Internal Control Review

Chair Arthur Bloom discussed the phone calls he made to the final two firms regarding the internal control review proposals they submitted. The items that were in question were whether the work would be based on agreed upon procedures, whether a full evaluation of all operating controls including human resources and information technology would be performed, and a reduction of one firm’s fee.

The committee then discussed proposed fees, number of hours listed for performance of the review, and the quality of the end product. The committee voted unanimously to recommend Loeb & Troper to the Executive Committee as the firm to perform the review. Lynn Chambers was asked to prepare a brief on this matter to send to the Executive Committee for their discussion during a telephone meeting next week.

There being no further business, a unanimous motion adjourned the meeting at 3:15.

Respectfully submitted,
David Haar, NYSSCPA staff