Definition
A CPA's limited-assurance analysis of an HOA's financials — less extensive and less costly than a full audit.
A financial review is a middle-ground engagement in which a CPA analyzes the association's financial statements and provides limited assurance — less than an audit but more than a simple compilation. The CPA performs analytical procedures and inquiries rather than a full audit's detailed testing.
Reviews are common for mid-sized associations that want independent oversight without the cost of a full audit. What your community needs may be set by its documents, its size, or state law.