Audit Requirement Check.

Find out whether your organization is required to have an audit, what kind, and why, so you commission the right thing, or a lighter option, or none at all.

First in Get Ready for and Survive an Audit. Confirm the specifics with the source or your accountant, because thresholds and rules differ and change.

Source that can require an audit	Does it apply? Confirm
Your state: some require an audit above a certain size, often by revenue
Your funders and grantors: some require one as a condition of funding
A specific grant: some require an examination of that grant’s own spending
Your lenders: a loan may require audited financials
Your bylaws: your own bylaws may require one

Source that can require an audit

Does it apply? Confirm

Your state: some require an audit above a certain size, often by revenue

Your funders and grantors: some require one as a condition of funding

A specific grant: some require an examination of that grant’s own spending

Your lenders: a loan may require audited financials

Your bylaws: your own bylaws may require one

Decide the right level. If a full audit is required, by whom and of what kind; if none is required, whether a lighter review or preparation is appropriate, or nothing at all, decided with your accountant

Record the decision: what you will commission, if anything, and why, with any resulting requirement added to your compliance calendar

Do not assume you need a full audit, and do not assume you do not. Commissioning an audit you do not need wastes money; skipping one you do need is a compliance failure.

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