Definition
An independent professional review of HOA financial records verifying accuracy and assessing financial health. Audits reveal financial management quality and potential concerns.
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Audits verify financial accuracy, identify controls issues, and assess financial health. Audits are standard practice for large HOAs; smaller communities often have reviews instead. Audit reports highlight financial concerns.
Pro Tip
Request recent audit or review reports. Audits identify financial management quality and concerns you should know about.
Example
Annual audit reveals HOA's investment reserves earning 0.1% in money market when 4% CD available; recommends move