Our firm is heavily involved with the preparation of audits with a focus on condo audits, HOA audits, and Non Profit Audits. An auditor conducts an audit that may be required by State Statute, compliance with Federal grant requirements or by a bank before a loan is issued. In Florida for example, condominium and homeowner associations who have more than $500,000 in revenues are required to have audited financial statements.
The objective of an audit is the expression of an opinion about whether the organization’s financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles. When our firm is engaged to perform an audit, it will be conducted in accordance with auditing standards generally accepted in the United States of America and will include tests of your accounting records and other procedures we consider necessary to enable us to express such an opinion.
We will issue a written report upon completion of our audit of your firm’s financial statements. Our report will be addressed to “The Board of Directors” of your organization. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion or add an emphasis-of-matter or other-matter paragraph. If our opinion is other than unmodified, we will discuss the reasons with you in advance.
If circumstances occur related to the condition of your records, the availability of sufficient, appropriate audit evidence, or the existence of a significant risk of material misstatement of the financial statements caused by error, fraudulent financial reporting, or misappropriation of assets, which in our professional judgment prevent us from completing the audit or forming an opinion on the financial statements, we retain the right to take any course of action permitted by professional standards, including declining to express an opinion or issue a report, or withdrawing from the engagement.
In addition to issuing an opinion on the organziation’s internally prepared financial statements, we will also prepare the financial statements of your association in conformity with U.S. generally accepted accounting principles based on the information provided by you.