Our firm is in the process of performing the last financial statement audit we'll be performing...likely ever.
I discussed performing an Agreed Upon Procedures engagement for this particular HOA as an alternative. In doing a little more research, I discovered that WA State law mandates a financial statement audit for ALL HOAs with annual assessments greater than $50K. This is an incredibly low threshold to mandate a financial statement audit, which hasn't been updated since 1995.
My question to you, do you know if this is a common threshold/requirement in other states?