Definition : Audit engagment

The implementation of procedures by a Chartered professional accountant (holder of a public accounting permit) to ensure that the financial statements are exempt from significant deviations and that they represent faithfully the financial situation. The objective intended is to allow the accountant to issue an opinion on the faithfulness of the financial statement of the syndicate of co-owners. The audit offers the highest degree of reliability of financial information.

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Your condo does not necessarily need a Chartered Professional Accountant to present its financial information, whether it is the financial statements, financial forecasts or funding requests. Competent administrators or contractors supervised by the directors could do the job and present the required financial information. The need however could however be felt if the owners have doubts about the work done, the skills or the honesty of the current administration. Internal reporting to co-owners may also be absent or deficient. It is also possible that the general by-laws require the production of certified financial statements.
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Question: We would like to know if the law requires having our syndicate’s financial statements audited by an accountant.
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