Re: When Is a financial Audit Required or Recommended? | <– Date –> <– Thread –> |
From: Diana Carroll (dianaecarrollgmail.com) | |
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!) Diana On Wed, Oct 23, 2019 at 11:18 AM Henning Mortensen <hmortensen [at] gmail.com> wrote: > 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] gmail.com> > 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 > > > > > _________________________________________________________________ > Cohousing-L mailing list -- Unsubscribe, archives and other info at: > http://L.cohousing.org/info > > > >
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When Is a financial Audit Required or Recommended? S. Kashdan, October 22 2019
- Re: When Is a financial Audit Required or Recommended? Sharon Villines, October 23 2019
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Re: When Is a financial Audit Required or Recommended? Diana Carroll, October 23 2019
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Re: When Is a financial Audit Required or Recommended? Henning Mortensen, October 23 2019
- Re: When Is a financial Audit Required or Recommended? Diana Carroll, October 23 2019
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Re: When Is a financial Audit Required or Recommended? Henning Mortensen, October 23 2019
- Re: When Is a financial Audit Required or Recommended? S. Kashdan, October 23 2019
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