Seeking new auditor and tax prep firm

DB8 (Washington)
Posts: 15

Posted:

We are in need of a new firm that can do our yearly audit and our taxes.

1. Do you have any recommendations of firms that have done this for other HOAs?

2. Any specific skills etc that you would look for in this new firm that are due to our HOA type of need?

Thank you,
Diane

SheliaH (Indiana)
Posts: 6,964

Posted:

The posting rules for this website prohibit mentioning specific vendors or communities (it seems a lot of people are coming to this website asking for recommendations lately).

You may find some posters from your state who might be able to send you a private message with a recommendation, or you can check out the directory on the community association institute website and see if anyone is in your area. And you can always Google accounting or bookkeeping services in your area.

However you find a prospect (try to look at least 3 - 5), you'll need to ask everyone if they've worked with HOAs before. Get references (current and past) and check them. You'll also need to tell them if you're self managed or have a property manager, because the firm should be able to work with whoever oversees the books. You'll want to see what sort of credentials the account has - verify that, but reme, credentials don't necessarily guarantee quality.

Firms with a strong internet website is a plus - you should be able to log onto a secure site where you can check the books in realbtime. Finally, ask about liability coverage and anti fraud controls that prevent embezzlement and management of the association's money.

By the way, the CAI website has lots of educational materials for new and experienced board members on lots of issues, especially finance. Investing in a few should give you guidance on finding a firm that meets your needs, along with all board members being educated on best practices you can adapt to your community. Good luck!

If it is not right do not do it; if it is not true do not say it. Marcus Aurelius

JohnC46 (South Carolina)
Posts: 14,265

Posted:

Quote:

Posted By DB8 on 02/02/2021 3:32 PM
We are in need of a new firm that can do our yearly audit and our taxes.

1. Do you have any recommendations of firms that have done this for other HOAs?

2. Any specific skills etc that you would look for in this new firm that are due to our HOA type of need?

Thank you,
Diane

There are several levels of audits and they cast different amount of mony. Read your docs as to what type is required and let any vendor know from the get go.