Condo Q&A

What is the point of a financial audit?

Written by CondoAssociation.com | Fri, Aug 23, 2019 @ 02:04 PM

After a few years of doing an annual financial "review' this year we had an audit done. Nothing major came out of the audit and there are just a handful of journal entries the auditor suggests making. Management company does not agree with some of the adjustments . Does the Board have to sign this completed audit? Does the management company have to abide by the findings of the audit? When 2 parties the association is paying disagree how do we make a decision on which is correct? None of the issues or adjustment are major and no pilferage or major problems were found.  Florida