Condominiums

Does your auditor attend your Annual General Meeting?  We do.

We attend the annual AGM to present the audited financial statements with a view to explaining statements in general to touching on some specifics that are of interest to the unit holders.

We feel it is important to not only be present at the AGM to present our financial statements and results, but we believe it is important to be available to the Board to answer any questions they have. Personal service is paramount to our work. We want you to know your auditors and know that you have access to a wealth of information - beyond the financial statements.

Have a question after the Annual General Meeting? 

Feel free to call us.  We realize that questions can materialize after the meeting.  You can always feel free to ask the question to a member of the board of directors, to the property manager, or you can call us directly. 

At RLB there is a dedicated team of individuals with specific knowledge of the condominium industry who are not only available to answer any questions you may have, but they are dedicated to ensuring the results you receive are accurate, clear and timely.  Having access to the information you need, when you need it is very important.  You can rely on reasonable turnaround times for any information you may need. 

Financial Statements that are easier to understand

We have revised our financial statement presentation over the last few years to make it more comprehensive for unit holders, the main users of our statements.

They still contain all of the information required but are presented in a clearer, less complicated format.  This format helps to answer a lot of the questions posed to property managers by unit holders.  

Do you know if your condo requires an audit?

Condo act of Ontario says they have to have an audit unless:

The Corporation has to have less than 25 units, and unanimous written consent from all the owners to waive the audit.  Tax returns are still required annually.

Are you in Compliance with Condominium Act, 1998 (Ontario)?

This act outlines all the requirements that condos must follow with a wide range of topics, including: amount of reserve funds to be maintained, the board structure, operations, common expenses, and the daily administration of repairs and maintenance. 

For more information click on here

Teaching courses through the CCI

Our staff are specialized in the different areas of condo accounting and financial reporting and have taught an accounting and financial reporting course.  Please do not hesitate to contact our office if you require any assistance.

Fraud prevention

Preventing fraud for condominium owners can be a tricky but important issue.  We have fraud prevention experts that can assist you with safeguarding your finances. 

A strong set of internal controls reduces the opportunity for fraud to happen.  Please read this article written by Gwen Story of RLB which was published in Volume 4 2010 Condo News of the Golden Horseshoe. 

Audit Process Tailored for Condominiums

We have taken a practical approach to implementing the changes to auditing standards.  We have tailored the audit and reporting expectations required by the auditing standards in Canada to be an efficient, reasonable audit based on our specific knowledge of the condominium industry.  Result - a complete and efficient audit.

Sound advice builds strong relationships

We have a strong working relationship with several property management companies. We are available as a sounding board for questions or strategic direction for property managers.  We have a strong relationship with self managed condo corporations and that we do a variety of styles of condo corps including commercial, residential, vacant land and common elements.