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Services -- Audit

Every homeowners association has it own governing documents which include  (i) declaration of covenants, conditions, and restrictions and (ii) bylaws.  Documents may also include articles of incorporation and community rules and regulations. The governing documents of many homeowners associations require an annual audit by a certified public accountant.

Whether required or not, an annual audit will serve to protect the association's treasurer and assure both the board of directors and association members that the association's accounts have been handled properly. Additionally, an annual audit will provide an association with ready records to fulfill the requirements of the Virginia Property Owners Association Act.

My audits will be performed in accordance with generally accepted auditing standard promulgated by the American Institute of Certified Public Accountants. In the course of an audit, an examination of the records and internal controls of the association is performed and financial statements are prepared.  These statements are the association's financial position, revenue and expenses, members' equity, and cash flows. Notes to the financial statements are also prepared which detail required disclosures in accordance with generally accepted accounting principles or other comprehensive basis of accounting.