Q & A: 12-month audit procedure

Last March, we started the implementation of the 12-month audit process with those members that had interim reports due. In October, the annual reports that will be due and all those thereafter will have completed 12-month audits. With this process being new to all VC members, here are answers to some questions you may have about the procedure.

Q: When should we send our annual membership fees and auditor fees?
A: An invoice for your annual membership fee will be sent to you in the mail. Payment must be forwarded to the VC office within 30 days and is payable to CCNA. Audit fee payment must be sent together with your Annual report package and is payable to the VC auditor.

Q: To whom do we submit our reports?
A: For the vast majority, all reports should be sent to the VC office. For the few who use a chartered accountant, send one copy to the VC office and one copy to the accountant. Always keep your originals.

Q: We have already submitted our interim report to the VC office and our annual report will be due soon, what should we expect?
A: The VC office will process your report and issue a Publisher’s Statement, bearing the phrase, “Subject to Audit.”

If you are using the VC Auditor, the VC office will store your interim report and supporting documentation until your annual report is submitted. Prepare your annual report, gather all necessary back-up documentation and submit it to the VC office with the audit fee payment. The VC office will send both your interim and annual report packages and audit fees to the VC Auditor. After the reports have been audited, the VC auditor will forward the results to the VC office. From there the reports will be processed and an Audit Report will be issued and sent to you.

If you are using an independent chartered accountant, submit one copy of all mandatory forms to the VC office. If your circulation has changed by +/- five percent since your last report, also submit supporting documentation. Then, send both your interim and annual report packages to the chartered accountant. The VC office will process your Annual Report and issue a Publisher’s Statement bearing the phrase, “Subject to Audit.” Upon successful completion of the audit, the chartered accountant must send the results to the VC office on or before the audit results due date. The VC office will process the audit results and issue an Audit Report.

Q: What documents will we be receiving from the VC office?
A: Since you are still submitting two reports per year, you will continue to receive two documents from the VC office, but will also receive a report that states that 12 months have been audited.

The VC office will continue to conduct verifications of interim and annual reports, issuing a Publisher’s Statement upon successful completion. This statement will resemble the current Verified Circulation Report, but will bear the phrase, “Subject to Audit.” When the VC auditor or chartered accountant successfully completes an audit, the VC office will process the audit results and issue an Audit Report.

If you have any questions about Verified Circulation, please contact Winnie Legaspi at 877-305-2262 ext. 23 or vc-info@ccna.ca.