Last Updated 25 May 2020

Accountability Memo

Category Accounting
Words 272 (1 page)
Views 113

MEMORANDUM Subject: Increasing of public scrutiny on not-for-profit reporting requirements The purpose of this memo is to explain why increasing scrutiny and demand for accountability by the public has influenced reporting for not-for-profit and governmental entities. State and federal regulators are reviewing, audit reports of agencies like ours that receive federal grants and loan monies. Their purpose is to “ensure that independent audit firms are in compliance with Generally Accepted Audit Standards (GAAS) and recently added requirements under Generally Accepted Government Auditing Standards (GAGAS) or yellow book standards”.

The reporting requirements that the auditor's require to be able to prepare a statement of understanding of internal control structure is of particular interest. Because we are a not-for-profit company, the auditors have to report what certain members have the clearance to report cash donations and make deposits directly to the companies bank account. The auditors also need to evaluate the internal controls we have in place to prevent theft, and report the strengths and weaknesses of our system. As a result, we need to provide the auditors with access to our computer transactions for all finance members.

Your cooperation is greatly appreciated in this matter and being in compliance will the auditors will help protect our interest in continuing to receive federal monies as part of our operating budget. Sincerely, References: Williams , J L (Summer 1992 . New audit standards for audits of entities receiving federal financial help . Outlook , 60 , n2 .. 51 (1 . Retrieved August 5, 2012 General One via Gale : HYPERLINK http /find . galegroup . com /ips /start . do ? prodId IPS http /find . galegroup . com /ips /start . do ? prodId IPS Steinberg , R M Johnson , R N (August 1991 . Implementing SAS no . 55

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