Last edit: 2010 Feb 17. Click History for a list of changes and updates.
__The continuation of this post is my email to Mr. David Myler of the CPA firm conducting the 2008 audit concerning the report made by a staff member of this firm at the 2008 MOA Annual Meeting. The email supports and explains my comments and questions at the Annual Meeting.
__I did recommend this firm because it focuses on reviews and audits for owners associations and has the knowledge of the accounting standards applicable to owners associations.
__The results have been disappointing. The content and format for the audit reports have changed each year. Many of the requirements in the applicable audit and accounting guide for owners associations do not appear to have been applied.
__ The lack of consolidated financial statements, however, is the responsibility of the MOA Board which did not authorize their preparation even though required as part of GAAP.
Don Nordeen
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- Key Words:_ • Accounting Practices, MOA; • Financial Information, 2008 General; • MOA Operations, General/Total; • Reserves for Capital Repair; accounting principles; AICPA Audit & Accounting Guide for Common Interest Reality Associations; AICPA Audit & Accounting Guide; audit; CIRA; Common Interest Realty Association; consolidated financial statement; preservation fund; transparency
