I am a member of a new condominium board that was elected back in May
05, the board consists of 5 members, there are no surviving members
from the last board. We have our property managed by a management
company since 1997, there are 107 units with a yearly budget of
approximately $375,000.00. To the best of my knowledge we have never
had a audit of the management company, they do hire an accountant for
an end of year record of the last years finances. to me this is not a
true audit as in my eyes all they are doing is checking the management
companies arithmetic, and they were not hired or report to the board.
I guess my question is should we be auditing the management company ?
How often ? and under what parameters ? Thanks allot for any
assistance.