Definition : Compilation engagment (Notice to reader)

Compilation of the financial data of the syndicate of co-owners by a Chartered professional accountant, in the format of financial statements. The accountant does not verify the exactness or the completeness of the information supplied and does not give any  opinion. The work carried out is not intended to offer any assurance on the trust worthiness of the information which has been compiled. To warn the reader of this absence of assurances, each page of the financial statements must bear a warning entitled “Notice to reader”. This notice, attached to the financial statements, specifies that the information has not been the object of an audit  and that the information may not be suitable  for the use of the reader. 

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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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