Audit Passed - No Deficiencies Noted
Congratulations!! You will receive an email with an audit report indicating that no areas of non-compliance with the Standards were noted and the compliance audit is considered closed.
Audit Passed - Minor Deficiencies Noted
You will receive an email with the audit report indicating the compliance audit was passed; however, instances of non-compliance with the Standards were noted. Attached to the audit report is a report of findings to detail the items of non-compliance. The report of findings will include corrective actions to ensure you know what must be done in order to adhere to the Standards going forward. Please take the time to fully read the report of findings and take the appropriate actions to correct those identified deficiencies as soon as possible.
NASBA does not require additional documentation from you and the compliance audit is considered closed.
Audit Failed - Significant Deficiencies Noted
A failed compliance audit results when matters are identified that are so significant to potentially impact the CPA when reporting CPE credits to a respective Board of Accountancy in satisfaction of requirements to maintain licensure.
If your organization fails the compliance audit, you will receive an email with the audit report indicating that instances of non-compliance with the Standards were noted. Attached to the audit report is a report of findings to detail the items of non-compliance. The report of findings will include suggested corrective actions. A failed compliance audit will require the following actions within 30 days of receipt of the audit report:
- Submission of a written corrective action plan that adequately addresses all deficiencies and findings in the audit report.
- Remittance of a failed audit penalty fee.
The main contact will be emailed an invoice for the failed audit penalty fee, which can be paid via credit card or check. The failed audit penalty fee is equal to 25% of the most recent renewal fee paid by your organization. For example, if your most recent renewal fee was $795.00, then the failed audit penalty fee is $198.75.
The written corrective action will be reviewed by NASBA. If the submitted corrective action plan is deemed adequate by NASBA, you will receive an acceptance letter from NASBA. If additional modifications are required, you will be contacted by NASBA.
Once the written corrective action plan has been accepted by NASBA and the failed audit penalty fee remitted, the audit is considered closed.
A follow-up compliance audit will be conducted in the following year to ensure that the corrective actions have been operationalized. Failure of a follow-up audit will result in immediate removal from the National Registry of CPE Sponsors.