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| February 1 , 2004 | The
Monthly Newspaper of the NYSSCPA |
Vol.
7, No. 2 |
Resolution on Single-Audit Issue
Many New York state not-for-profit agencies are subject to several different sets of audit requirements, depending on where they receive funding or where they are located. The sources of audit requirements could come from the federal government, at least two agencies of the state, and a county or city comptroller.
The federal government has unified all its audit requirements in a “single audit.” The various New York state authorities, however, have not yet taken this step. Not only do multiple and different state audit requirements cost not-for-profit agencies money that could benefit their exempt purposes, they also create the possibility for confusion in complying with requirements.
The New York State Society of CPA’s Not-for-Profit Organizations Committee has discussed for several years the desirability of a “single audit act” in New York state. The committee at its Dec. 3, 2003, meeting developed and adopted the following resolution. The committee’s resolution will be considered by the NYSSCPA Executive Committee at a future date
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Whereas New York needs a more common, easily understandable way to audit public funds, that is transparent to the interested public;
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Whereas, New York needs a more efficient system of accounting of public funds and cost effective system of auditing these funds;
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Whereas, audits of public funds should have the purpose of improving program services to the public and bringing cost effectiveness;
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Whereas, New York has a long-standing system of conflicting audit requirements between both New York State and New York City Comptrollers offices and state and city program agencies;
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Whereas, New York not-for-profit agencies that receive funds from more than one agency in New York often undergo multiple audits of the same systems.
Therefore, be it resolved that the NYSSCPA work with the state legislature, the New York City Council, the governor, the mayor of New York City and the state and city controllers to create a single set of audit requirements for the auditing of public funds which go through not-for-profit agencies.
