Should You Rotate Audit Firms?
The practice of having a routine audit or review of the financial records of a non-profit organization is invaluable. Especially in this day when fraud is so prevalent. Being committed to this process provides assurances to both the board of directors of the organization as well as donors. The audit/review process allows for continued development of best practices by agency staff under the watchful eye of a CPA. Highly successful organizations are those that know how to leverage these practices in their business operation.
There has been some conversation about audit firm rotation within the nonprofit community. Some organizations have adopted this philosophy thinking that rotation between firms provides same sort of fresh prospective that rotating board members in and out of board positions does. I would like to suggest otherwise.