How long is ‘too long’ with the same auditor?
Non-profit Boards often ponder this question.
There are a few important factors to balance here...
- There are significant costs to changing auditors, in terms of resourcing effort. We generally assume that audit preparation time will be double with a new auditor, in their first year. Plus, you have the cost of running an RFP process. So you don’t want to change too often.
- Then again, you want to avoid comfortable relationships, from a governance /risk mitigation perspective. So change is healthy.
Check out our quick reference guide for more info. Aimed at non-profit Boards, this resource will help you make this important decision.
