Audits

Kind of a dumb question but when an audit is done, does the management company accept the audit or does the board? The inoice for said audit has been sent to the board but the board hasn’t seen the actual audit..

So if it’s rejected, then what? And why would it be rejected?

I agree the board must review the Audit. Ours came to the board several weeks ago, and I found 3 errors in it that the MC made when it reported numbers to the audit company. The Board approved my corrections and the Audit firm made them before the audit was sent to owners.

As Geno pointed out, it might be rejected for the numbers used.
It might be rejected because the Board simply doesn't want to face what the CPA found.

As Treasurer, I worked with our CPA on many things. He would have a question about xyz, I would do some research and provide a better explanation of what was happening. The CPA would then accept or reject the explanation based on the standards they have to follow. They also might accept the explanation and tell you a better way to do something.