Reference no: EM131807919
Discussion: Homeowners Association Financial Statements
A condominium Homeowners Association (HOA) uses the services of one member of the board of directors as the treasurer. The responsibilities of the treasurer include collecting monthly maintenance fees, paying bills, and managing the capital maintenance fund, which supports major exterior repairs and maintenance on the development. By-laws state that, at the end of each fiscal year, the board must issue to all residents a set of financial statements prepared by a certified public accountant (CPA).
One year, at the annual meeting, as the financial statements are passed out to members, resident Harvey Pennypacker questions the role the accountant plays in examining the work and records of the treasurer used in the preparation of the financial statements. He questions whether a full annual audit is necessary or perhaps a lower level nonaudit attestation service will do.
Assume you are a certified public accountant (CPA) working for the firm Dewey, Wright, and Moore. You have been called in to review the case of the HOA. Research the need for a full audit using the textbook, the University online resources, and the Internet.
Respond to the following.
• The HOA board has asked you to provide an opinion on Pennypacker's question. Would you recommend a full audit or a nonaudit attestation service? Explain why.
Use the textbook readings for this module and one other source to support your answer. Cite the sources.
|
Average scores produced by the four different rounds differ
: During a typical Professional Golf Association (PGA) tournament, the competing golfers play four rounds of golf, w here the hole locations are changed.
|
|
Determine what type of lease this is for the lessor
: Provide entries for the lessee and the lessor from May 1, 2015, through May 1, 2016. Assume interest has been accrued on December 31.
|
|
Methods give the same reimbursement
: If Willie travels 18,000 miles per year, which method of computation gives him the larger reimbursement?
|
|
Company cargo on the return trip
: How much could each company save each week if they shared the task, with each sending its truck twice a week and hauling the other company's cargo on the return
|
|
Review the case of the hoa
: You have been called in to review the case of the HOA. Research the need for a full audit using the textbook, the University online resources, and the Internet.
|
|
Discussion should include worked examples and citation
: discussion should include worked examples and citation of the authority, rules and regulation under which those adjustments are made
|
|
Explaining the tukey hsd test
: Given a recent out break of illness caused by F. co li bacteria, the mayor in a large city is concerned that some of his restaurant inspectors.
|
|
Increase its rubbish disposal facilities
: A city needs to increase its rubbish disposal facilities. There is a choice of two rubbish disposal areas, as follows. Area A: A gravel pit with a capacity.
|
|
Compute income taxes payable for 2017
: Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $252,000.
|