December 1999

Society Appoints Richard A. Eisner & Co. as Auditors

By Alan Schmelkin

At its October 29 meeting the NYSSCPA board of directors selected Richard A. Eisner & Co. LLP as the Society's auditors for fiscal year ending May 31, 2000.

Last summer, the Society's Audit Committee, chaired by Frank J. Aquilino and including board members John D. Cummiskey, Louis C. Grassi, and Barbara E. Ostrander, began the search for a firm to replace O'Connor Davies & Co. LLP, which just completed its fourth year as NYSSCPA auditor. The Society's bylaws provide that no firm may serve as auditors for more than four years.

The NYSSCPA placed a request for proposals in The CPA Journal, The Trusted Professional, and on http://www.nysscpa.org that listed the specifications a firm needed to follow to be considered for appointment. The NYSSCPA asked firms to submit an all-inclusive bid, factors that made them different from other firms, biographies on staff to be assigned the audit and their work experience, a copy of the firm's latest peer review report, a list of not-for-profit clients and whether any were lost in the past year, verification that the firm is qualified to do yellow book and A133 audits, and the name of the firm's professional liability carrier. In addition, the auditing team must be Society members or must join if selected.

Nine firms submitted proposals that the Audit Committee thoroughly reviewed and discussed before it invited two firms for interviews. Julie Floch and D. Edward Martin, both partners, represented Richard A. Eisner & Co. LLP; and Bill Brown, Neal Cheng, and Kirk Wong, also partners, represented N. Cheng & Co., PC, the other finalist.

After lengthy deliberation, the Audit Committee recommended Richard A. Eisner & Co. to the Society's board. The board approved Eisner for a four-year term subject to annual reappointment. The Audit Committee agreed to recommend N. Cheng & Co. as the auditors for CPAPAC, the Society's political action committee. *