Even if you’re not required to perform an annual audit, HOA boards should still do one, especially if it has a lot of cash flowing in and out. An audit is one of the most all-inclusive types of reports. It allows you to understand the HOA community as a whole by focusing on verification and substantiation procedures, in addition to balances with creditors and debtors.
If this is too cumbersome, remember we’re at the ready to help with all of your HOA management responsibilities — from overseeing board meetings to managing facilities and amenities.
