What Are Some of the Audit Procedures?

What Are Some of the Audit Procedures?

A CPA must follow generally accepted auditing standards (GAAS). There have been over 130 Statements on Auditing Standards (SAS’s) issued to-date; however, many of the earlier ones have been superseded. They are quite extensive; however, they allow for a lot of latitude and judgment on the part of the auditor. Thus, different CPA firms have different audit procedures. They must do, and document, enough to issue an opinion on the financial statements.
We cannot say what procedures other CPA firms perform with regards to Association audits; however, with 30 years' experience and currently working with more than 400 Association clients, we have standardized most of our process. That said, we adjust as needed for each engagement based on the facts and circumstances of that Association. Below, however, is a good representation of many of the audit procedures that we perform on a routine basis:


Assessments Receivable (AR) & Assessment Income

Prepaid Expenses & Miscellaneous Assets

Account Payable (AP)

Other Payables


Replacement Fund/Reserves

Others Fund

Other Income