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Home COFSAB Forum Finances Financial audits and audit of condo manager Reply To: Financial audits and audit of condo manager

  • Michelle J Lucente

    December 20, 2022 at 12:06 pm

    New information received from an auditor indicates that preparing statements according to GAAP implies audited financial statements.

    Refer to your Bylaws.

    A best practice would be to have some sort of external review of annual financials:

    Audit engagement:

    •objective examination and evaluation of financial statements to make sure fair and accurate representation; includes an opinion and can include review of internal controls

    Review engagement:

    •performed by an accountant but with a higher focus on verification and analysis than Notice to Reader

    Notice to Reader:

    •compilation of financial statements provided by management prepared by accountants

    •does not provide assurance on the correctness of the financial statements; meant to provide level of trustworthiness

    Please spread the word!
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