Audit

Started by JC3 • 1 replies • 1165 views

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JC3
Posts: 290

Posted:

We have a yearly review.
We just moved to a new manaagement company. There were problems getting our records, but have them now.
If it appears that everything is okay, should we have an audit done now, and if so, going back how many years? Two, three, five? Should our reviewing CPA do it, or should we hire someone unfamiliar with our hoa and its paperwork?

MaryA1 (Arizona)
Posts: 7,043

Posted:

JC,

Since you don't think anything is wrong, one year should be enough. Wait til year end and have it done then. If you're having an audit done, the CPA cannot be familiar with the assn in that he prepares financials on a regular basis. If the CPA just does a review every year or so I believe he can perform an audit. The CPA will know! May I ask why are you considering an audit instead of a review? Depending upon the size of your assn most CPAs will even agree an audit is not worth the added expense. Of course if your docs specify a CPA-conducted audit or state law requires it, then you must have that type financial report prepared.

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