D.J. from Fairfield County, Connecticut writes:
Dear Mister Condo,
What is the average cost of a certified audit?
Mister Condo replies:
D.J., my gut feel was that there is not an average cost for a certified audit but I wasn’t certain so I asked Sam Tomasetti, CPA of Tomasetti, Kulas & Company, P.C. to give us a proper answer for questions like yours. Here’s what Sam had to say:
I would not trust a price that was given as an average cost to perform an audit as it creates false expectations.
There are no rules of thumb to follow on your question because no two condominium associations are alike. There really is no way around looking into the financial and accounting aspects that make each association unique. For instance an association that has 25 units could have a budget of $250,000 or $500,000. It could be self-managed or professionally managed. It could have sound accounting practices or substandard practices. The Board could be very involved or completely hands off. In performing an audit many factors need to be considered before stepping in and doing the work and all these factors have an impact on the price of the audit.