The independent auditor has recently completed his audits for the years 2002 and 2003 for Kenthill Townhomes. His reports are very similar to the 2001 audit (see previous posts in August archives on this webblog). The cover letter prefacing the audit contains the following final paragraph (as did all the previous audits which have been done):
“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."
[The above refers to a reserve study].
