Audit Firm for Condominiums in Toronto
As an audit firm for condominiums in Toronto, a Chartered Professional Accountant and Licensed Public Accountant’s office authorized by CPA Ontario, a condominium auditor helps condominium corporations in accounting, audit, and tax returns in Great Toronto Area. We understand that the board of directors are usually owner volunteers who contribute their personal time to serve on board. We can help you to save your time to grasp the essentials of the financial information as a result of operations.
There are many ways that we can help condominiums and the property management companies to enhance the internal controls and the financial reporting processes.
Independent Auditor for Condominiums in Toronto
For condominium financial statement audit, the responsibilities of the Condo Board under the Condominium Act, 1998 in the preparation of financial statements is set out in Section 66 and related regulations as follows: “a corporation shall have its financial statements prepared in the manner and in accordance with the generally accepted accounting principles”. The Act requires that an annual financial statements audit is performed for all condominium corporations with more than 25 units. As an audit firm for condominiums, we provide our auditor’s opinion on the approved financial statements by the board. The responsibilities of an auditor for condominiums are set up in our engagement letter and are also illustrated in the independent auditor’s report.
How Could a Condominium Audit Benefit Condo Owners and The Property Management?
As an audit firm for condominiums, our approach is geared to identify significant weaknesses in design and implementation of internal control, non- compliance with the Condominium Act, 1998, misstatements resulting from errors and potential existence of fraud. With no taxable income, condo corporations are required to file corporate tax returns and not-for-profit organization information returns where are applicable, we prepare the required returns on behalf of condo corporations.
- Well defined effective and efficient audit plan and audit procedures
- Professional knowledge in condominium operation and regulatory
- Effective communications with the management and the board
- Timely completion on audit report of financial statements
- Efficiency and cost effectiveness add values
As an audit firm for condominiums in Toronto, while maintaining our independence we are always available to answer your questions throughout the year. We are a member of the Canadian Condominium Institute – Toronto and a member of the Association of Condominium Managers of Ontario (ACMO).
Financial Statements Review or Compilation
The current Condominium Act states that a corporation with fewer than 25 units can dispense with the requirement to appoint an auditor if two conditions are met:
- The turnover meeting required under Section 43 of the Act must have been held
- All the owners of the condominium corporation must agree in writing to dispense with the audit. Even if all the owners agree, this is valid for one year only and the process must be repeated for each annual general meeting.
When the above two conditions are satisfied, condominiums can choose annual financial statements review or financial statements compilation. A review or compilation of financial statements is unaudited. There is no auditing procedures performed, and it is therefore considered as an accounting services. As an accountant for condominiums, we can also provide these accounting services when the condominiums does not need an audit.
Part-time Controller
As an accountant for condominiums, our Part-time controller services help you to improve the quality of financial reporting on monthly basis and also assist you to prepare the year end financial information package for the other external auditor.
- Assist management to prepare budget
- Oversee month end and year end accounting closing procedures
- Oversee management financial reporting processes
- Provide consultation on internal controls and financial reporting
- Answer questions from the board and the management if any
Bookkeeping
We are always available to help your bookkeeping to set up and maintain a proper record of general ledgers and its subledgers and reconcile the selected accounts.
Why Us ?
Wei CPA’s office, a Chartered Professional Accountant and Licensed Public Accountant’s office authorized by CPA Ontario, is an Audit firm for condominiums in Toronto. We commit to high quality and bring values to your business.
- Professional knowledge
- Value added recommendations
- Reliable
- Affordable
- Reputable
