The 2022 Florida Statutes 718.111(13) shows:
"(a) An association that meets the criteria of this paragraph shall prepare a complete set of financial statements in accordance with generally accepted accounting principles. The financial statements must be based upon the association's total annual revenues, as follows:
1. An association with total annual revenues of $150,000 or more, but less than $300,000, shall prepare compiled financial statements.
2. An association with total annual revenues of at least $300,000, but less than $500,000, shall prepare reviewed financial statements.
3. An association with total annual revenues of $500,000 or more shall prepare audited financial statements."
Audit statements are commonly prepared by Certified Public Accounting (CPA) firms. The cost of engaging a CPA firm to audit a Florida condominium association's financial records can range from many thousands of dollars and higher, depending on the size of the condo association's budget.
Note that the preceding section of the Florida Statutes indicates that condo associations with annual revenues less than $300,000 and $500,000 are not required to prepare audited statements but rather compiled and reviewed financial statements, respectively.
The American Institute of CPAs has published a brochure that explains the compiled, reviewed, and audited levels of financial statement services. You can find AICPA's 12-page brochure titled "GUIDE TO FINANCIAL STATEMENT SERVICES: COMPILATION, REVIEW AND AUDIT" at aicpa.org
The 2015 brochure indicates the following for each service level:
Some Florida condo buyers, regardless of whether a Florida condo association is required to prepare compiled, reviewed, or audited financial statement, wish they had reviewed the last several years of statements.
Prospective Florida condo buyers should, if they don't understand condo association financial reports, engage licensed and reputable attorneys and advisors to guide their buying decision.