NAC116B.220. Preparation and contents of audited financial statements; qualifications of person performing audit.

     1. The audited financial statement of an association must:

     (a) Be prepared in accordance with generally accepted accounting principles which includes, at a minimum:

          (1) A balance sheet for the operating fund and reserve fund, presenting assets, liabilities and fund balances;

          (2) A statement of revenues and expenses for the operating fund and reserve fund which presents information about all revenues and expenses;

          (3) A statement of changes in fund balances which reconciles beginning and ending fund balances with results of operations;

          (4) A statement of cash flows;

          (5) Any note disclosures as required by the Guide; and

          (6) The following unaudited supplementary information:

               (I) Any reserve disclosures as required by the Guide and NRS 116B.605; and

               (II) An accompanying schedule which compares details of the actual operating and reserve revenues and expenses of the association to the budgeted amounts of the association.

     (b) Be prepared and completed not later than 210 days after the end of the fiscal year for the association.

     2. The person performing the annual audit for an association must:

     (a) Be a certified public accountant licensed pursuant to chapter 628 of NRS.

     (b) Be independent of the association as set forth in the Guide.

     (Added to NAC by Comm’n for Common-Interest Communities & Condo. Hotels by R186-07, eff. 5-5-2011)