The Chief Financial Officer (CFO) may have a title different from "CFO", such as Comptroller, Vice President of Finance, Treasurer, etc. but the CFO title is unlikely to include the word "assistant" - other individuals may have the authority to sign, but they will be able to produce documentation demonstrating their authorization
Check Independent CPA's special report when required by Alternate II line 19 (often called an Agreed Upon Procedures Report)
Lines 7 and 8 must be "YES" to pass. Confirm "YES" is accurately determined
Lines 8 and 9 must be “YES” to pass. Confirm the “YES” is accurately determined
If Line 10 is "NO" then complete Line 11.
When required, Line 11 must be "YES". Confirm the "YES" is accurately determined
Complete either Lines 12 - 15 or Lines 16 - 18
Lines 12 - 15
Check math on Line 14
Line 15 must be "Yes"
Lines 16 - 18
Either a Standard & Poor's rating of BBB or better or Moody's rating of Baa or better
(See “Bond Ratings” below)
If Line 19 is answered "NO," a Special Report must be included
This is usually called an "Agreed Upon Procedures Report"
A question occasionally asked of DEP: Does DEP agree to the procedures performed by an independent Certified Public Accountant (CPA) for the Special Report?
No. DEP is not a 'recipient' of the report, even though the owner or operator must show it to DEP inspectors when a financial test is the chosen financial instrument (and a special report is required). Technically, only the CPA’s client receives the report. The CPA is engaged by the owner or operator or guarantor to confirm that the numbers in the Financial Test produced by the owner or operator or guarantor are appropriately derived from the audited statements, as specified in 40 CFR 280.95(c)(5). If the Special Report claims the CPA did something different from what the federal code requires, DEP has an obligation to point out any deficiencies to the owner or operator.
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