Financial Statement Audit
The financial statement audit has never been more important. In today's economic environment there is more skepticism of an HOA's financial statements than ever before. Homeowners have lost faith in corporate governance and they expect more: more transparency, access to review information, detailed financial reporting and clear evidence of internal controls. Management firms, HOA boards and audit committees, all have important roles to play in rebuilding owner trust by executing their respective responsibilities, keeping in mind both legal obligations, feudatory duties and the expectations of owners. Meeting owner expectations begins with the completeness and accuracy of information contained in a HOA's financial statements.
If this is your situation
- You are a self-managed association.
- You are a regulated entity and must present homeowners with financial statements.
- You are concerned that there is a growing unrest among homeowners over the financial condition of your association.
How MainStreet can help you
For homeowners associations that require an audit for statutory or regulatory reasons associated with the filing of their annual and periodic financial information, MainStreet can provide high quality audit services. We can also address any specific regulatory reporting requirements such as those under California Exempt Organization.
- Advice on controls
- Compliance with regulations
- Verification of accounting treatments with respect to complex transactions
- Accounting treatment of unassigned transactions
- Accountants' reports