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Industry — Homeowners Associations

Annual Reviews & Audits for
HOA Boards

We help HOA boards fulfill their fiduciary obligations to residents with clear, well-documented financial reporting that satisfies state requirements and lender scrutiny.

Overview

Financial Reviews and Audits That Protect HOA Boards and Residents

Homeowners Associations hold and manage funds collected from residents through annual assessments — funds that are earmarked for maintenance, capital improvements, insurance, and reserve contributions. HOA board members have a fiduciary duty to manage these funds responsibly, and an independent financial review or audit is the most effective mechanism for demonstrating that stewardship to residents.

State requirements for HOA financial reporting vary significantly. Many states — including Florida, California, Virginia, and Nevada — impose specific audit or review requirements based on the size of the association or the amount of annual assessments collected. Even where not legally mandated, lenders financing the purchase of units within an HOA community often require audited or reviewed financial statements as a condition of mortgage approval.

Annual financial statement audits and reviews
Reserve fund adequacy analysis
Assessment revenue and delinquency analysis
Management company expense verification
Internal control assessment for HOA accounting functions
Board presentation of findings in plain language
HOA community
FAQ

Common Questions

Does our HOA legally need an audit?
It depends on your state. California, Florida, Virginia, and Nevada, among others, have specific requirements. Florida, for example, requires audits or reviews for associations with annual revenues above certain thresholds. We can quickly assess your state's requirements and advise on the appropriate level of engagement.
What is the difference between a review and an audit for an HOA?
A review provides limited assurance — the CPA performs analytical procedures and inquiries but does not test your records directly. An audit provides the highest level of assurance through testing of transactions and account balances. The appropriate engagement depends on your state requirements, lender requirements, and what your board and residents need.
How do you handle HOAs managed by a third-party management company?
We coordinate directly with your management company to obtain the records, reconciliations, and documentation we need. We also independently verify that management fees charged align with the management agreement and that assessment collections are properly accounted for.

Let's Discuss Your HOAs Engagement

We'll review your specific situation and provide a clear, fixed-fee proposal — typically within a few business days.

Contact Us Today