Quality Assurance Evaluation Summary
Due to the complexities of the PRA System, a Certified Public Accounting firm was engaged to perform a Quality Assurance Evaluation verifying the system logic, functionality, accuracy and reporting compliance of American Institute of Certified Public Accountants (AICPA) Audit and Accounting Guide for Common Interest Realty Associations and IRS tax guidelines.
The objectives of the Quality Assurance Evaluation procedures performed were to evaluate:
- The applicability, accuracy and performance of the formulas and calculations within the system;
- The completeness and applicability of the system logic for all transactions processed and reports produced by the system;
- From a functionality perspective, the applicability of the flow of data within the system which result from the systems transactions and processing logic;
- Reporting Compliance with the AICPA's Audit and Accounting Guide for Common Interest Realty Associations and cash flow projections; and
- Tax calculations for reporting consistent with IRS guidelines for 1120c and 1120h corporations.
- The procedures primarily consisted of review, evaluation, and tracing of transactions through the system, and recalculation of system logic and formulas to determine whether the system is accurately processing and reporting transactions.
Quality Assurance Evaluation Results:
The results of the Quality Assurance Evaluation were that the PRA System's functionality, concept and logic, data input and output are operating in the manner intended and that no exceptions were found as a result of the attestation procedures.