With few exceptions, the Condominium Act of Ontario (the act) requires an independent auditor to perform an annual audit of the financial statements of a condominium corporation. Sections 60 and 71 underline the rights and responsibilities of an independent auditor. It’s important for unit owners to understand that an independent auditor does not prepare the financial statements, nor is he or she responsible for the daily bookkeeping and management activities. These activities are the responsibility of management and the board. The auditor’s responsibility is to provide an independent opinion as to whether the financial statements are fairly stated in accordance with the applicable accounting standards (in Ontario, these would be the Canadian accounting standards for not-for-profit organizations). Read the article………….
Embarking on a major refurbishment project for a condominium is an exciting endeavor, promising revitalized…
In the realm of condominium maintenance and improvement, decisions regarding windows and exterior aesthetics are…
If the association is still doing things the old fashioned way and making deposits by…
Q: My condominium association board assessed seven thousand dollars per unit right after the Hurricane…
Dianne Post didn't believe it until she saw it, right there in the deed to…
CINC Systems, the leading provider of software solutions for the community association management (CAM) industry,…