The financial reports and statements of homeowners' association are a set of reports that clearly illustrate the financial and administrative status of the association. They are used to manage financial resources and ensure transparency among the association members. The General Real Estate Authority mandates that these reports and statements be reviewed and audited by a certified public accountant.

Importance of Financial Reports for Homeowners' Association:

• Transparency: Ensuring all homeowners are informed about how the association's funds are managed.
• Planning: Facilitating the financial planning for the association to avoid crises.
• Legal Compliance: Some countries mandate the preparation of these reports to document the association's management practices.