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Condo / HOA

With multiple CPA’s on staff, Cukierski & Cochrane, L.L.C., has been serving Chicago-area homeowners’ associations for over 40 years. In order to remain up-to-date with the latest tax and accounting policies and procedures, all our CPA’s and professionals participate in continuing education sessions throughout the year.

Community Association Services Include:

• Audits
• Reviews
• Compilations
• Develop Turnovers
• Transition Audits
• Taxation Services

Consulting Services
• Budgeting
• Board of Directors

Election Tabulation Services
• Full-Service Accounting & Bookkeeping

The board of directors for your homeowners’ association may need to select a CPA firm to prepare a report on the association’s financial status. These “financial statements” can be helpful to a board, making it easier to prepare a budget, make operating decisions, or just to obtain a general idea of the association’s financial health. There are three types of financial statement reports that your board can request.

An audit is the most comprehensive of the three types of report. To conduct an audit, the accountant analyzes the financial statements by verifying information through outside parties; making physical record inspections; and testing sample transactions by examining supporting documents. Unlike either a compilation or a review, an audit will result in the accountant rendering an opinion at its conclusion of reasonable assurance that the financial statements are not materially misstated.

A review is less complex that an audit. The objective of a review is to obtain limited assurance that there are no material modifications that should be made to the financial statements, in order for them to be in compliance with generally-accepted accounting principles (GAAP).

A compilation is the simplest of the three reports. It results in the preparation of the association’s financial statements, without the accountant providing any assurance of whether the statements are reasonably stated, or whether the statements are prepared according to GAAP.