Don’t Be Afraid of HOA Audits

Let’s face it. The thought of an audit can strike fear into the hearts of even the most experienced property managers and property management company owners. You start thinking about storm troopers and bright lights shining in your face. Just

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How often is the board required to perform an audit? (FL)

Q: I received my annual meeting proxy in the mail and there is a question asking me whether I want to waive the audit for this fiscal year. I can’t remember the last time we actually had the audit performed.

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What board directors should ask condo auditors

An independent Chartered Professional Accountant (CPA) prepares, audits and issues the financial statements of a condominium corporation. In doing so, he is reporting to the owners of the condominium units the state of the financial position of the corporation. However,

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Condominium audits uncover four common issues

With few exceptions, the Condominium Act of Ontario (the act) requires an independent auditor to perform an annual audit of the financial statements of a condominium corporation. Sections 60 and 71 underline the rights and responsibilities of an independent auditor.

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Community Associations Countdown to Year-End!

The end of the year is approaching and before long we will be setting New Year’s resolutions for 2017. But before that new beginning, we need to wrap up 2016. For those associations whose year-end is December 31st there are

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4 Things Every CAM Manager Should Know About Auditing

A good audit can help identify and prevent fraudulent activity. It can prevent small mistakes from becomming big ones. It can provide peace of mind to the association members that their community’s financial security is in good hands.

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The “Rep” Letter: the Biggest Little Three-Letter Word in Your Annual Audit

This “representation letter,” called the “rep letter,” does not change or add to the fundamental responsibilities of the board or the management company, nor does it relieve the accountant of any of his responsibilities

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To Err is Human – Real Examples of Issues Uncovered During HOA Audits

Here are the types of issues we typically uncover during HOA audits and agreed-upon procedures engagements

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Understanding Community Association Audit Fees

Q: We received two bids from different accounting firms for the annual audit of our association. One was for $5,000 and the other was for $1,500. Why is there such a big difference in price?   Read the article………..

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Tips for Getting the Most Out of Your HOA Audit or Financial Review

I don’t want to scare you, but as a community association or HOA board member, it’s your fiduciary responsibility to know the answer to this question. Reviewing your monthly financial statements is a good start, but you also need to

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What to Expect from the Audit Process

Our firm is considered engaged to perform the services outlined in this proposal once the engagement letter is signed and returned to our office. Once we receive the signed engagement letter, we will contact the previous auditing firm, if any,

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Is Your Association Prepared for the Annual Audit? Get the Checklist.

As your Association nears the end of its fiscal year, think about the annual audit. This is a good time to review items the Association will need for the annual audit and it can help to avoid delays in receipt

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Should HOAs have ‘audit’ or ‘review’

Q: Are there any guidelines in regard to the size of the community or the size of the budget to help determine whether a homeowners’ association (HOA) should do an audit instead of a review?  Read more………

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Lessons Learned from Community Association and HOA Audits

Bach, James, Mansour & Company conducts a number of community association and HOA audits (and audit alternatives) each year. I’ve written about the audit alternatives before, including the popular agreed-upon procedures engagement. During these financial reviews we uncover a variety

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Community Association and HOA Audits

Last year I wrote an article for CAI’s Georgia Commons magazine about community association (HOAs, condo associations, etc.) financial audits. The article discussed some lower cost alternatives such as agreed-upon procedures engagements, and reviewed some general risks and issues that

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Understanding CPA Service Levels: Compilation, Review and Audit. A Primer.

The controlling documents of most co-ops and condominium associations outline the requirement for the preparation of your financial statements. In addition, several states have minimum financial statement requirements. It’s important for boards to understand that there are different levels to

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Understanding CPA Service Levels – Compilation, Review and Audit

The By-laws, CC&R’s or other controlling documents of most community associations delineate the requirement for preparation of financial statements of the Association. In addition, several states have minimum financial statement requirements.    Read More……

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The Annual Audit -Taking Your Association’s Financial Pulse

The health of your association’s finances can have a dramatic effect on the board of director’s ability to effectively maintain the property’s assets and value. In order to keep the property’s assets in good order and keep home sales on

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Why you should pay special attention to closing your books this year

I’ve been posting the condo and HOA news for over 8 years now.  During the first 6 years, I might have run across 3 or  4 cases  of people stealing from an association.  During the last 2 years, I’ve seen

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