Is Your Association Prepared for the Annual Audit? Get the Checklist.
As your Association nears the end of its fiscal year, think about the annual audit. This is a good time to review items the Association will need for the annual audit and it can help to avoid delays in receipt of the audit report.
Listed below are the common items needed during the course of the audit examination.
- All board minutes for the year
- All bank statements with cancelled checks and detailed deposit slips
- All original paid invoices for the current year and subsequent to year end
- Copies of the current and next year’s approved budgets with narratives
- Copies of insurance coverage summaries
- List of all assessments receivables and prepaid unit owner balances
- Information for all investments
- Copies of reserve schedules and/or engineering studies
- Copies of major contracts
- Interest statements (1099s)
Topics: Auditing