What are the audit requirements for towns?
Towns over 2,500 in population, according to the latest census, must have an annual audit in accordance with generally accepted accounting principles if total revenues exceed the annual threshold. For the year ended December 31, 2009, the audit threshold for towns over 2,500 is $826,000. Towns under 2,500, where there are separate offices of clerk and treasurer, are not required to have an audit. Towns under 2,500 with the combined office of clerk and treasurer must have an annual audit if total revenues exceed the annual threshold. Towns under 2,500 with the combined office of clerk and treasurer must have an audit once in every five-year period if total revenues are less than the annual threshold. For the year ended December 31, 2009, the audit threshold for towns under 2,500 is $185,000.
Towns over 2,500 in population, according to the latest census, must have an annual audit in accordance with generally accepted accounting principles if total revenues exceed the annual threshold. For the year ended December 31, 2010, the audit threshold for towns over 2,500 is $851,000. Towns under 2,500, where there are separate offices of clerk and treasurer, are not required to have an audit. Towns under 2,500 with the combined office of clerk and treasurer must have an annual audit if total revenues exceed the annual threshold. Towns under 2,500 with the combined office of clerk and treasurer must have an audit once in every five-year period if total revenues are less than the annual threshold. For the year ended December 31, 2010, the audit threshold for towns under 2,500 is $191,000.
