Financial Report Review Program

Four MNCPA task forces review financial reports and provide feedback to practitioners. Reports evaluated fall into four categories:

  • City Audits
  • School District Audits
  • Employee Benefit Plans
  • 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

Employee Benefit Plan Audits: Voluntarily submitted

General Industry Financial Statements: Voluntarily submitted

  • Voluntarily submitted by MNCPA members
    Submitting an industry 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 audits (2014)
General industries (2016)
School district audits (2016)
Employee Benefit plans (2016)

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