FAQ

Frequently Asked Questions

What is AuditProposal.com?

AuditProposal.com is a secure site where organizations can post their audit criteria and local auditors can bid directly or contact the organization to learn more about the audit.

Is there a fee to use AuditProposal.com?

AuditProposal.com is free for organizations needing an audit to post as many audits as possible. Auditors can sign up for free as well. Auditors will be able to search for audits and see audit opportunities by industry and location. Auditors can upgrade to a subscription membership and see audit criteria and contact information.

Does AuditProposal.com offer a trial?

AuditProposal.com is free for all Auditees posting audits. Since we offer a free membership to Auditors we do not offer a trial for the upgraded subscription.

Will AuditProposal.com help me find auditors for my audit?

AuditProposal.com will be happy to help you find auditors for your audit. Anytime you wish contact AuditProposal.com and we reach out to the best and brightest auditors in your area to start contacting you about your audit.

Is AuditProposal.com secure?

AuditProposal.com is very secure.

Will AuditProposal.com provide insight on posting my audit and determining which auditor to choose?

When you register your audit on AuditProposal.com make sure to sign up to receive your free monthly newsletter with tips, best practices and auditing guidance.

Does AuditProprosal.com want me to upload financial statements?

We prefer you not upload your financial statements. AuditProposal.com does allow for uploading any documents you feel relate to your audit bid. AuditProposal.com is a secure site and if you wish to upload your financials they are safe. We at AuditProposal.com strongly recommend the organization needing the audit (Auditee) only releases financial documents to Auditors you select from AuditProposal.com.

How do I get my firm listed on the CPA listing page?

The upgraded Auditor membership comes with your name or firm's name listed in our CPA registry. Anyone who visits AuditProposal.com will be able to see your profile. The profile is only eligible during membership so the profile will be removed if membership is not renewed.

Is AuditProposal.com liable for any negligence before, during or after the audit?

Please see Terms of Service for further detail. AuditProposal.com is not liable for any negligence from any party before, during or after any audit, compilation, review engagement or any other services discussed or rendered while using AuditProposal.com.

What is an audit?

There are many different types of audits. The most common is a financial audit.

A financial audit, also known as an independent or external audit,involves the verification of financial statements for a legal entity, with an audit opinion expressed. The audit opinion is intended to provide reasonable assurance that the financial statements are presented fairly, in all material respects, and/or to give an accurate and objective estimation in accordance with the financial reporting framework. The purpose of an audit is to enhance the degree of confidence in the financial statements.

Who needs an audit?

There are many reasons why an entity would want or need an audit.

  • Governmental agencies require a financial audit for transparency and state and federal reporting requirements.  
  • Having a financial audit can help protect potential participants and investors.   
  • Federal law requires employee benefit plans with a trust of 100 or more participants as defined by ERISA to have audited financial statements attached to their Form 5500 filings. Smaller plans may also need to have an audit if they do not meet certain conditions exempting them from the audit requirement.
  • Nonprofits commonly require annual audits.  The reasons can range from federal funding contingent on an audit to internal bylaw requirements.  
  • When requesting a bank loan or raising capital, investors will want a financial audit to ensure accounting records are correct and that the organization is solvent.  
  • Many industries require annual audits.  Construction Contractors, for instance, have to get an annual audit to renew their license and bonding each year.  Most Home Owner Associations also require an annual audit.
What are the benefits of an audit?

There are many benefits to having an audit. An audit

  • Reassures all parties thatthe firm’s financial records are current, correct, and solvent.  
  • Provides an independent, objective analysis of financial, operational, , and program areas.
  • Can highlight simple accounting errors or more grievous accounting fraud, thus also serving as a fraud deterrent.
  • Gives management a better understanding of an organization’sefficiency and profitability.
  • Enhances controls over processes, systems, programs, and functions.
What is the typical audit cycle?

Auditees and auditors traditionally agree upon a three year audit cycle.  The organization’s industry, organization, structure, size, accounting method, and many other factors will determine how long each year’s audit will take.  By entering as much criteria as possible, AuditProposal.com will help the auditors bidding on your audit obtain a better understanding of your audit needs, which will help determine how long the actual audit will take.

Why do auditees change auditors?

Organizations change auditors for many reasons. Auditee reasons can range from price to disagreeing on findings. The auditee or auditor can elect the change.

If you ever need an audit, AuditProposal.com will give you the best avenue for finding expert auditors and allowing the market to drive price.

Why would an auditor need to contact my past auditor?

It is common place before an auditor accepts an audit to contact the prior auditor. The auditor will want to get the previous auditor’s opinion of the client and their financial records.

Should I get a review rather than an audit?

Each audit seeker’s needs are different. An audit, as well as a financial review,has many benefits.  A review is smaller in scope, so it cannot provide complete assurance like an audit can. Determining if your organization should have an audit or financial review should be discussed with the professional auditor you choose.