Washington State’s new Uniform Common Interest Ownership Act (WUCIOA – RCW 64.90) brings stricter HOA audit rules, requiring annual financial statement preparation and audits by a CPA for associations collecting $50,000 or more in assessments, with older associations transitioning to these rules by 2028

Proper documentation is essential for a successful audit:

• Balance Sheets and Income Statements; General Ledger and Trial Balance;  Bank Statements and Reconciliations; Reserve Fund Reports; Budget and Variance Reports; Vendor Contracts and Invoices; Board Meeting Minutes; Governing Documents (Bylaws, CC&Rs); Prior Year Audit Reports (if applicabl

Understanding red flags can help Boards proactively address issues:

• Lack of Segregation of Duties; Unauthorized Transactions; Reserve Contributions; Assessments not properly invoiced or reported as receivables.

We have the knowledge and expertise to help prepare for your first year audit. (In select situations we may be able to provide the audit service but as a general rule we are not allowed to do both).

Pricing is highly variable and depends on an entity’s size and complexity. Jones Accounting Associates provides a range of services tailored to specific client needs.