Audit interview

This interview gave me insight into how the audit process works.  I was not aware that in order to select an auditor, the selection is similar to a job interview.  The selection of the auditor is based on a point system and several people are involved in the decision.  It interesting to learn that audits are conducted twice a year with different purposes each time.  The purpose of the first visit is for the auditor to determine whether or not they can rely on the numbers from our accounting system.  The purpose of the second visit is for the auditor to verify the ending balances on all of our accounts for the audit report.  The ultimate goal is that the auditors find no discrepancies.  The results are then given in the Annual Financial Report and presented to the Board of Trustees.  I plan to attend the   December 2012 meeting to see what is will be included in this year’s report.