We conduct numerous HOA related audits and reviews each year for HOAs as small 100 homes to HOAs with well over 300 homes. We work for all types of homeowners associations comprised of condominiums, townhomes, and single family homes.
Three levels of financial assurance services are available at LB&A. From independent audits, the most comprehensive to compilations, the least comprehensive, LB&A offers the type of assurance services that Home Owner Associations require.
Audits
LB&A conducts audits in accordance with generally accepted accounting principles. Those standards require that we plan and perform the audit to obtain reasonable assurance that financial statements are free of material misstatements.
Going beyond required procedures, LB&A communicates with clients. We provide schedules of updates, complete pricing and deliverables to be expected. We keep boards informed with updates as to the progress of the audit. After the audit we offer suggestions to help improve operations and best practices to enhance the association’s financial position. We go beyond what is expected and focus on solid results for your HOA.
Reviews
Reviews are more limited in scope and provide limited assurances. A review does not involve an in-depth examination of data. Therefore, we cannot provide an opinion on the financial statements. Inquiries will be made with the Board of Directors and the management company responsible for financial data in order to gain an understanding of the Association under review. Review procedures consist of inquiries and analytical procedures.
Compilations
The objective of a compilation is to present in the form of financial statements, information that is the representation of management without undertaking to express any assurance on the financial statements.
