Page 18 - Finance for “Non-Financial” Board Members

The Audit (Organizational Standard 8.5)

The organization has solicited bids for its audit within the past 5 years

CAAs do not have to change auditors every five years

Informal solicitation of bids does not satisfy the standard

Guidance on documentation includes a copy of procurement policy, copy of RFP, responses
from CPA firms, and a scoring grid or evaluation sheet for the review of proposals.