On October 21, 2013, two motions will be put forward at the Meeting of the General Membership regarding the financial audit processes that are performed by the Saskatchewan Stock Car Racing Association. The motions will read as follows:
1. "Motion that the Saskatoon Stock Car Racing Association instruct the contracted auditing firm to conduct a Notice To Reader audit review for the 2012-2013 fiscal year."
2. "Motion that the Saskatoon Stock Car Racing Association not appoint an auditing firm at this time and that the Saskatoon Stock Car Racing Association reviews current auditing agreement with Meyers Norris Penny."
There are three types of audit reviews that are available to us as an organization: 1, Notice to Reader 2. Review Engagement 3. Audit Opinion.
The difference in the three types of audits is the level of certainty that we ask our auditors to provide on the organization. The higher the level of certainty of the financial statements required the more in depth the audit becomes and the higher cost for the organization. Our financial institution (Affinity Credit Union) believes that a Notice to Reader financial statements are sufficient.
Appointment of an auditor is to be conducted annually. If appointed an auditor is to hold office until the close of the following annual meeting.
Section 149(3) of the Non Profit Corporations Act states that "Notwithstanding subsection (1), if an auditor is not appointed at the meeting of members, the incumbent auditor continues in office until his or her successor is appointed." The Saskatoon Stock Car Racing Association currently contracts Meyers Norris Penny (MNP) to provide audit services.
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