USA Audit opinion delay

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Hello, I have a hypothetical question regarding audit opinion delay. Say the CPA firm does not have time to finish the audit on time for a nonprofit institution, due to ...a number of reasons like other audits, team shortages etc. What are the best courses of action that the client can take to make the CPA firm finish the audit? Is report them to the authorities an option? Withholding payments? or others. All constructive input will be greatly appreciated.
 

BIG E

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You need to detail more of the WHY.
Was it due to factors of insufficiency of audit documentation, or client imposed restrictions, or regulatory requirements, or a host of other possibilities? Nonpayment of prior year fees that create auditor independence issues?
Tell the whole story before requesting answers.
 

DrStrangeLove

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Hello, I have a hypothetical question regarding audit opinion delay. Say the CPA firm does not have time to finish the audit on time for a nonprofit institution, due to ...a number of reasons like other audits, team shortages etc. What are the best courses of action that the client can take to make the CPA firm finish the audit? Is report them to the authorities an option? Withholding payments? or others. All constructive input will be greatly appreciated.
I'm assuming this isn't an idle/purely academic question. That is, I'm assuming you're asking because either 1.) you work at the nonprofit in question; or 2.) you would at the CPA firm in question. If I'm correct, then you should have an engagement letter, statement of work or signed contract between the nonprofit and CPA firm that details what remedies are available to you for nonperformance or breach, including for interference or frustration of purpose. You might recover money damages if you're financially impacted. Specific performance usually isn't available to you as a remedy, since 1.) CPA firms are independent contractors with regards to audit work, and 2.) it would interfere with their independence.
 

DrStrangeLove

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That should read "2.) you work at the CPA firm in question". Clearly I have too much blood in my caffeine flow.
 

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