In a review engagement, a CPA performs procedures in accordance with professional standards before issuing a report on an association’s financial statements. A review report expresses limited assurance that there… Read More
What is a Representation Letter?
Representation Letter Overview What is a representation letter? From Association to CPA Represents the audited financial statements are the responsibility of management/those charged with governance (Board) Management confirms to best… Read More
What to Look for in an Audit?
What to look for in an audit? Audit Report Unqualified opinion Financial statements are fairly presented Balance sheet (financial position) at the year end Results of operations and cash flows… Read More
What’s Taxable?
Revenue: What’s taxable? Member: owns a unit in the association Non-member: Does not own a home in the association External revenue source, e.g. cell tower lease, bank Federal tax forms… Read More