Condo Audit Services for Condominium Corporations
If you sit on a condo board in Ontario, you need an auditor who gets your world. Condo corporations are not typical businesses. They answer to unit holders, follow the Condominium Act, 1998, and run on tight AGM timelines. A generalist accountant will slow you down and miss what matters.
At FShad CPA, we focus on condo audit services. Our team works directly with your property manager. We deliver accurate financial statements on time — so your board can focus on running the community.
Our Condominium Audit Experience
We hold CPA and LPA designations with focused training in assurance work. Our audit approach follows Canadian Auditing Standards and the specific rules of the Condominium Act. Whether your building has 30 units or 300, we apply the same rigorous process.
We work with boards and property managers of all sizes across the Greater Toronto Area. That includes small buildings, large multi-phase communities, and properties with commercial components. Every engagement is tailored to fit your corporation’s needs.
If your board is looking for a fresh perspective — or switching from a previous auditor — we make the transition smooth and straightforward.
When Is a Condo Audit Required?
Under the Condominium Act, 1998, every condo corporation in Ontario must appoint an auditor each fiscal year. The corporation must also produce audited financial statements. This is not optional. It is a statutory requirement regardless of size, unit count, or budget.
The audit must be completed before the annual general meeting. The board is responsible for appointing the auditor on time. If the corporation fails to do so, any unit owner can apply to the court to have one appointed.
There are limited exceptions. A corporation may pass a by-law to waive the requirement. This needs at least 80% of unit owners to vote in favour. In practice, the waiver is uncommon. Most lenders, insurers, and property managers still expect audited statements.
Common Situations That Trigger an Audit
Beyond the annual requirement, an audit may also be needed in these situations:
- Change of property management company — an audit of the outgoing manager’s period provides a clean handoff. It protects the board from inheriting undetected issues.
- Reserve fund study updates — audited financials feed directly into the funding plans in your reserve fund study.
- Developer turnover — when the declarant (developer) hands control to the elected board, a turnover audit is critical. It establishes the corporation’s true financial position.
- Unit owner concerns — if owners raise questions about common-element fees, audited statements provide an independent, credible answer.
If your corporation has fallen behind by multiple years, get current as soon as possible. Boards that delay expose themselves to compliance risk and erode unit owner confidence.
CSRS 4200 (Previously Known as NTR) vs. Audits
Condominium Services We Provide
Our services go well beyond the standard annual audit. Here is the full scope of what we offer:
Financial statement audit — A thorough review of your accounting and internal control systems. The result is audited financial statements your board can rely on. We follow all requirements under the Act and deliver clear, well-organized reports.
AGM support — We present the audited financial statements at your annual general meeting. We answer questions from directors and unit holders in plain language.
Corporate tax return filing — We prepare and file your corporation’s annual return. This includes the T1044 Non-Profit Organization Information Return where applicable.
Advisory support — Guidance on financial health, reserve fund studies, and compliance matters. We act as a trusted resource your board and property manager can call on throughout the year.
Condo accounting — Ongoing bookkeeping and accounting support tailored to condo operations. This includes monthly reconciliations, budget tracking, and financial reporting.
If your corporation needs something outside this list, let us know. We are happy to discuss how we can help.
Our Audit Approach
Our audit approach is built around efficiency and minimal disruption. Here is how a typical engagement works:
Planning — We review the prior year’s financial statements and budget. We meet with your property manager and scope the work. This upfront step means fewer surprises later.
Fieldwork — Our team examines transactions, tests internal controls, and verifies balances. We work remotely, which saves time for both parties.
Reporting — We prepare clear financial statements and walk your board through the results. This happens well before the AGM. No last-minute rushes.
Follow-up — We flag any compliance gaps or financial concerns. If something needs attention, you hear about it early — not after the fact.
Throughout the process, you deal with the same dedicated professionals from start to finish. That consistency matters, and our clients notice the difference.
Financial Statements Your Board Can Trust
Every condo corporation in Ontario must produce annual financial statements under the Act. Your board and unit holders use these statements to evaluate the corporation’s financial health. They inform decisions about common-element fees, reserve contributions, and major capital repairs.
We take this seriously. The statements we deliver are not just compliant — they are designed to be readable for volunteer directors without a financial background. If your current reports are confusing or arrive late, it may be time for a change.
Audit Pricing — Request a Quote
We believe in transparent audit pricing. Every condo corporation is different, so we provide a custom quote based on:
- Number of units and overall size of the corporation
- Complexity of operations (commercial components, multiple phases, mixed-use)
- Quality of records from your property management company
- Any additional services you need (advisory, bookkeeping, tax filings)
To request a quote, send us your most recent financial statements and budget. We will respond with a clear fee proposal — no hidden charges, no surprises.
Call 905-605-1605 or request a quote.
Timely Delivery and Manager Involvement
AGM deadlines do not wait, and neither do we. Our clients receive their completed audit packages well before the annual general meeting. We coordinate directly with your property manager to gather information efficiently. That means fewer delays and a smoother process for everyone.
Your manager’s involvement is key to a successful engagement. We work with reputable property management companies across the GTA. We adapt our workflow to match how your team operates. Whether your manager prefers email, shared drives, or scheduled calls — we make it work.
Working Remotely with Your Condo Corporation
We are fully set up for remote work. From secure document sharing to virtual meetings, we handle the entire audit without visiting your office — unless you prefer to meet in person. This makes us a strong fit for condo boards and managers across Ontario, not just in the GTA.
Remote capability also means faster turnaround. There is no waiting to schedule office visits or coordinate file handoffs. Everything moves digitally, and you have access to your team whenever you need us.
We Understand the Unique Needs of Condominiums
A condo corporation is not a typical small business. A cookie-cutter audit approach does not work. Common-element fees, reserve funds, shared infrastructure, and the unique requirements under the Act all demand specialized knowledge.
That is why you want an accountant with real condo expertise. You need someone who understands the compliance requirements for this sector and the practical realities of working with volunteer boards. We bring that focus to every client, and it shows in the quality of our work.
Frequently Asked Questions - Condo Audits
A condo audit is an independent examination of your corporation’s financial records. The auditor reviews revenue, expenses, reserve fund balances, and internal controls. They then issue a formal opinion on whether the financial statements are fairly presented. Most corporations in Ontario must complete one annually under the Act.
Most engagements take four to six weeks from start to finish. The timeline depends on the size of the corporation and how quickly records are provided. We coordinate with your property manager and aim to finish well before the AGM deadline.
Yes. We present the audited financial statements at your AGM. We explain key figures in plain language and answer questions from unit owners and the board.
Yes. We work with many leading property management companies in the GTA. We coordinate directly with your manager to keep the audit on track.
Send us your most recent financial statements and budget. We will provide a detailed proposal. You can also call 905-605-1605.
We help corporations get back on track. Whether you need a catch-up audit for multiple years or are filing a corporate tax return for the first time, we can handle it.
Yes. We prepare and file your annual corporate tax return and any required information returns. This includes the T1044 where applicable.
Our CPA and LPA designations, dedicated focus on condominiums, and commitment to timely delivery set us apart. We are also fully set up for remote work. That means we can serve clients anywhere in the province efficiently.
What Clients says about us
Get in Touch With Us
Our team is ready to discuss your business needs and answer any questions you may have. Use our quick contact form to get in touch with us