Does condo association really need an annual audit for $3K?

stephen polinsky on Fri, Aug 2, 2013 @ 08:24 AM

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Our 40 unit condo association is required to have an independent annual audits conducted. We have been using an accounting firm to perform these audits but within the last few years we have been charged $2500 for a review audit and $3,000 for a full audit. We recently moved to Quick Books believing that maintaining electronic records would help reduce this cost, but apparently it does not. Is our cost in line with what other condo's are paying for their Audits? For information, a review audit uses bank statements to validate the financial reporting while a full audit also includes a review of actual invoices and payables.

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