The consolidated financial statements will be audited by an independent accounting firm selected by the Finance and Audit Committee.
Audited financial statements and the auditor’s opinion thereon will be presented by the independent accounting firm to the Finance and Audit Committee at the conclusion of the audit for review and approval. In addition, members of the Finance and Audit Committee are authorized to initiate communication directly with the independent accounting firm.
The Finance and Audit Committee will evaluate the performance of the independent auditor. Some guidelines to consider are: whether there was dissatisfaction with the service provided by the current firm; whether a fresh perspective is needed; and the number of years ACPE has been audited by the current firm.
The Finance and Audit Committee will review the selection of the independent auditor at least every 5 years to ensure competitive pricing and a high quality of service (this is not a requirement to change auditors every five years, but simply to reevaluate the selection). When selecting an accounting firm, the Finance and Audit Committee will consider:
- The firm’s reputation in the nonprofit community.
- The depth of the firm’s understanding of and experience with not-for-profit organizations and specifically, associations.
- The firm’s demonstrated ability to provide the services requested in a timely manner.
The RFP should include:
- Period of services required
- Type of contract to be awarded
- Complete description of services requested
- Identification of meetings requiring the auditor’s attendance
- ACPE organization chart
- ACPE chart of accounts
- Copy of prior year audited financial statements
- Due date of proposal
The minimum proposal requirements from prospective CPA firms will be:
- Firm background
- Biographical information of key members of firm who will serve ACPE
- Client references
- Firm’s approach to performing an audit
- Copy of the firm’s most recent quality/peer review report
- Expected timing and completion of the audit
- Expected delivery of reports
- Cost estimate and rates per hour
- Other information as appropriate