While they may sound like they offer the same things, a financial review and an audit are two different things. A financial review examines the financial records of an association and provides a report that the board can use to make short-term financial decisions. In comparison, an audit is an extensive inspection of the association's finances. It involves an in-depth analysis of the financial records, reports, and statements of the HOA, making sure to verify them for accuracy and completeness. Instead of just examining documents at the surface level, a Certified Public Accountant (CPA) will contact creditors and debtors to confirm the association's payables and receivables. The CPA will also compare the association's financial reports with all of its records, including invoices, ledgers, and receipts.