An HOA annual Audit is an independent review of the association’s financial records and reporting for the previous fiscal year. The audit is performed by a qualified accounting professional who examines the HOA’s financial statements, bank accounts, income, expenses, assessments, and other relevant records to determine whether the financial information is presented accurately and in accordance with applicable accounting standards and requirements. The audit provides the Board and homeowners with an objective assessment of the association’s financial reporting and helps identify any discrepancies, weaknesses, or areas that may require additional attention.

An Audit promotes financial transparency, accountability, and confidence in how association funds are being managed. It gives homeowners greater assurance that assessments and other community funds are being properly recorded and accounted for, while also helping the Board identify opportunities to strengthen financial controls and improve recordkeeping. An Audit is an important part of responsible HOA governance because it provides an independent financial check and helps ensure that the association is maintaining sound financial practices on behalf of the entire community.

Current Audit for the Lake Manassas Residential Owners Association