To prevent theft from happening your community can take the following precautions:
1) get bank statements with your financial reports
2) get viewing access to association bank accounts online
3) receive financial reports monthly and make sure they include a bank reconciliation report that proves the money in the bank reflects what is on your reports
4) use a system where 2 board members have to approve bills prior to payment and there is an audit trail.
All of the recommended procedures and systems are best practices and are included in Community Financials’ monthly accounting and bookkeeping services.