Property Management in Alberta: Condo & Townhouse Audits
At Masone and Company, we have proudly nurtured strong relationships with property management organizations across Alberta, British Columbia, and Nunavut for over 25 years. Our dedicated team of experts is committed to providing cost-effective and efficient financial solutions tailored to the unique needs of condominiums and townhouses, which require that condominium financial statements be prepared in accordance with “generally accepted accounting principles.” Unaudited statements typically lack the necessary note disclosures, terminology or method of presentation required to meet these principles.
As a volunteer member of your condominium association, you probably don’t have much time to dedicate to the lengthy process of meeting generally accepted accounting principles, so scheduling yearly condominium audits for your Calgary property is the best way to meet the requirements for your condominium financial statements. The Chartered Professional Accountants at Masone and Company have years of tax and audit experience.
How a CPA Can Help
It is the board of directors’ responsibility to issue an association’s financial statements, even if a management company prepares the actual statements. You can utilize a third party, such as a CPA, to prepare your financial statements, but your board of directions must review said statements.
When it comes to using a CPA to prepare your financial statements, you can choose between an audit, review and compilation. Masone and Company offers audits and reviews, but what’s the difference? It is the amount of assurance provided by the CPA.
Providing the highest level of assurance, an audit is the most in-depth look into your condo engagement to ensure you’re meeting financial tax requirements.
With a reputation built on credibility, reliability, and accuracy, our condominium and townhouse audits are a testament to our unwavering commitment to excellence. We understand the importance of delivering on time and on schedule, ensuring peace of mind for property management companies and communities alike.
Financial reviews are smaller in scope than audits. They provide you with limited assurance from your accountant over the financial statements.
Our many years of experience and commitment in the preparation of the audits and reviews for condominiums and townhouses have earned us a reputation for being credible, reliable, and accurate while being on time and on schedule.
The smallest in scope, a compilation provides no assurance or opinion on the financial statements from your accountant.
Our compilation services offer a structured presentation of financial data, providing a clear and organized snapshot of your condominium or townhouse's financial standing. Backed by years of expertise, we compile your financial information accurately and professionally, empowering you to make informed decisions for your property management needs.
Some condo associations require an audit while others require a simple review. Your by-laws should state which level of service is required for your association.
WE SPECIALIZE IN AUDITS FOR
We specialize in audits tailored for condominium associations, ensuring transparency, compliance, and financial security for your community. Trust us to safeguard your condo's financial health.
With a deep understanding of the unique challenges faced by non-profit organizations, we offer specialized audit services to help you maintain accountability and fulfill your mission effectively.
Our audit expertise extends to indigenous communities, providing a respectful and culturally sensitive approach to financial accountability. Count on us to support your community's financial well-being.
What Does a Condominium Audit Entail?
An annual audit of your condo association’s financial statements is a high level of service that requires additional procedures that are not mandated in reviews or compilations. An audit entails:
Testing transactions and balances
Communicating with third parties
Understanding internal controls
Our auditors will provide a list of items we need in order to begin your audit. This includes all of your financial statements, check registers, detailed ledger reports, bank statements and much more. Having this information organized prior to the audit will allow the process to be much faster and more efficient.
Contact Our CPAs for Condominium Audits in Calgary
Masone and Company is synonymous with excellence in property management services. We invite you to reach out to us for more information on how our tailored financial solutions can enhance the financial integrity of your condominium or townhouse community.