MarieL (Illinois)
Posts: 82
Posts: 82
Posted:
I am one of four members of my 34 unit Illinois Common Interest community HOA appointed to do the annual audit, for 2011.
Anb annual audit that has not been done in years. Each one of us are individually "auditing" the same records provided to all of us and will then meet to compare our findings.Possibly next week.
Although I have some accounting experience. I'm having a difficult time, trying to get the books to balance. This may be because I believe we do not have all the necessary records to do a real audit,especially after so many years of neglect.
There were no copies included of the 2011 bank deposit slips,few treasurer's reports, no minutes or 2011 state and federal tax returns.the 1099 report for the bookkeeping fees, and missing voided checks.. Possibly there is also $12,000.00 unaccounted for in "reserve funds" that may have been deducted as actual expenditures, during the t 6 years it first started .
The 2011 bank account checking statements were included. But adding the deposits and deducting exense checks documented on them and taking into consideration what was listed as deposits and expense checks still in transit,I cannot get the books to balance. Is this because I do not have all the information and records required to accomplish a real audit, not just a quick simple review of some 2011 expenses. as the other three audit committee members appear to have done?...
.
Anb annual audit that has not been done in years. Each one of us are individually "auditing" the same records provided to all of us and will then meet to compare our findings.Possibly next week.
Although I have some accounting experience. I'm having a difficult time, trying to get the books to balance. This may be because I believe we do not have all the necessary records to do a real audit,especially after so many years of neglect.
There were no copies included of the 2011 bank deposit slips,few treasurer's reports, no minutes or 2011 state and federal tax returns.the 1099 report for the bookkeeping fees, and missing voided checks.. Possibly there is also $12,000.00 unaccounted for in "reserve funds" that may have been deducted as actual expenditures, during the t 6 years it first started .
The 2011 bank account checking statements were included. But adding the deposits and deducting exense checks documented on them and taking into consideration what was listed as deposits and expense checks still in transit,I cannot get the books to balance. Is this because I do not have all the information and records required to accomplish a real audit, not just a quick simple review of some 2011 expenses. as the other three audit committee members appear to have done?...
.