Re: When Is a financial Audit Required or Recommended?
From: Diana Carroll (
Date: Wed, 23 Oct 2019 08:40:33 -0700 (PDT)
Thanks, Henning, this is very helpful.

I'm the treasurer, bookkeeper, and all around finance person, so obviously
I don't think the treasurer is stealing! 😁

But ultimately the Trustees will decide between audit v. review.  (Did I
mention I'm also a Trustee?  Look at me wield my massive, unchecked
power!!! Bwahahaha!)


On Wed, Oct 23, 2019 at 11:18 AM Henning Mortensen <hmortensen [at]>

> In our area, we have two options. We can do an audit or a review. The
> difference is that with an audit the auditor can be sued if they miss
> something. A review is done in the best efforts and does not carry this
> opportunity to sue if an error is made.
> Because auditors have to carry insurance against getting sued for audits,
> audits cost much more.
> The last time I looked, a review was $300 and an audit closer to $2000.
> If the concern is having a second set of eyes making sure you haven't
> missed something, then a review is sufficient. If you want to be protected
> against your treasurer stealing from you, and you don't have sufficient
> controls in place, then an audit is desired.
> Of course, this is in my jurisdiction and laws vary by jurisdiction, so
> your mileage may vary.
> Henning
> On Wed, Oct 23, 2019 at 8:37 AM Diana Carroll <dianaecarroll [at]>
> wrote:
> > How do you all go about finding an auditor?  Does anyone in the New
> England
> > area have one to recommend?  Or maybe auditors are from national
> companies,
> > if so, which do you use?
> >
> > How much does an audit cost?  (Roughly...ballpark figure.  I have no idea
> > if it would be $100 or $1000...)
> >
> > Thanks,
> > Diana
> > Mosaic Commons in Berlin, MA
> >
> >
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