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Three MNCPA task forces review financial reports and provide
feedback to practitioners. Reports evaluated fall into three
categories:
- City Audits
- School District Audits
- General Industry
Report review strengthens the quality and consistency of financial
reporting by Minnesota CPAs. It provides constructive, non-punitive feedback to CPA
practitioners at no charge to them. It also identifies and
increases awareness of common reporting
deficiencies.
Selection of reports
City and School District Audits: selected by the Task Force
- Chair of the Task Force selects audits from
list provided by State Auditor’s Office of all audits received
by their office for the previous fiscal year
- Audits identified as having significant deficiencies in
prior year are re-selected
General Industry Financial Statements: voluntarily submitted
- Voluntarily submitted by MNCPA members
» Submitting a report
- A CPA firm may submit up to two full-disclosure audit,
review or compilation reports for review
- Company and firm information is masked to protect
privacy
Findings from recent reports
» City
audit (2007)
»
General industries
(2007)
»
School districts (2008)
Volunteers are needed
MNCPA can provide this service on a complimentary basis only because
of the service of volunteer reviewers. Volunteers are assigned
reports to evaluate based on their own industry expertise. Through
an 8-10 hour commitment, volunteers are helping the profession and
their peers while strengthening their own skills.
» Learn more about volunteering
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