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Auditor’s Role In Condo Corporations

Author: 
Toronto Condo News
Publication date:
January 25, 2019
Article Summary: 

The Condo Act requires condo corporations to retain an auditor to perform an annual audit. This audit is not intended to protect against theft, fraud or misuse of funds, but to provide independent opinion on if financial statements are fairly stated in accordance with applicable accounting standards. Items that arise during an audit include reserve fund matters, bank accounts, and investments. An auditor would identify when bank accounts are not maintained according to guidelines or when funds are inappropriately invested.

Keywords: 

condo corporation, condo audit, condominium audit, condo accounting, condo association audit, annual audit, reserve fund review, annual review

Source Citation: 
Toronto Condo News
Auditor’s Role In Condo Corporations
January 25, 2019
https://tocondonews.com/archives/auditors-role-in-condo-corporations/
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