P.M. from Worcester County, Massachusetts writes:
Dear Mister Condo,
What would a full HOA audit cost for 50 units? What’s the difference between an audit vs a financial review?
Mister Condo replies:
P.M., a condo audit is far more thorough than a condo financial review. There is a great blog post here on the very subject: https://communityfinancials.com/auditing-requirements-for-condominium-association-and-hoas/. As far as price, that is determined by market factors and I hesitate to offer you an estimate as I am not a CPA nor have I recently priced a full audit for a condo association in Massachusetts. If the association has a CPA firm they are comfortable using, simply ask for a quote. Like any other purchase the association makes, getting a couple of other bids makes sense although having trust in the auditor is key to a successful audit. I wouldn’t think as modest association the size of yours would require too much or too often for a full audit. Regularly scheduled financial reviews can be quite helpful if you suspect any discrepancies. All the best!