Sorry, it would be a big disappointment to find that out.
I don’t know the audit rules but something is required as part of an HOA and maybe “special audits” can be demanded too. My MIL has been president of a HOA in a pretty high end detached home community and also on the Architectural review board. She says this stuff can get pretty heated at times. Don’t be shy about making them show you what’s going on , somebody has to do it, or maybe they will go to Brazil with your money.
