Need CPA to conduct financial review

Started by DennisG7 • 6 replies • 693 views

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DennisG7 (Georgia)
Posts: 155

Posted:

Last night our HOA Treasurer spoke with me about getting a CPA to look at our books. This is a concern that I have raised with the BOD during the past 3-4 years. We have NEVER had an audit or a financial review over the 19 years we have existed. I had previously pointed out to the BOD a number of items that things didn't add up in our monthly income/expenses. Until last night I had been nicely rebuffed regarding my concerns. Now they are asking me if I can recommend a CPA that can review the past couple of years of books. Does anyone have a suggestion as to where I should look in the metro Atlanta area?? Thanks.
DennisG7

BillH10 (Texas)
Posts: 1,217

Posted:

Dennis, contact the local offices of CAI--Community Associations Institute. It is a professional organization for association managers, board members, other professionals, etc.

They undoubtedly have CPA members in the Atlanta area who have HOA focused practices.

TimB4 (Tennessee)
Posts: 21,059

Posted:

Perform an internet search for CPAs in your town.
I then sent an email proposal to selected ones for pricing.

First, you need to decide if you want an audit or financial review.

See: Subject: Financial Audits, Reviews or Compilation Which do you use?

a thread in this forum.

MarkM19 (Texas)
Posts: 1,459

Posted:

Dennis,
A few years ago a new board member asked for board to hire have forensic audit of the board finances. I was the treasurer for 4 years before becoming president and felt pretty confident that I had a good idea of our finances as I had really did a deep dive and uncovered many issues as treasurer. At first I was against spending the money to do the audit but I eventually agreed because who knows what a professional might uncover. If my memory serves me it was about $3500 for this audit. They did a detailed report and then came and addressed the HOs in attendance at the next meeting. They went through the prior PMC and the current PMCs books and gave us a clean bill of health. What a relief it was to know that we were not being taken advantage of by PMCs.

I say if you have nothing to hide then hide nothing. Let the community know what the costs are for this deep dive and what the benefits may be. Ultimately it is a board decision and you will have to live with the pros and cons of the results.

I would think that any financial institution would be able to perform this task as long as they have no affiliation with the PMC.

NpS (Pennsylvania)
Posts: 4,216

Posted:

Here's a link to "find a CPA" page of the Georgia Society of CPAs:

http://www.gscpa.org/public/referral/findcpa.aspx

Enter your geographic region
Select "homeowners association" for industry served
Select "auditing" for services offered
Spin the wheel and win a kewpie doll. (a.k.a. click "search")

Sikubali jukumu. Read all posts at your own risk.

DennisG7 (Georgia)
Posts: 155

Posted:

Thanks. I have gathered a list of CPA's in the metro Atlanta area that indicates they do financial reviews/audits. I'll present it to the BOD/treasuer this week. We'll see what they do. Thanks again.

SueW6 (Michigan)
Posts: 814

Posted:

An audit “review “ is quite different from an “audit”

Be sure you are explained the difference and the cost for each.

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