What We Do.

In the current economic climate, associations need to be able to get professional advice and assistance not only with the end of year financial statements, but additionally, they need accounting assistance for budgets, special assessments, foreclosure issues, bad debt, and short-sale challenges.

We have 28 years of experience dealing with multiple building condominiums, homeowner associations, timeshares, co-operatives. and mobile home associations. 

Under Florida Statute. Chapters 718, 719, 720, and 723, Condominiums, Homeowner Associations, Co-operative Associations, and Mobile Home Associations are compelled to have an end of year financial report prepared by an independent CPA. Depending on the annual revenues, the statements may be in the form of a compilation, review, or an audit.

We have experience completing Audits for the Turnover from the Developer to the Association (Turnover Audits).

Compilation

  • The most basic engagement compelled by Florida Statute.
  • Independent Accountant’s Compilation Report Issued.

  • Financial statements are issued, including:
    1. Statement of Assets, Liabilities, and Fund Balances
    2. Statements of Assessments, Revenues, and Expenses and Changes in Fund Balances
    3. Statements of Cash Flows
    4. Notes to Financial Statements
    5. Supplementary Information on future Major Repairs and Replacements

  • No opinion, conclusion, or assurances are offered.
  • No procedures taken to verify the accuracy or completeness of the information provided by management.

Review

  • The intermediate engagement compelled by Florida Statute.
  • Independent Accountant’s Review Report Issued.

  • Financial Statements are issued, including:
    1. Statements of Assets, Liabilities, and Fund Balances
    2. Statement of Assessments, Revenues, and Expenditures and Changes in Fund Balances
    3. Statement of Cash Flows
    4. Notes to Financial Statements
    5. Supplementary Information on Expenditures
    6. Supplementary Information on Future Major Repairs and Replacements

  • Does NOT contemplate obtaining and understanding the Association’s internal controls, assessing fraud risk, or testing accounting records.
  • Only LIMITED assurance is offered as a basis for reporting any material modifications to be made to financial statements.
  • Offers substantially less in scope than an audit engagement.

Audit

  • The highest level engagement compelled by Florida Statute.
  • Independent Accountant’s Audit Report Issued.

  • Financial Statements are issued, including:
    1. Statements of Assets, Liabilities, and Fund Balances
    2. Statement of Assessments, Revenues, and Expenditures and Changes in Fund Balances
    3. Statement of Cash Flows
    4. Notes to Financial Statements
    5. Supplementary Information on Expenditures
    6. Supplementary Information on Future Major Repairs and Replacements

  • Does offer obtaining and understanding the Association’s Internal controls to make an assessment on the subsequent risks.

  • Does offer REASONABLE assurance as a basis for reporting any material modifications to be made to financial statements.
  • Does offer an evaluation of the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management.

  • Does offer an evaluation of the overall presentation of financial statements.