Definition : Review engagment

The analysis by a Chartered professional accountant (holder of a public accounting permit) of the financial data of the syndicate of co-owners. The accountant determines if the financial statements and any other declared financial information are credible, which means that they can be relied upon. He thus ensures that the financial statements do not contain irregularities which could indicate that they are erroneous or not in conformity to the current accounting standards. The accountant is generally not required to obtain supporting documents or proof from a third party, no opinion on the exactness of the financial statements of the syndicate of co-owners is given. 

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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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