changing PMs

Started by MikeS1 • 4 replies • 1258 views

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MikeS1
Posts: 668

Posted:

If an HOA is considering changing PMs, do any of you all recommend that we have a comprehensive audit before the changover?

I've seen the previous checklist for the changeover process, but I'm wondering if an audit would be prudent? Any ideas?

GlenL (Ohio)
Posts: 5,491

Posted:

It couldn't hurt. That way everyone would know if there was a problem whether it occurred before or after the change.

Studies show that 5 out of 4 people have problems with fractions

MaryA1 (Arizona)
Posts: 7,043

Posted:

Mike,

Glen said "it couldn't hurt", but I don't think he meant the assn's pocketbook! Depending upon the size of your assn, a CPA-conducted audit can set you back thousands of dollars. Is it really worth the expense if you have no reason to doubt mismanagement of funds? Doesn't the assn have a yearly review at least?

MaryA1 (Arizona)
Posts: 7,043

Posted:

MikeS1
Posts: 668

Posted:

Yes, they have an annual audit, but I've never seen it and I'm not sure that the board really looks at it carefully. I don't know how detailed it might be, but I think that the board is going to looking more closely at the audit this year.

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