Community Insider Fall 2018 - Page 14

ANNUAL FINANCIAL REVIEWS FOR COMMUNITY ASSOCIATIONS By: Jeremy Newman, CPA I n a review engagement, a CPA performs procedures in accordance with professional standards before issuing a report on an association’s financial statements. A review report expresses limited assurance that there are no material modifications that should be made to a set of financial statements in order for them to be in conformity with Generally Accepted Accounting Principles. Sometimes this is referred to as negative assurance. R