When is a financial Audit Required?

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Hi folks:

Does the condo corporation have to have an annual audited statement or simply a financial statement? There is quite a difference in price between both.

Hear from you soon.
R. G.

Answer

Dear R. G.

The answer to the question of whether a condominium corporation requires the financial records to be audited annually or not is found in the bylaws of the corporation. You will typically find this information in the bylaw section "Duties of the Corporation" or "Powers of the Corporation".

In the case where the bylaws do not require an annual audit it is advisable that the corporation have an independent financial review and report completed by a professional accounting service at their fiscal year end.

Should your corporation require an annual audit, be sure to follow the bylaws regarding selection of the Auditor.

Thank you for submitting your question to Betty's Condo Owners Club.