Question:
Our budget is less than 500,000. Are we required by law to do an audit for our HOA? Do you have recommended places to go for a quote?
– Jeff
Answer:
Hi Jeff,
North Carolina law currently does not require HOAs to perform an audit. However, condominiums under the Unit Ownership Act are required to do an outside audit at least once a year. That said, check your governing documents to know if your HOA requires an audit. Typically, members can vote to have an audit performed.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
