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.
To avoid financial problems, it is important to verify, before your purchase, that the co-ownership has implemented sound management practices and controls of its expenses. To do so, you should ask questions to your vendor to find out if the syndicate keeps adequate financial records.
Question: We would like to know if the law requires having our syndicate’s financial statements audited by an accountant.
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