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In ordering an internal audit should the auditors be

Customer Question
In ordering an internal...

In ordering an internal audit should the auditors be homeowners

Lawyer's Assistant: Where is the property located?

Florida west coast

Lawyer's Assistant: Has any paperwork been filed?

No

Submitted: 5 months ago.Category: Real Estate Law
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Answered in 29 minutes by:
11/24/2017
Real Estate Lawyer: Bill Attorney, Lawyer replied 5 months ago
Bill Attorney
Category: Real Estate Law
Satisfied Customers: 2,044
Experience: Attorney
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Dear Customer,

Thank You for posting your legal question today. I'm attorney Bill offering assistance and support.

An internal audit is conducted by the person themselves, the organization or in relation to HOA the the HOA.

What is your specific question in relation the audit and for whom is it required ?

Thanks

Attorney Bill

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Customer reply replied 5 months ago
Is there any need regarding trust
Are you saying the HOA themselves conduct the audit?
Real Estate Lawyer: Bill Attorney, Lawyer replied 5 months ago

In relation to trusts, the trustee is required in law to prepare accounting reports in law and one final accounting should be submitted to the probate court.

The requirements are set up in the probate code

"736.08135 Trust accountings.—

(1) A trust accounting must be a reasonably understandable report from the date of the last accounting or, if none, from the date on which the trustee became accountable, that adequately discloses the information required in subsection (2).

(2)(a) The accounting must begin with a statement identifying the trust, the trustee furnishing the accounting, and the time period covered by the accounting.

(b) The accounting must show all cash and property transactions and all significant transactions affecting administration during the accounting period, including compensation paid to the trustee and the trustee’s agents. Gains and losses realized during the accounting period and all receipts and disbursements must be shown.

(c) To the extent feasible, the accounting must identify and value trust assets on hand at the close of the accounting period. For each asset or class of assets reasonably capable of valuation, the accounting shall contain two values, the asset acquisition value or carrying value and the estimated current value. The accounting must identify each known noncontingent liability with an estimated current amount of the liability if known.

(d) To the extent feasible, the accounting must show significant transactions that do not affect the amount for which the trustee is accountable, including name changes in investment holdings, adjustments to carrying value, a change of custodial institutions, and stock splits.

(e) The accounting must reflect the allocation of receipts, disbursements, accruals, or allowances between income and principal when the allocation affects the interest of any beneficiary of the trust.

(f) The trustee shall include in the final accounting a plan of distribution for any undistributed assets shown on the final accounting.

(3) This section applies to all trust accountings rendered for any accounting periods beginning on or after January 1, 2003."

Hence the trustee or if the HOA is acting as trustee will need to prepare trust reports.

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Attorney Bill

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