#4 When is an Audit RECOMMENDED? – Settlement (Defect, Insurance, or otherwise) May span 2-3 years should start at the beginning – Track costs even before the funds initiate Reserve Fund projects Company Change Annual or short period audits Fraud (FORENSIC, NOT GAAP Audit) We to Forensic accountants Sometimes it is lack of understanding, or incompetence - not fraud politics, changes or no Internal Controls Former self-managed Lack of segregation of duties System change More time involved to audit two systems Sometimes, transactions drop off the system in the conversion special assessment May span several years usually important to audit all of the years as – otherwise may not be able to on the fund balance “opine” Bank requirements/deadline
#4 – When is an Audit RECOMMENDED? Settlement (Defect, Insurance, or otherwise) May span 2-3 years – should start at the beginning Track costs even before the funds initiate Reserve Fund projects Company Change Annual or short period audits Fraud (FORENSIC, NOT GAAP Audit) We to Forensic accountants Sometimes it is lack of understanding, or incompetence - not fraud politics, changes or no Internal Controls Former self-managed Lack of segregation of duties System change More time involved to audit two systems Sometimes, transactions drop off the system in the conversion special assessment May span several years – usually important to audit all of the years as otherwise may not be able to “opine” on the fund balance Bank requirements/deadline
cwd-presentation-10-20-15-audits---20-questions!-.docx