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Do condo members have a right to yearly audited financial statements?

The responsible, moral answer is 'yes', absolutely yes.  However, you can read your governing documents to determine the frequency and the audit-level of financials due you

Should quarterly financial statement be audited?

In the US, there is no law requiring that quarterly financial statements be audited. Financial statement audits are extremely expensive and time-consuming, so there should be

Audit risk assessment and audit plan?

An audit is considered a risk assessment, therefore these terms are interchangeable. And audit plan can have various meanings, some consider this to be an annual audit plan wh

How do you audit a financial statement?

  Auditing the financial statements of a business is a tedious process, the further the auditor wants to go back, the more difficult it becomes. In order to audit the fina

How do you get audited financial statements for hospital?

Answer . If it is a publicly held entity they should post the financial statements on their website or provide a copy if you request one. (They are required to provide the

What are the financial statements assertions that went wrong in audit of the financial statements of the satyam company?

  Financial statement assertions are classified into the following five:   1. Existence: The assertion on existence is made to check whether the specified assets and

Why you need financial statement audit?

Audits are performed on financial statements in order to: Prevent fraudEliminate errors or mistakes from the bookkeeping process Auditors must also ensure the information

What is the difference between Generally Accepted Auditing Standards and auditing procedures?

In the US, Generally Accepted Auditing Standards (US GAAS) are 10 principles developed by the American Society of Certified Public Accountants (AICPA). These standards provide

What are the differences and similarities in audits of financial statement compliance audits operational audits?

OPERATIONAL AUDIT. An operational audit is a systematic review and evaluation of an organizational unit to determine whether it is functioning effectively and efficiently, whe

Do condo association members have the right to audited financial statement?

In most condominium associations, unit owners are also known as association members.  You can find your answer in your governing documents, in the sections that address fina

What is the difference between investigation audit and conventional audit in financial statement audit?

Purpose of investigation audit is to find out the evidance of the  specific agenda for which investigative audit is conducted while  conventional audit objective is to find

Is auditing is generally associated with only accounting and financial records?

Around 4 decades ago,auditing has generally been associated with only accounting and financial records & the objective of this audit is to enable the auditors to express an op

What is Unrestricted Net Assets in your audited Financial Statement?

The difference between assets and liablities are net assets. Per new reporting requirements it is necessary to further distinguish this value. The new reporting standards requ