Every condominium and strata audit starts with the same thing: documents. Here’s the plain-English list of what a CPA needs to audit a condo corporation — so boards and property managers know what to gather, and firms know what the platform collects for them. Supported across Alberta, British Columbia, and Ontario.
Most condominium and strata audits need the same core set of records. On top of that, your CPA turns on a few extra items only if they apply to your corporation — loan documents, special-assessment records, vendor contracts, and the like. In Condo Audit Pro, the upload checklist adapts to your building, and each file is checked for readability the moment it lands. See how the audit works for the full workflow.
These are needed for virtually every condominium and strata audit. Gathering them early is the single biggest thing a board or property manager can do to keep the audit on schedule for the AGM.
The complete record of every transaction — the backbone the whole audit is built on.
The year-end balances the financial statements are drawn from.
Used to compare actual results to what the board planned.
To confirm the operating fund cash and reconcile it to the books.
To confirm the reserve (or contingency) fund is held separately and intact.
To show the books and the bank agree at year-end.
For any reserve funds held in term deposits or investments.
For the comparative figures every audit requires.
To understand the opening position and any prior findings.
To age owner balances and confirm amounts owed to the corporation.
To confirm what the corporation owed at year-end.
To understand the management company’s role and fees.
To confirm coverage and the premium recorded.
To identify decisions, approvals, and matters affecting the financials.
To confirm owner approvals and any special resolutions.
The study that supports reserve adequacy and contributions.
To confirm the planned transfers to the reserve fund were made.
To understand recurring commitments and large expenses.
To confirm wages, benefits, and remittances.
To confirm sales-tax treatment and balances.
To confirm how special levies were raised and recorded.
To confirm fees were levied per the registered unit factors / entitlement.
This isn’t just a checklist to collect — each document feeds a specific part of the condominium and strata audit engine.
| Document | How Condo Audit Pro uses it |
|---|---|
| General ledger | Builds the trial balance and drives the ledger-to-source comparison. |
| Bank statements | Tests continuity and supports transaction matching against the ledger. |
| Invoices | Support expense vouching and invoice-to-GL assertion testing. |
| Budget | Feeds budget-to-actual variance analysis and expected fee revenue. |
| Condominium plan / unit schedule | Powers unit-by-unit, month-by-month owner fee testing in the Revenue Grid. |
| Reserve fund / depreciation report | Supports the reserve fund review and the disclosure facts in the statements. |
| Board & AGM minutes | Support risk assessment, authorization checks, and subsequent-event review. |
| Prior-year financial statements | Read into this year’s comparative columns for CPA confirmation. |
| AR aging / owner arrears | Feeds owner balance testing and the receivables reconciliation. |
You don’t gather these up front — your CPA prepares or requests them as the audit closes.
Signed by the board before the audit begins.
The CPA prepares this; the board signs it near the close.
Requested from the corporation’s lawyer where applicable.
Any corrections the CPA proposes during the audit.
Most condominium and strata audits don’t stall because of the numbers — they stall because a document is missing or incomplete when the audit starts. These are the gaps that most often hold up a condominium or strata audit before the AGM.
The reserve (or contingency) fund is one of the first things tested. Missing reserve bank statements or the reserve fund study is the most common cause of delay.
Minutes confirm owner and board approvals. Without them, the auditor can’t verify decisions that affect the financial statements.
The management agreement sets out the manager’s role and fees. An unsigned or missing copy holds up the management-fee and independence work.
Reserve funds held in term deposits need confirmation. Without statements, the auditor can’t confirm the funds exist and are intact.
A partial arrears listing means owner balances can’t be aged or agreed to the ledger — a frequent source of back-and-forth.
A blurry or cut-off scan is treated as not received. Clear, complete files the first time avoid a re-upload cycle.
Reserve fund records in Alberta and Ontario, and contingency reserve fund and depreciation-report records in British Columbia, are handled in each province’s own terms. See the province-specific workflows for Alberta, BC, and Ontario, or read why we built this.
The questions boards and property managers ask most before gathering their condominium or strata audit documents.
With a complete document set, a condominium or strata audit moves in days, not weeks. Most delays come from missing records — reserve fund statements, minutes, or arrears listings — so gathering the full checklist before the audit starts is the biggest time-saver a board has.
The audit doesn’t stop — it stalls on that area. The missing item is flagged, a request goes to the board or property manager through the portal, and that part of the testing waits until the document arrives. Illegible or partial scans are treated as not received.
The core set applies to virtually every condominium and strata audit regardless of size. Items that don’t apply — payroll, GST/HST filings, or special assessments — are simply turned off, and the CPA only adds extras like loan documents when your corporation actually has them. Audit requirements themselves vary by province — see the province workflows for Alberta, BC, and Ontario.
Usually the property manager holds most records — the general ledger, bank statements, and invoices — while the board holds minutes and approvals. Either can upload to the portal; what matters is that one complete set arrives before the audit begins.
We’ll collect this whole checklist for you and prepare the file, end to end.
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