The Institute of Chartered Accounts of Ontario has announced the release of an important document entitled Accounting and Auditing Guidelines for Ontario Condominium Corporations.
This publication is the first major revision of the Institute’s audit guidelines for condominium corporations since 2001 and incorporates recent changes in accounting practice and the requirements of the Condominium Act, 1998. According to the Institute:
The result is a comprehensive guide that promotes best practices for the industry. It details considerations for both accounting and audits that range from budgeting and financial statements to tax issues and reserve funds.
Members of the committee that drafted these guidelines include the most prominent auditors on the local condo scene. Most have audited the books of hundreds of condo corporations and face the unit owners at dozens and dozens of annual general meetings each year. These folks know their stuff.
This guide will be a valuable resource for any condominium manager, director, unit owner or professional who wants to better understand accounting principles and best practices for audit procedures for Ontario condominium corporations. In addition to being written in no-nonsense plain English, it also includes a preferred specimen presentation for financial statements.
The full document is available for free download here.