Condominium corporations are required to have an annual audit performed on their books and records. At Pinnacle CPAs, we work with a number of condominium corporations in Ontario, both residential and commercial.
The role of the condominium's auditor is to verify the corporation’s accounts (including work orders, invoices and contracts) and compare to the yearly budget and financial statements.
The audit process is quite painless, and we will look at ensuring that the board has complied with the reserve fund study and has sufficient funds to meet the requirements of the study.
The reserve fund is governed by statute - each condominium corporation is required to set aside funds each year from the common element assessments for use in future major expenditures such as roofing replacements and other capital expenditures.
This is probably the most important element of any condominium corporation.
We work with the owners to protect their interests.