Financial Report Review Program

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

• 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

Employee Benefit Plan Audits: Voluntarily submitted

• Voluntarily submitted by MNCPA members
  Submitting an employee benefit plan report 
• A CPA firm may submit up to two audit reports for review
• Company and firm information is masked to protect privacy 

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

General industries (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