Every year, the Kenthill Townhomes Condominium Association Board of Directors receives an Independent Auditor's Report. This Independent Auditor's Report is performed by a Certified Public Accountant and is a review of the previous year's financial statements. Throughout the years, different Certified Public Accountants have been used. The following are excerpts from the report dated March 25, 2002. These excerpts and comments are typical of the statements made in the Independent Auditor's Report for the past several years.
This is from the cover letter:
Board of Directors
Kenthill Townhomes Condominium Association
“I have audited the accompanying balance sheet of Kenthill Townhomes Condominium Association as of December 31, 2001 and the related statements of revenues and expenses, changes in fund balances and cash flows for the year then ended. These financial statements are the responsibility of the Association's board of directors and management. My responsibility is to express an opinion on these financial statements based on my audit.
“I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis evidence supporting the amounts and disclosures in the financial statements. An audit also include assessing the accounting principles used and significant estimates made by management, as well as evaluating for overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.
“In my opinion, the financial statements referred to above the present fairly, in all material respects, the financial position of Kenthill Townhomes Condominium Association as of December 31, 2001, and the results of its operations and cash flows for the year then ended in conformity with generally accepted accounting principles.
“Kenthill Townhomes Condominium Association has not estimated the remaining lives and replacement costs of the common property and, therefore, has not presented the supplementary information on future major repairs and replacements that the American Institute of Certified Public Accounts has determined is required to supplement, although not required to be a part of, the basic financial statements.
Certified Public Accountant
March 25, 2002.
