Auditing

An audit is the highest level of service that a CPA can perform.

The purpose of the audit is for us to express an opinion on whether the Association’s financial statements and notes to the financial statements are free from material misstatements and are in accordance with generally accepted accounting principles (GAAP). We follow generally accepted auditing standards (GAAS) to perform our audit, but we go above and beyond these standards for our clients. We have found that certain procedures can provide a benefit to our clients and we perform those, even though they are not required to meet the basic auditing standards. Some of the procedures include examining a large percentage of the paid invoices and reconciling payments made to vendors to the signed contracts. Often, we are the last ones to look at the Association’s records and we find duplicate payments or overpayments that result in savings for our clients.

Client just this week suggested that switching auditors every couple of years is part of ‘best practices’ for any corporation, and I told them; “community association auditing is all Goldklang Group CPAs does. They have this down to a science and can do it reliably and in a most cost-affordable manner, so since most community associations are not in business to generate income, but instead take care of real property and its assets, why would you switch?”