The $300 compliance audit that ended up costing us $4k in fixes

Everyone in our Slack group was saying to skip the cheap audits and go with the big firms. We went with a smaller shop out of Calgary for a basic compliance check on our payment processing setup. Paid $300 thinking we were getting a simple once over. Turns out they found 3 gaps in our AML reporting and one issue with how we stored transaction logs. We had to hire a contractor for two weeks and redo part of our backend. Total bill came to around $4k after everything was said and done. Now I tell other founders to pay for the deeper review upfront because the cheap one just exposes the problems you have to fix anyway. Has anyone else had a small audit spiral into bigger costs like this?

0 comments

0 Comments

No comments yet

Be the first to share your thoughts on this discussion.