You require an audit.
In Washington, state law requires condominium association financial statements be audited and this requirement can be found in RCW 64.34.372. But before the audit, you want to make sure that your accounting is accurate and that there are no surprises.
Our C.O.R.E. internal audit system could help you address these issues and ensure that your accounting is accurate, that your records are available and that vital steps to safeguard your assets are taken.
Our internal audit services are designed around ensuring critical internal controls are in place and being followed. If management is required to get board approval for transactions over a certain dollar amount, our internal audit service identifies compliance with that requirement.
The internal audit service ensures that management's processes address your needs and that management follows your policies. Twice a year we issue a report to the board on management's compliance with your condo association policies and procedures so you can feel comfortable about the information being presented.
Would you like to learn more about how C.O.R.E.'s internal audit system can help you ensure compliance? Click the link below to request a proposal.
We are often asked if we can provide Condominium Accounting as well as Treasury services on behalf of self-managed condominium Associations.
The answer is often "Yes".
Performing these services impairs our independence so you would still be required to have the audit performed by an independent CPA but our focus on internal controls will enable the audit to be completed far more timely. We not only ensure accurate accounting but we prepare the full annual financial statement in accordance with GAAP.
For condominium associations who outsource their management to a community management company, our Association accounting can also be provided through the manager who wants to partner with a firm that is focused on accounting and finance control.
Our Association Treasury team is always led by a principal of the firm. Treasury is responsible for ensuring that funds are always accounted for and that operating expenses are paid timely and correctly. Treasury works with the Associations treasurer and board to ensure that special or reserve activities are funded and paid timely and accurately.
If you would like to learn more about how our accounting and treasury services can help you get better information while building solid processes for managing your condo association's money, click the link below to request more information.
There are times when a traditional financial statement audit won't provide the information the board needs. In these moments, your C.O.R.E. team works with the board, the manager and other stakeholders to verify the integrity of the process and recommend changes to enhance the security of Association assets.
During a forensic audit, our team reviews transactions to discover what caused non-compliance with Association requirements and policies. The focus is on evaluating the breadth of non-compliance and quantifying its impact. While no one ever wants to face the problems that management's non-compliance with appropriate controls can cause, knowing the extent of the damage is extremely important to recovering from the offending parties.
If you feel that you need additional insight into transactions or are concerned that management might be doing something it shouldn't, feel free to click the link below to contact us and learn more about how a forensic examination might help you.