Who typically performs an audit?

Who typically performs an audit?

• A. A certified public accountant (CPA).
• B. The association manager.
• C. A committee of volunteers.
• D. The board president.

Answer: (A)

Audits require independence and professional standards. A certified public accountant is trained and licensed to perform independent audits, follow auditing standards, test transactions, evaluate internal controls, and issue an audit report that provides an objective opinion on whether the financial statements fairly present the association’s finances. This external verification adds credibility for members and lenders and meets governance expectations. The association manager handles day-to-day finances, a committee of volunteers can review records but not conduct a formal audit with professional standards, and the board president governs rather than audits. So, the typical person to perform an audit is a certified public accountant.

Audits require independence and professional standards. A certified public accountant is trained and licensed to perform independent audits, follow auditing standards, test transactions, evaluate internal controls, and issue an audit report that provides an objective opinion on whether the financial statements fairly present the association’s finances. This external verification adds credibility for members and lenders and meets governance expectations. The association manager handles day-to-day finances, a committee of volunteers can review records but not conduct a formal audit with professional standards, and the board president governs rather than audits. So, the typical person to perform an audit is a certified public accountant.