New auditor for Condominium

[VAngel]

We are a small condominium with 80 condos and we need a new auditor.

The way the books being done now are absolutely not optimal and it is difficult to read the balance sheet and follow the money.

we need an auditor who speak well english and are willing to work with the board and help us to do the daily books more simple and transparency .

Any recommendation?

 

 

[NCC1701A]

Wait until I get some pop corn. OK. Go. 

[KittenKong]

3 hours ago, VAngel said:

We are a small condominium with 80 condos and we need a new auditor.

The way the books being done now are absolutely not optimal and it is difficult to read the balance sheet and follow the money.

we need an auditor who speak well english and are willing to work with the board and help us to do the daily books more simple and transparency .

I suspect that you mean that you need an accountant, not an auditor. An audit is a yearly requirement of the condo act and also of your by-laws, but audits in Thailand are very simple and basically just amount to checking the addition of the accounts.

 

If your day to day accounts are being done by your management company (or your office staff if you dont employ a management company) then you should look at farming the job out to some accountant in the area and reducing the management fee accordingly. Any accountant would be able to do this as condo accounts are very simple and your building is relatively small.

I suggest that you get at least 5 quotes from accountants, and that the initial approach should be made by a Thai as this will get you a lower price. Do not send your staff for this. Either way, you should use proper condo billing software to handle your billing, as this software will form the basis of the revenue side of your accounts. The use of proper software is important as it prevents fraudulent movements (if used correctly, which it often isnt here).

I also suggest that someone on the committee should check that the daily returns from your billing software tally with the daily cash/cheques banked, and that all bills submitted for payment make sense before signing the cheques. This is rarely done here.

 

[VAngel]

On 1/24/2019 at 1:32 PM, KittenKong said:

I suspect that you mean that you need an accountant, not an auditor. An audit is a yearly requirement of the condo act and also of your by-laws, but audits in Thailand are very simple and basically just amount to checking the addition of the accounts.

 

If your day to day accounts are being done by your management company (or your office staff if you dont employ a management company) then you should look at farming the job out to some accountant in the area and reducing the management fee accordingly. Any accountant would be able to do this as condo accounts are very simple and your building is relatively small.

I suggest that you get at least 5 quotes from accountants, and that the initial approach should be made by a Thai as this will get you a lower price. Do not send your staff for this. Either way, you should use proper condo billing software to handle your billing, as this software will form the basis of the revenue side of your accounts. The use of proper software is important as it prevents fraudulent movements (if used correctly, which it often isnt here).

I also suggest that someone on the committee should check that the daily returns from your billing software tally with the daily cash/cheques banked, and that all bills submitted for payment make sense before signing the cheques. This is rarely done here.

 

Thanks a lot for your recommendations, they are very useful. But I actually mean an Auditor, because our Auditor don't want to continue her work. Our next AGM we have to vote for a new one. I have to fine a new Auditor within 2 weeks.