When you search for the “Cost of Audited Financial Statements in New York City,” you may find it challenging to pinpoint exact figures. However, based on my extensive experience, I can offer some useful insights. The cost of these audits can vary significantly due to several factors. Specifically, the size of the building, the volume of activity reflected in the bank statements, and the accuracy of records maintained by the property management or accountant all influence the final price.
From my work auditing nearly 100 co-ops and condos in Manhattan, I have found that most luxury buildings typically pay between $8,000 and $14,000 for their audited financial statements. This range reflects the complexity of the financial data and the level of detail required during the audit process.
What’s Included in the Audit?
The audit process involves several key steps. For instance, auditors update a financial statement template and include detailed footnotes. Common items covered in these footnotes are:
- Recent assessments and any increases in maintenance fees
- Labor costs, such as those for doormen and porters
- Tax abatement issues affecting the building’s finances
- The amount of cash reserves available
- Major capital expenditures, like new roofs or boilers
- Assessments on shareholders for various expenses
Additionally, the same firm often handles the tax returns, usually preparing them using Form 1120 and its supporting schedules. This integration ensures that all financial activities are accurately recorded and compliant with relevant regulations.
Why Are Audited Financial Statements Important?
Audited financial statements play a crucial role in providing transparency and credibility regarding the building’s financial health. They are essential for maintaining trust among shareholders and fulfilling regulatory requirements. Moreover, accurate financial statements support informed decision-making related to future investments and building management.
If you need a detailed estimate or have questions about your building’s specific audit requirements, please contact us. We offer expert services to prepare and review audited financial statements, ensuring accuracy and compliance with all relevant standards. Our goal is to make the auditing process as smooth and efficient as possible for you.
