An HOA audit is an analysis of the association’s accounting records. It facilitates a better understanding of internal controls while providing a high level of assurance to unit owners, prospects, and third parties.
It also provides the HOA with valuable knowledge that can help to improve the association.
Every HOA needs to conduct a financial audit at least once a year.
This checklist is designed to be used by both the CPA and the HOA President or other chosen representative of the association. There are certain approval tasks that require both parties to approve, and numerous opportunities to exchange information and collaborate throughout the audit process.
From clarifying the objectives and timing of the audit to granting the CPA access to HOA records and receiving a final audit report, this checklist guides you through the entire audit process, ensuring that nothing is overlooked and each task is completed efficiently.
Not sure if your HOA needs to do an external audit? Check out this article by Condo Control Central that outlines all of the circumstances in which an audit should be performed.
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