Audit Committee

It depends on what you want to audit. Putting together a good audit will require more than one form and the fact that you found some of the responses "bizarre" indicate to me that you might not completely understand what's required. You need to figure out the process first and from there, you may be able to put together your own set of forms.

Here's a link to an article that can get you started - https://www.wikihow.com/Audit I don't know what search terms you used, but you might also want to try "HOA audit" and see what comes up. Or go to the community association institute (CAI) website, which has low cost education materials your association can purchase on a variety of subjects, including audits.

Two more things to consider: if you're going to establish an audit committee, make sure you select people who are not on the board, but have some experience in Excel or other spreadsheet program, as well as accounting. They should also be well versed in your community documents because part of the audit has to determine if the right procedures were followed. They will also have to patient and pay very close attention to detail - if you don't find homeowners who are up to this, you may be better off biting the bullet and look for an accountant who may be able to do at least some of the work or help you develop an audit plan at a reasonable price.

That brings us to #2 - if your bylaws require an audit, perhaps you should consider budgeting for the work next time, as well as a schedule on when they will be done (e.g. every 2 years or so).

Thanks, Douglas, that is exactly what this committee needs to be doing. BTW - $4500 to audit an HOA with less than $10,000 is just plain ridiculous, it's not something I want to pay for and neither did anyone else. And I do understand what is involved in a full scale audit. Call it a Financial Review if it makes you feel better, but we still need a form that we can utilize. Bizarre audit forms that popped up were HR Audits, Health and Safety audits, School supply audits - so none of them would work and were bizarre because I was Googling Homeowner Association audit form

Paula,

When I return from vacation in a few days, I'll post the spread sheet we use for Assessment payments.
It's what our accountant used when he did our audit and I've incorporated it into our lot ledgers. It can quickly tell you where you are with assessments vs. deposits made into the bank.