Henry & Horne is committed to achieving the highest quality audits. As a member of the American Institute of Certified Public Accountants Governmental Audit Quality Center (GAQC), we have access to key information and comprehensive resources that we use to help ensure our compliance with appropriate professional standards and laws and regulations that affect our audits. We also adhere to membership requirements designed to enhance the quality of our audit practice. The Governmental Audit Quality Center recently launched a new Auditee Resource Center that can now be accessed by our clients.
The Auditee Resource Center includes information, practice aids, tools, and other resources that should be of most interest and benefit to auditees. Topics covered include information that will be relevant to auditees that undergo: 1) government or not-for-profit organization (NPO) financial statement audits; 2) audits performed under Government Auditing Standards (referred to as Yellow Book audits); 3) audits of federal expenditures made by governments and NPOs (referred to as single audits); and 4) other federally required compliance audits of certain for-profit entities such as banks and housing partnerships. You can access the Auditee Resource Center here. Look for the link to the Auditee Resource Center under the “Quick Links” tab on the left side of the GAQC home page.
Well informed auditees with strong governance structures increase the likelihood of high quality audits. Further, such auditees have a stronger understanding about the audit requirements that apply to them; are better prepared for their audits; and more clearly understand their role in the audit process. It is for all of these reasons that the GAQC is adding this new Auditee Resource Center to its arsenal of audit quality initiatives.
By Marilyn Mays, CPA