Budget Box: Annual Audit
Each year, The Landings Association engages a local firm to conduct an annual audit of our financials. Currently, the Association uses the firm Holland, Bromley, Barnhill & Brett (HB3). This is the same firm that conducts the annual audit of the Association’s wholly owned subsidiary, The Landings Company, as well as administers our votes, to maintain confidentiality of how members have cast their ballots.
Every couple of years, HB3 assigns a new lead auditor, so that a fresh set of eyes can oversee the process. This provides an opportunity to focus on new areas, to improve the financial functions of the Association. In addition, each year we engage HB3 to conduct internal audits, such as cash flow projections and Marina processes and procedures, to provide feedback and critiques on our operations. Once that feedback is received, we review the recommendations with the Finance Committee and Board of Directors and implement audit action plans to address any outstanding issues.
Though our Covenants do not require the annual audit, our Board Policy Manual has included this best practice to provide assurance to our members that their money is being managed in a fiscally responsible manner that conforms to Generally Accepted Accounting Principles (GAAP).
You can review the audited financials for each year in our Annual Reports, posted online at www.landings.org/resources > Annual Reports.
This article was originally published by The Landings Association on their website. Visit landings.org to read the original article. https://landings.org/news/2019/02/28/budget-box-annual-audit