EXCEPTIONAL ADDED SERVICES
Included in our Basic Representation Package
Assuring the Board is protected from scrutiny by exceptional internal control structure
- Focus on internal control system
- Evaluation of generally three representatives of managing agent personnel
- Procedures and internal control evaluation performed during the year being audited – affords opportunity for earlier discovery and resolution of issues
- Publication of our audit adjustments to the managing agents records for your review
Audit approach with responds to your properties specific risks
- Inquiry and tracing of transactions to Board determinations and actions
- Linkage of use of outside consultants to issues and expected refunds/savings
- Evaluation of out of the ordinary transactions such as transfers and journal entries
- Linkage of transfers from reserves to capital projects
- Analytical review performed three times during audit
- Verification of expenses to vendor website as opposed to paid bills wherever possible
- Where necessary, expanded procedures are determined and performed at six different instances during the performance of the audit
Enhanced communication of commonly missed Financial Benefits
- Reminders sent of property abandonment laws when o/s checks, tenant security deposits, unreturned real estate tax refunds for condominiums
- Advisement on signatories on bank accounts who have left the board or managing agent
- Advisement of benefit of considering refinancing based upon current market
- Reminders of title and other escrow of funds which have not been recovered
- Verifying guidelines are followed for required shareholder real estate tax credits
- Highlight when appropriate listings of tenant security funds are not being maintained
- Advisement when estimated bills are being charged to assure adequate funds set aside and situation monitored
- Advisement significant changes in consumption which may indicate broken meters or leakage
- Calculation of independent expectations for expenses and advisement when actual amounts significantly vary from expectations
- Advisement of failure to pay sufficient withholding or corporation taxes
- Detailed reconciliation of real estate taxes and tracing of real estate tax refunds posted and assuring funds are received
- Verifying recommended types of insurance are maintained and advisement if cancellation for an unexpected reason
- Verifying building insurance coverage is reasonable based upon the relationship of NYC market value to coverage maintained by other clients
- Advisement when insurance is being overcharged due to the lack of a required insurance company audit of payroll
- Utilize knowledge gained on other clients to establish expected amounts for your property which provides a more detailed audit approach and offers the potential for cost savings
Enhanced communication of commonly missed Income Tax Benefits
- Advisement of proper structure of capital assessments, including provisions in operating budgets to assure unit owner Tax deductions are maximized
- Advisement of significant changes in tax credits and when significant unrefunded credits have accumulated
Enhanced procedures applied to major repairs and improvements
- Reconciliation of contract payments through entire project
- Search for ancillary costs of projects
- Tracing of contract progress from Board minutes and percentage completion
- Documenting of expected projects to assure disclosure in proper period
- Matching of assessments with appropriate projects
- Evaluation of outside contractor invoices for capital work and tracing to appropriate work
- Enhanced procedures of commonly missed Disclosures
- Determination of expected payables and assure all are included
- Verifying per share charges not only for maintenance but special assessments
- Verifying that attorney fees for real estate tax reduction proceedings are recorded in the proper period
- Outside confirmation of insurance policies
- Confirmation with outside counsel to assure all asserted and unasserted claims are disclosed
- Publication of a disclosure checklist to assure the building offers input into the disclosure process
Exceptional quality control procedures
- Comprehensive audit plan developed exclusively for your situation
- Assessment of risks and procedures applied to assure the financial impact of those risks is evaluated
- Annual meeting of all staff associated with your audit to assure adequate brainstorming of ideas and audit approach
- Separate quality review by a second professional within our firm
- Special focus on your buildings higher risk audit areas
