WHAT WOULD YOU DO 5-8 (Board of Directors) A partner in the CPA firm you work for is on the board of directors of a private school. He is now "termed out" and cannot serve on the board anymore, so he asks you to take his place. Not wanting to upset your boss, you agree. As you settle in and go to board meetings, you see why the partner was so anxious--it really is a nice group of people who are dedicated to their community and education. Other than an attorney, you are the only non-education professional on the board, so they look to you for tax and accounting advice. At the annual meeting the audit is presented, and you notice the name on the audit report--the firm you work for There is no audit committee since the treasurer, a history teacher, handled all of the arrangements. You notice the report is comparative, which means that the audit has been handled by your firm for at least two years. When you ask, the treasurer says that the firm has performed the audit for the last ten years, even before the partner joined the board.