Question about Audits of the park

Started by NormanK2 • 4 replies • 140 views

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NormanK2 (Florida)
Posts: 39

Posted:

Another Question is a person asked last night about having an outside Auditor to go over everything they was told the Audit of everything is done be people here in the park the other HOA we lived in always had a person from outside do the Audit any comments are appreciated.

TimB4 (Tennessee)
Posts: 21,059

Posted:

I've seen it done both ways.

A finance committee might audit/review the books.
A CPA might audit/review the books.

Which is used can depend on many things:

What your governing documents specify.
What applicable statutes specify.
What the board desires (tends to be swayed by costs).

SheliaH (Indiana)
Posts: 6,964

Posted:

Punctuation, like periods are your friends - this was a wee hard to read.

I prefer someone from outside the community do the audit and you DON'T want the same people to prepare the financial reports to do them. As Tim noted, you must also consider the type of audit because they do vary in price and purpose. There's lots of information on the web on various types- do some Googling and the board can decide what's necessary.

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

LoriM15 (Florida)
Posts: 1,009

Posted:

Which Florida statute does your community fall under? There are audit requirements depending on your budget in the Florida statute. Even if you aren't required because your budget is less than the threshold, you can vote at your annual meeting to do a more thorough audit. Many communities do and it's very common to hire a CPA firm to do the annual audit. It's not cheap but it helps make sure that money is not missing.

DeanJ
Posts: 1,786

Posted:

You can request to examine the documents yourself.

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