’ (AICPA) Governmental Audit Quality Center (GAQC) recently launched its free Auditee Resource Center to provide information, practice aids, tools and other resources (articles, archived GAQC web events) relevant to auditee organizations.  This online resource center is designed for organizations that undergo:

     ·    Not-for-profit (NFP) or government financial statement audits
     ·    Audits performed under Government Auditing Standards (Yellow Book audits)
     ·    Audits of federal expenditures made by governments and NFPs (Single Audits)
     ·    Other federally required compliance audits of certain for-profit entities such as banks and housing partnerships

According to the GAQC, auditee organizations play an important role in audit quality.  The likelihood of high quality and more efficient audits increases with well informed auditee organizations with strong governance.  These organizations generally spend more time considering the qualifications and anticipated hours in relation to the proposed fee of a potential auditor.  These organizations also seem to have a stronger understanding about the audit requirements that apply to them, are better prepared, and more clearly understand their role in the audit process.  For all of these reasons, the GAQC added this new Auditee Resource Center to its already existing audit quality initiatives.

All resources available through the Auditee Resource Center are open to the public.  CLICK HERE to go on the GAQC’s website and look for the link to the Auditee Resource Center under the Quick Links tab on the left side of the GAQC home page.

Be sure to ask your auditor if they are a member of the Government Audit Quality Center (GAQC).  Please contact your Dermody, Burke & Brown advisor if you have any questions.

DB&B…Educating to Empower

The information reflected in this article was current at the time of publication. This information will not be modified or updated for any subsequent tax law changes, if any.