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Review Services for Community Associations

Providing Limited Assurance with Professional Insight

At Griffin Group CPA, we specialize in conducting financial statement reviews for community associations, including HOAs, condominiums, and mixed-use developments. Our review services offer limited assurance, ensuring that your financial statements are free from material misstatements and comply with Generally Accepted Accounting Principles (GAAP).

Understanding Financial Statement Reviews

A man holding a series of sheets of paper with a pen in his hand.

  • A financial statement review is less extensive than an audit but more comprehensive than a compilation. It involves applying analytical procedures to your association’s financial data and making inquiries of management. The goal is to identify any material modifications needed for the financial statements to conform with GAAP.

  • It’s important to note that a review does not provide an opinion on the financial statements. Instead, it offers limited assurance that no material changes are necessary.

Our Audit Process

Our structured approach ensures a thorough and efficient review:​

  1. Engagement Initiation: We begin with a clear agreement outlining the scope and objectives of the audit.

  2. Document Collection: Our team gathers necessary financial documents, including:
    •  Financial statements



       

    • Bank and investment reconciliations



       

    • Aged receivables reports



       

    • General ledger and post-year-end reports



       

    • Vendor invoices



       

    • Reserve studies



       

    • Governing documents (Bylaws, CC&Rs)



       

    • Prior audit reports and adjustments
  1. Analytical Procedures & Inquiries: We perform analytical procedures and engage with management to understand the financial activities and identify any unusual trends or variances.

  2. Draft Report Preparation: Based on our findings, we prepare a draft review report, including financial statements and notes.

  3. Management Representation Letter: We request a representation letter from management, confirming the accuracy and completeness of the information provided.

  4. Final Reporting: Upon approval, we issue the final review report and provide any proposed adjusting journal entries.

Deliverables

At the conclusion of the review engagement, you will receive: Griffin Group Public Accountant, PC

  • Independent Accountant’s Review Report: Includes the reviewed financial statements and accompanying notes.


 

  • Management Representation Letter: A letter signed by your association’s management, affirming the accuracy of the information provided.


 

  • Proposed Adjusting Journal Entries: Recommendations for any necessary adjustments to your financial records.

Why Choose Griffin Group CPA?

  • Specialized Expertise: Our team is well-versed in the unique financial and operational aspects of community associations.

  • Nationwide Service: We serve associations across the country, bringing consistent quality and reliability.

  • Streamlined Process: Our efficient approach minimizes disruption and delivers timely results.

Ready to Get Started?

Partner with Griffin Group CPA for your community association’s audit needs. Our specialized expertise and commitment to excellence ensure that your financial reporting is in trusted hands.

Request a Proposal