Your documents should tell you the timeline for audits. I wouldn't be surprised if you do an audit once a year. That may be helpful just to "clear the air" with the owners.
I am a trained auditor. The only thing an audit is good for is to find issues and wave flags. They don't resolve any issues. It just allows people to see what areas need improvement or where something lacks.
An audit is a good thing if the HOA is doing things correctly. However, when things aren't being handled correctly, it turns quite ugly and ruins the focus of the HOA.
My best advice is that the HOA's money is everyone's money. It's like a "kitty" in the game of poker. Everyone gives equally into the pot. So it's best to make sure you don't have any cheaters with aces up their sleeves when the dealing is done.
