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Thursday, October 18, 2018
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Subject: Audits
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Author Messages
KP3
(Texas)

Posts:120


06/10/2018 9:31 AM  
Kind of a dumb question but when an audit is done, does the management company accept the audit or does the board? The inoice for said audit has been sent to the board but the board hasn’t seen the actual audit..
TimB4
(Virginia)

Posts:15999


06/10/2018 10:20 AM  
The audit was sent to the address of the Association, likely the MC.
Therefore, the MC has likely received the audit.

The board reviews the audit (should have had a draft earlier) and votes to accept or reject the CPA findings.
If the Board rejects, they still have to pay the bill and the auditor isn't going to change anything.


My suggestion, ask the MC for the audit.
KP3
(Texas)

Posts:120


06/10/2018 10:30 AM  
Posted By TimB4 on 06/10/2018 10:20 AM
The audit was sent to the address of the Association, likely the MC.
Therefore, the MC has likely received the audit.

The board reviews the audit (should have had a draft earlier) and votes to accept or reject the CPA findings.
If the Board rejects, they still have to pay the bill and the auditor isn't going to change anything.


My suggestion, ask the MC for the audit.




So if it’s rejected, then what? And why would it be rejected?
GenoS
(Florida)

Posts:2430


06/10/2018 11:35 AM  
Posted By KP3 on 06/10/2018 10:30 AM
So if it’s rejected, then what? And why would it be rejected?

That would depend on what the findings were and which ones were rejected. It's impossible to speculate because every audit is different.
KerryL1
(California)

Posts:5759


06/10/2018 12:14 PM  
I agree the board must review the Audit. Ours came to the board several weeks ago, and I found 3 errors in it that the MC made when it reported numbers to the audit company. The Board approved my corrections and the Audit firm made them before the audit was sent to owners.
KerryL1
(California)

Posts:5759


06/10/2018 12:14 PM  
I agree the board must review the Audit. Ours came to the board several weeks ago, and I found 3 errors in it that the MC made when it reported numbers to the audit company. The Board approved my corrections and the Audit firm made them before the audit was sent to owners.
TimB4
(Virginia)

Posts:15999


06/10/2018 1:54 PM  
As Geno pointed out, it might be rejected for the numbers used.
It might be rejected because the Board simply doesn't want to face what the CPA found.

As Treasurer, I worked with our CPA on many things. He would have a question about xyz, I would do some research and provide a better explanation of what was happening. The CPA would then accept or reject the explanation based on the standards they have to follow. They also might accept the explanation and tell you a better way to do something.
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