Private Water System Audit Engagement Request
Small Montana water system (150 members) seeks an accountant’s opinion on finances—no strict deadline, reasonable cost. First audit, with past compilations.
Date Posted
March 18, 2025
We’re a small private community water system providing potable water to families, ranches and farms, serving 150 member accounts as a Montana Mutual Benefit Corporation with Members. We’re seeking a documented opinion from an accounting professional, for a reasonable cost, with no rigid deadline (understanding most firms are engaged in tax season). The overall goal is to assure members and the Board of Directors that there are no indicators of fraud, and the accounting is an improvement over previous methods, albeit room for improvement. Expecting qualified opinion due to recent inventory ledger disaster from Quickbooks Desktop to Online transfer, lack of documented procedures, and internal controls. Open to criticism, willing to make corrections / improvements, etc. Bookkeeper (me) has been part-time, so improvements have been extended over time. The water system oversight is achieved by a member-elected Board of Directors, Montana Department of Environmental Quality, and Certified Water Operators. This would be the first known audit, although a yearly compilation engagement has been done by a local CPA firm, which included some review & corrections to accounting records, without an official opinion. There’s two active employees, no debt, no investments, one recent grant, largely depreciated assets, a semi-recent change in accounting method (cash to accrual), no actual cash transactions, no tax problems, inventory consists of stocked parts for repairs. We’re tiny.