BCC budgets $6,000 for our audit. While the BOD may be happy with the auditor’s performance, BCC owners should demand more than the lame audit we got. “Audited” and “Auditor” is in quotes throughout this blog because of the quality of the product we received.
The purpose of the audit is to protect BCC owners whose money is being reported on. It is supposed to assure us that the BCC Board of Directors are properly controlling and accounting for our $2 million+ in annual maintenance fees.
This 2008 “Audit” doesn’t do it! It’s time to insist the BOD engages an auditor who realizes his responsibility is to BCC owners, not the BOD. Owners need and deserve an audit that highlights problems and suggests solutions, not one that glosses over mistakes and attempts to bury them with “prior period adjustments”.
Bernie Madoff’s outfit was "audited" too!
3 comments:
Charlie - you are SO right! Our "auditor" (love those quote marks!) is a COLLABORATOR in the deceit practised by the Board to cover up their illegal actions.
I wonder under which "line item" the Board hid that illegal $28,000 check to the SRD that Pete wrote without Board knowledge OR approval?
It was bad enough when United Community took us to the cleaners - but to have our OWN residents and neighbors (who are our Board and supposed to represent us) fleece us is beyond disgusting!
I, for one, would certainly be in favor (under a NEW Board) to have a forensic audit done - it would be worth the cost!
Perhaps the approach to a thorough audit would be to authorize a broad, first-pass. Resulting audit report to suggest what areas need detailed investigation, the priority each needs and the cost.
That way we wouldn't be signing up for a big-ticket pig in a poke.
Having lived at several condos, I must say that things at BCC are bad, but not that different from most condos.
Attorneys and accountants who are hired by Boards work for boards and not for the owners. They lie, cheat and cover the asses of the people who hire them.
The only solutions are (1) a strong manager and (2) term limits. Bylaws to allow owners to recall board members would also be helpful.
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