Full Financial Audit
Hello, I am looking to know if any community has successfully performed a Full Financial Audit on their finances/accounting.
As a director on our board, I pushed for one for 2 consecutive years, and the board approved both times, however the management company nixed them both.
From my experience the 2008/9 Financial Crisis caused some collection-related methods/procedures/policies/etc to be overlooked that may be still hanging around.
Any insight is appreciated.
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Todd,
As a member of the Board io hope you understand that the Management company works for you and not the other way around. The management company has no right to defy any direct action by the board and by doing what they did would raise some significant concern over what they are trying to hide by their actions. Obviously, you had some reason for concern that is simply reinforced by the action of the management company. Audits are expensive but not mandatory and totally at the discretion of the board alone. The management company can either do what the board requested or be fired. Nothing else matters. Your contract with them can be terminated with or without cause but , insubordination is surely cause for termination. They can either arrange for the forensic audit immediately or be fired.
Dennis