---
title: Does condo association really need an annual audit for $3K?
description: Our 40 unit condo association is required to have an independent annual audits conducted. We have been using an accounting firm to perform these audi
image: https://www.condoassociation.com/hubfs/condo-audit.bmp
---

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

| [Budgets & Finance](https://www.condoassociation.com/blog/topic/budgets-finance) |  

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## What do you think? Question:

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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## What do you think? Answers (30)

#### What are your thoughts on this topic?

***Comments and postings are not legal advice**, but are the opinions of our readers. This forum and its contents are being monitored. Please be respectful of each other. *  
  

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