NCACPA is currently accepting proposals for
its audited financial statements, tax
returns and related engagements. You can
find a detailed request for proposal by
downloading the pdf document on this page.
We have attempted to answer as many
questions as possible in the section below.
If you need additional information, please
contact Tom Pender at (919) 469-1040 or
tlpender@ncacpa.org.
Click
here to download the request for
proposal.
NCACPA's 990
NCACPA's 990-T
NC CPA Foundation
Inc.'s 990
Frequently Asked Questions
The following may be helpful while
considering your firm’s ability and/or
desire to submit a proposal. We will post
additional common questions as they arise.
What's the
financial shape of NCACPA?
Are
there other financial factors to consider?
Can
you provide any additional organizational
and accounting information?
What's the
timeline?
Will NCACPA pay
for expenses?
What kind
of staff assistance can we expect?
What has been
your experience in previous audits?
What’s the financial
shape of NCACPA?
You can find a complete set of NCACPA’s most
recent audited financial statements online
at
this address.
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Are there other
financial factors to consider?
-
We write about 200 checks/month totaling
$150-250K, depending on the time of
year.
-
We spend about $125-150K/year on fixed
assets. We depend on our auditor to
maintain depreciation schedules that are
adjusted annually.
-
70% of our assets reside in cash or
investments. These accounts consist of
1) an operating account, 2) a
Treasury-backed money market, and 3)
several smaller money markets and CDs.
NCACPA is in the midst of implementing a
recently approved investment policy.
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Can
you provide any additional organizational
and accounting information?
-
Membership is approximately 12,000
individuals.
-
We have a staff of 25.
-
There are about 700 active general
ledger accounts.
-
There
are about
750 active vendors.
-
We use Microsoft Dynamics Great Plains
9.0 (10 years’ worth of history)
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What’s the timeline?
4/25/08 Deadline for submission
5/16/08 Selection of top 3 firms
5/28/08 Live interviews of top 3
firms at NCACPA’s office
5/30/08 Final selection of firm
6/13/08 Financial records
available for audit
TBD Fieldwork
9/5/08 Auditor reviews results
with Audit Committee (conference call)
9/12/08 Delivery of financial
statements and tax returns
9/26/08 Presentation of
financial statements to NCACPA’s Board of
Directors (live)
November Presentation of financial
statements to NC CPA Foundation’s Board of
Directors (live)
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Will NCACPA pay for expenses?
NCACPA will pay for lodging for the auditor
to present at out-of-town board meetings.
The expense of the audits will be borne
solely by that firm. NCACPA will not
reimburse audit staff for mileage to/from
its office.
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What kind of staff
assistance can we expect?
Our accounting staff consists of two people:
1) Director of Finance & Administration
(F&A), and 2) Staff Accountant. The Director
of F&A is a CPA with 17 years of accounting
experience, including more than seven in his
current role at NCACPA. The staff accountant
has attended accounting classes and served
in this role for nearly five years. She has
also worked for NCACPA for nineteen years.
We will be attentive to audit requests
before, during, and after fieldwork. In
return, we expect audit staff to consolidate
their questions and use their time—and
ours—as efficiently as possible.
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What has been your
experience in previous audits?
We typically incur about a dozen year-end
adjustments after each audit. Several of
these are anticipated (ex., adjustments to
fixed assets, depreciation, deferred
compensation). Although others may be
immaterial, we usually post 100% of the
proposed adjustments.
Management letter comments have generally
been operational in nature. We encountered
some internal control issues due to a
software conversion several years ago. Those
issues were quickly resolved, and we do not
anticipate additional comments in this area.
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