Cost of a housing-company audit in Finland – what determines the fee?
The audit fee depends on the housing company's size, finances, renovation projects and quality of its records. Learn how to compare quotes effectively.
In brief: the cost of auditing a Finnish housing company depends chiefly on how much work is required and how complex it is. The number of units alone does not determine the fee: two similarly sized companies can need very different amounts of work.
What determines the fee?
- Size and transaction volume. Unit numbers matter, but the volume of accounting transactions and payments often matters more.
- Loans and financing charges. Company loans, charges collected to service them and calculations of each shareholder's share of a loan add work.
- Major repairs and projects. Plumbing, facade and other projects bring contracts, decisions and accounting entries to examine.
- Charges and shareholder ledgers. Billing and reconciliation of maintenance charges and shareholder accounts affect the workload.
- Company-owned premises and rental income. Let commercial or residential units add areas to examine.
- Readiness of the accounts and financial statements. Completed and reconciled statements speed up the work.
- Availability and format of documents. Electronic documents supplied together reduce follow-up requests.
- The first audit year. A new auditor needs time to learn about the company.
- Timing. An urgent deadline can affect how the work is arranged.
How can a housing company manage the cost?
- Provide complete documents together.
- Make sure reconciliations are up to date.
- Keep minutes and contracts in order.
- Keep loan and charge calculations current.
- Explain significant projects in advance.
- Nominate a contact from the property manager's office or the board.
JTT's document request lists show what is needed before the audit begins.
How should you compare audit quotes?
Do not compare price alone. Check:
- who will be the responsible auditor;
- whether they have housing-company experience;
- what the quote includes;
- how additional work is charged;
- when the report will be ready;
- whether the process works digitally; and
- how communication will be handled during the audit.
JTT audits several hundred housing and real-estate companies each year. A refined process and electronic document handling help keep the workload manageable.
Do we need an auditor or an operations inspector?
Not every Finnish housing company is obliged to appoint an auditor. Read when an authorised auditor is required and when an operations inspector may be sufficient.
Request a quote
The quote is free and non-binding. Learn more about our housing-company audit service or get in touch.
