An audit must be performed for any community association with total annual revenues of $400,000 or more.
An audit is a formal, objective examination of an entity's accounts and financial situation. The purpose is to express an opinion and provide reasonable assurance that the financial statements are free from material misstatements.
During an audit, the accountant must:
In addition, an accountant must also understand the entity's internal controls structure and assess different levels of risk.
Community Association Services
Compilations - Obtaining information from management in an effort to prepare financial statements. A compilation does not provide assurance that the statements are fairly presented. Financials are formatted in order to be easily read by outside sources.
Reviews - Inquiries and analytical procedures are conducted, providing limited assurance on the financial statements. A review is a mid-level assessment performed by an independent accountant.
Call one of our community association financial representatives at: