Monday, March 21, 2005

When is a financial Audit Required?

Note: To submit your questions please go to the "View Profile" link and email the question. To make a comment click on the comment link a the end of the article. Please use first names or initials only, and do not name the condominium project. Thank you!

Hi folks:

Does the condo corporation have to have an annual audited statement or simply a financial statement? There is quite a difference in price between both.

Hear from you soon.
R. G.

Answer

Dear R. G.

The answer to the question of whether a condominium corporation requires the financial records to be audited annually or not is found in the bylaws of the corporation. You will typically find this information in the bylaw section "Duties of the Corporation" or "Powers of the Corporation".

In the case where the bylaws do not require an annual audit it is advisable that the corporation have an independent financial review and report completed by a professional accounting service at their fiscal year end.

Should your corporation require an annual audit, be sure to follow the bylaws regarding selection of the Auditor.

Thank you for submitting your question to Betty's Condo Owners Club.


4 Comments:

At November 13, 2009 at 10:39 AM, Blogger Unknown said...

We have a rather unique situation where the unit holders are kept in the dark by the current board members over large expenditures. We have a situation where I have found out that more than 50% of the unit holders are disatisfied with the current board and their decisions. Is there a fair way to remove the current board or impose an audit on their decisions for money management?

 
At February 14, 2010 at 4:23 AM, Blogger cpamiami said...

This question is proposed to our accounting firm many times by board members and other interested parties regarding Condominium audits. I think it may also be helpful to outline the requirements by Florida statutes of which I provide a link for easy access (http://www.cpamiami.com/accounting-services/financial-statement-reporting/auditing-services/condominium-associations)

 
At May 30, 2010 at 9:38 PM, Blogger lisa_d said...

WOW! Thanks for the great answer.

Deirdre G
condominium philippines

 
At April 9, 2013 at 12:27 AM, Blogger xignite said...

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