HOA Turnover Compliance Audit - 02/04/2025 20:05 EDT
Budget: $750 – $1,500 USD
I represent a developer turning over the books to a new HOA. I need a CPA licensed in the State of Florida to do a turnover audit that will satisfy basic Florida statutory requirements (see below). The primary focus of the audit will be to ensure adherence to government regulations and HOA bylaws.
Key Requirements:
- Expertise in conducting compliance audits, particularly for HOAs.
- Familiarity with government regulations and HOA bylaws.
- Proficiency in reviewing and analyzing documents.
- Ability to provide a comprehensive report on findings and recommendations.
- Ability to use Excel spreadsheets
I have all the necessary documents ready for review. Your role will be to assess these documents in relation to compliance standards and provide an evaluation of our current operational procedures.
We have used QuickBooks, but the data is unusable for reports. For this reason, I am working with Excel spreadsheets to address this issue. So, familiarity with Excel is critical.
There are two accounts to be audited: Account 1: There 240 transactions total, spanning from November 2023 to today, and the total funds are less than $50,000, most of which are HOA dues deposits. There were about 30 expenditures total.. Account 2: There are three transactions total, spanning from its opening in Dec 2024 to today, and the total funds are $8,600.
It would be good if all work could be accomplished by 25 April.
Here is the statute:
Florida Statute 718: "The records must be audited for the period from the incorporation of the association or from the period covered by the last audit, if an audit has been performed for each fiscal year since incorporation, by an independent certified public accountant. All financial statements must be prepared in accordance with generally accepted accounting principles and must be audited in accordance with generally accepted auditing standards, as prescribed by the Florida Board of Accountancy, pursuant to chapter 473. The accountant performing the audit shall examine to the extent necessary supporting documents and records, including the cash disbursements and related paid invoices to determine if expenditures were for association purposes and the billings, cash receipts, and related records to determine that the developer was charged and paid the proper amounts of assessments."
Key Requirements:
- Expertise in conducting compliance audits, particularly for HOAs.
- Familiarity with government regulations and HOA bylaws.
- Proficiency in reviewing and analyzing documents.
- Ability to provide a comprehensive report on findings and recommendations.
- Ability to use Excel spreadsheets
I have all the necessary documents ready for review. Your role will be to assess these documents in relation to compliance standards and provide an evaluation of our current operational procedures.
We have used QuickBooks, but the data is unusable for reports. For this reason, I am working with Excel spreadsheets to address this issue. So, familiarity with Excel is critical.
There are two accounts to be audited: Account 1: There 240 transactions total, spanning from November 2023 to today, and the total funds are less than $50,000, most of which are HOA dues deposits. There were about 30 expenditures total.. Account 2: There are three transactions total, spanning from its opening in Dec 2024 to today, and the total funds are $8,600.
It would be good if all work could be accomplished by 25 April.
Here is the statute:
Florida Statute 718: "The records must be audited for the period from the incorporation of the association or from the period covered by the last audit, if an audit has been performed for each fiscal year since incorporation, by an independent certified public accountant. All financial statements must be prepared in accordance with generally accepted accounting principles and must be audited in accordance with generally accepted auditing standards, as prescribed by the Florida Board of Accountancy, pursuant to chapter 473. The accountant performing the audit shall examine to the extent necessary supporting documents and records, including the cash disbursements and related paid invoices to determine if expenditures were for association purposes and the billings, cash receipts, and related records to determine that the developer was charged and paid the proper amounts of assessments."