Are HOAs required to have an independent audit?
I only manage Associations in Florida. My answer does not cover all of the regulations under Florida Law for HOA But Florida Statute 720 (which only covers HOAs, not Condos) under the section “Financial Reporting” states in part: 1. An association with total annual revenues of $100,000 or more, but less than $200,000, shall prepare compiled financial statements. 2. An association with total annual revenues of at least $200,000, but less than $400,000, shall prepare reviewed financial statements. 3. An association with total annual revenues of $400,000 or more shall prepare audited financial statements. (b)1. An association with total annual revenues of less than $100,000 shall prepare a report of cash receipts and expenditures. 2. An association in a community of fewer than 50 parcels, regardless of the association’s annual revenues, may prepare a report of cash receipts and expenditures in lieu of financial statements required by paragraph (a) unless the governing documents provide ot
