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Tony Tedesco wrote:
>
> I'm a member of a new condominium board that was elected back in May
> 05, the board consists of 5 members, there are no surviving members
> from the last board. We have our property managed by a management
> company since 1997, there are 107 units with a yearly budget of
> approximately $375,000.00. To the best of my knowledge we have never
> had a audit of the management company, they do hire an accountant for
> an end of year record of the last years finances. to me this isn't a
> true audit as in my eyes all they are doing is checking the management
> companies arithmetic, and they were not hired or report to the board.
> I guess my question is should we be auditing the management company ?
> How often ? and under what parameters ? Thanks allot for any
> assistance.
Absolutely!!! Pick your own auditing firm. Not one suggested by the
management company. Audits are not inexpensive. There are 3 audit
levels. The full blown audit is about $200 per hour.
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Re: To Audit or Not to Audit ?
