Each year William Douglas Management’s Accounting Department seeks quotes from outside CPA firms to perform audits and reviews for our client’s financial records. A quote for performing the HOA’s tax returns is also obtained at the same time. Combining either an audit or a review with the tax preparation, typically offers a cost savings to the HOA.
Another cost savings, with the client board’s approval, is the outside CPA firm has the ability to pull association financial reports and accounts payable images through a secure internet portal. This online ability to review and download accounting information saves the association’s auditor a great deal of time and improves their efficiency. Again, the end result is a cost savings to our clients for these outside accounting firm’s services. Because an audit or review is a good business practice for all associations, we encourage our client boards of directors to budget for this expense each year.