Viewing page 23 of 175

This transcription has been completed. Contact us with corrections.

-10-

B. Workplan and approach to an audit.

C. Thoroughness of review including attention to computer systems, internal controls and reporting requirements.

D. Responsiveness and adherence to established timetables.

II. Experience of the firm in both Federal environment and nonprofit field, preferably museums and universities. 

III. Qualifications and experience of personnel likely to be assigned to the account. 

A. Partnership involvement and audit philosophy.

B. Professional relationship with the Institution staff.

C. Access to specialized resources within firm e.g. specialists in tax matters, retail, publishing, grants and contracts, investments and fund accounting.

IV. Reasonableness of fees.

To reduce these broad criteria to something more specific, audit committee members might consider the following:

- Knowledge and experience with other not-for-profit organizations that engage in similar activities; 
- Ability and willingness to provide ongoing advice and counsel;
- Experience levels of personnel assigned to the engagement;
- Ability to provide total service to the organization via specialized management consulting and tax services;
- Basic audit approach and technique;
- Procedures to assure the firm's independence;
- Specialized training provided to audit staff;
- The firm's quality control procedures;
- The firm's commitment to the particular industry or industry segment;
- Manner of communicating weaknesses noted in the internal accounting control system;
- Basis for determining fees; and 
- Management's and audit committee member's experience with the firm.

-3-