Audit & assurance

    How much does an HOA or condo audit cost? What drives the price

    Board treasurers often ask what an audit will cost before they ask what it involves. The honest answer is that it depends on your association. Here is what drives the work, what Maryland and Virginia law says, and how to compare proposals.

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    • Last reviewed October 10, 2026
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    How much does an HOA or condo association audit cost?

    The cost depends on the work: number of units, reserve funds, bank accounts, the quality of your management company’s records, whether you had a prior audit, and whether you need an audit, review or compilation. Your Virtual CPA, a licensed CPA firm, audits HOAs and condo associations and quotes fees upfront, in writing. Request a free consultation to get a quote.

    Audit, review or compilation for an HOA

    The report type drives the work more than anything else.

    • Audit. Reasonable assurance and an opinion. The CPA confirms bank and reserve balances, tests assessments, receivables and disbursements, and reviews reserve disclosures.
    • Review. Limited assurance, based mainly on inquiry and analytical procedures. Less work than an audit.
    • Compilation. No assurance. The CPA presents the statements in proper form without testing them.

    Before you ask for quotes, check your declaration, bylaws and any state rule to see which report you need. Learn more on our HOA and condo audit services page.

    What Maryland and Virginia law says

    Maryland condominiums. Under Real Property §11-116, the council of unit owners must have the books and records audited by an independent certified public accountant on the request of unit owners of at least 5 percent of the units. The audit can be required no more than once in any consecutive 12-month period. The cost is a common expense. See Maryland HOA audit requirements.

    Virginia. The Property Owners’ Association Act (§55.1-1815) and the Condominium Act (§55.1-1945) require financial books and records kept in accordance with generally accepted accounting practices. Neither section mandates an annual audit. Your governing documents control whether you need an audit or review. See Virginia HOA audit requirements.

    How to get proposals you can compare

    1. Confirm the report type your documents require: audit, review or compilation.
    2. Give every firm the same facts: number of units, fiscal year end, number of bank and reserve accounts, management company name, and whether you had a prior audit.
    3. Ask whether the quote includes the association’s tax return (Form 1120-H or Form 1120).
    4. Ask how the firm handles extra work if records are incomplete.
    5. Check that the firm is a licensed CPA firm and look up its peer review in the AICPA public file.

    The cheapest quote is not always for the same scope. Compare the engagement letters line by line.

    How it works with us

    Best for: HOA and condo association boards and community managers who need an audit, review or compilation under their governing documents or an owner request.

    1. Free initial consultation. Share your governing documents, unit count, year end and last financial statements.
    2. Fees quoted upfront, in writing. Transparent, fair fees in an engagement letter that states the report type and scope.
    3. One request list. We coordinate directly with your management company.
    4. Remote fieldwork. We confirm balances and test the records the standards require.
    5. Report to the board. We walk the board through the report and any findings.

    What affects the cost of an HOA audit

    FactorWhy it affects cost
    Audit vs review vs compilationAn audit requires testing and outside confirmations. A review relies on inquiry and analytics. A compilation has no testing.
    Number of unitsMore units mean more assessments, receivables and owner accounts to test.
    Reserve funds and investmentsEach reserve account is confirmed and reconciled, and reserve disclosures are reviewed.
    Number of bank accountsEach operating and reserve account needs a reconciliation and, in an audit, a confirmation.
    Management company recordsComplete, reconciled records from the manager mean fewer requests and adjustments.
    Prior auditsA first audit requires testing opening balances. A prior clean audit gives a starting point.
    Special assessments, loans or major projectsEach adds transactions, contracts and disclosures to test.
    Delinquent assessmentsCollectibility of owner receivables takes more analysis when delinquencies are high.

    Expert CPAs. Personal attention.

    Need an HOA or condo audit, review or compilation? Share your governing documents in a free initial consultation and we'll quote your fees upfront, in writing.

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    Frequently asked questions

    It depends on the size and complexity of your association and the condition of its records. Units, reserve funds, bank accounts, special assessments and how organized your management company’s records are all affect the work. Ask several CPA firms to quote the same scope so you can compare. We quote fees upfront, in writing.

    A review usually involves less work than an audit because it relies mainly on inquiry and analytical procedures, with no confirmations or detailed testing. A compilation involves less still. Check your governing documents and any state rule first, because some require an audit specifically.

    Not under Virginia statute, which requires associations to keep financial records under generally accepted accounting practices but does not mandate an annual audit. Your declaration and bylaws may require one. In Maryland, condominium unit owners of at least 5 percent of the units can require an audit, no more than once in 12 months.

    In a Maryland condominium, yes. Under Real Property §11-116, the council of unit owners must have the books audited by an independent CPA on the request of owners of at least 5 percent of the units, no more than once in any 12-month period. Elsewhere, check your governing documents and state law.

    The association pays from its budget. In a Maryland condominium audit requested by owners under §11-116, the statute makes the cost a common expense.

    No. An audit or review must be done by a licensed CPA firm that is independent of the association. Your management company keeps the books and provides records, and the CPA tests them.
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