PEER determined that the hourly cost of financial/compliance audits performed by the Office of the State Auditor for FY 1988 was $24.03. The hourly cost of financial/compliance audits performed by private accounting firms under state contract for FY 1988 was $24.57. In comparing cost differences, one must consider the effect of American Institute of Certified Public Accountants (AICPA) and General Accounting Office (GAO) audit quality standards and the degree of oversight exercised by the State Auditor’s office relative to contractual audits.
For a paper copy of this report, contact PEER by telephone at 601-359-1226 or by e-mail at reports@peer.ms.gov.