MemberFebruary 5, 2022 at 2:15 pm
Posted : 05/08/2021 9:10 am
Condominiums are NOT required to get an audit done. You’d have to look at the governing bylaws to see what your condominium requires. It is prudent to get some level of assurance for a condominium but sometimes an audit is too expensive for a smaller condominium. A Review engagement more‑so confirms plausibility of the balances while an audit will confirm reasonability.
Furthermore, a Treasurer’s role should be to scrutinize the books, ask good questions, and be diligent when it comes to financial expenditures but by no means are board members required to audit the books of the condo manager.