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Condominiums with units require their financial to be audited or reviewed by CPA depending on the regulation framed by bye laws, state or any other regulatory authority.
Condominiums association are requiring to audit their books of accounts by certified public accountant as per the bye laws of association. Condominium with more than 50 dwelling units must require books to be audited annually. Most state regulation require association to have either review or audit the financial as per state requirements.
Who needs Condo Audit
- Condominiums with 50 or more units
- State laws- Florida more than $ 500,000 in revenue, California provisions in the Davis-Sterling Act, reviews must be conducted once a year, Texas – Legally require to perform audit, Colorado- Income or expenses exceeds $ 250,000, Michigan- Depends on HOA.
- Bye Laws of Association.
Who completes Condo Audit or review?
Licensed and experienced CPA firms can conduct the Condo audit, not all CPA will do Condo audit as it is complex and requires specialized skills.
Process to complete the Condo Audit
- Analytics Procedure and inquire with management.
- Internal Control and system Testing.
- Compliance with Laws and regulations
- Fraud Detection if any
- Confirmations from various agencies involved.
How HOAs safely Invest reserve funds for Growth
HOAs reserve fund is seen as cushion for future expenses or for future growth, capital improvements, maintenance, repairs etc.
HOAs must invest the reserve fund to maintain the property so that its value can be enhanced and it preserves the property value.
About CRSP Connect
CRSP Connect is your premier destination for unparalleled dedicated offshore staffing solutions tailored specifically for CPA firms. With years of experience and expertise in the field, we understand the unique needs and challenges faced by CPA firms, especially when it comes to handling condo audits.
In particular, CRSP Connect specializes in assisting CPA firms engaged in condo audits by offering dedicated offshore condo audit teams. Our experienced professionals possess the necessary skills and knowledge to navigate the complexities of condo audits effectively. From financial statement analysis to compliance checks and regulatory requirements, our dedicated offshore teams are equipped to handle every aspect of condo audits with precision and accuracy. Partner with CRSP Connect today and experience the difference that our unmatched offshore staffing solutions can make for your CPA firm.
