Audit Tips
There seems to be a recent development affecting Community Association Audits. It appears that there are two different tiers of audits. Ones that include the audit procedures for all the detailed revenue and expense items and those that disclaim from it. You can tell by looking at the audit opinion pertaining to the Supplemental information. Ask your auditor before they do the audit if they will include the audit procedures for all the detailed revenue and expenses. If you ask ahead of time, they will make sure that they do the proper audit procedures for the very important budget to actual comparisons. Of course they cannot audit the budget since it was a projection at the beginning of the year. You will see them not audit the budget but that is very normal.
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