A document-by-document condo audit checklist for Alberta boards and property managers, with why the auditor needs each item and what happens when it is missing.
This condo audit checklist for Alberta boards and property managers lists the documents a CPA usually asks for, why each one matters, and what happens when it is missing. The single biggest factor in how smoothly an audit runs is not the size of the building but whether the records are ready when the auditor starts. A firm working from a complete package moves through the file; a firm working from half a package spends its time sending follow-up requests and reopening work.
Key takeaways
- The general ledger is the one document with no workaround; export it to Excel or CSV if your system allows.
- Send statements for every bank and investment account, including inactive ones, for all twelve months.
- Reserve fund records get close attention, because Alberta requires the fund to be kept in a separate bank account and used under a board-approved plan.
- Minutes, including those after year-end, tell the auditor about matters that never appear in the ledger.
- Gather everything first and send it once; partial deliveries slow the file down.
Why timing matters in Alberta
Alberta's Condominium Property Act requires the corporation to prepare annual financial statements in accordance with Canadian generally accepted accounting principles, an annual reserve fund report and a budget, and to provide them to owners a set number of days before the annual general meeting; check the current rules for the period. Working backwards from the AGM date gives the board, the manager and the CPA their timetable. Whether those statements must be audited depends mainly on your bylaws, which our guide to Alberta condo audit requirements explains.
Accounting records
General ledger
The complete record of every transaction in the year. Nearly every audit procedure traces back to it: the auditor compares it against bank records, invoices and other evidence to confirm transactions were real, correctly recorded and in the right period. A data file (Excel or CSV) is far easier to work with than a PDF printout. Without the ledger, the audit cannot meaningfully begin.
Trial balance
The year-end summary of every account balance, usually produced from the same system. It is the bridge between the detailed ledger and the financial statements.
Prior-year financial statements
The final audited or reviewed statements, not a draft. This year's opening balances must agree to last year's closing balances; if there is no reliable starting point, the auditor has to do extra work on the opening balances.
Banking and investments
Bank statements: every account, every month
Operating, reserve, savings, and any account opened or closed during the year. Cash is the most directly verifiable asset a corporation has, and the auditor checks recorded balances against statements issued by the bank. Include accounts you think are inactive: a forgotten account found late means reopening finished work.
If the auditor cannot verify a significant part of the cash, the audit report may have to say so. Under Canadian Auditing Standards, a lack of sufficient evidence can lead to a modified opinion, such as a qualified opinion.
Bank reconciliations
The monthly reconciliations that explain differences between the bank balance and the books, such as outstanding cheques and deposits in transit. Reconciliations that exist for only some months, or that were prepared but never reviewed, are a common weak spot.
Investment statements
GICs, term deposits and any invested reserve money, at year-end. Interest earned also has to be recorded in the right period.
Reserve fund records
Reserve work is where Alberta condo audits most often slow down, because reserve records are frequently less organized than operating records. The Government of Alberta says the reserve fund must be kept in a separate bank account, that a reserve fund study is required at least every five years, and that the board approves a reserve fund plan and gives owners an annual reserve fund report.
Reserve fund study and plan
Provide the most recent study, any update, and the board-approved reserve fund plan. The auditor does not judge the engineering in the study, but it gives context for whether contributions and spending follow the plan. Our guide to the Alberta reserve fund study covers the study in more detail.
Reserve fund transactions
Contributions in, spending out, transfers between funds and interest earned, with the approvals behind them. A common problem is reserve expenses paid from the operating account and reimbursed later with no clear trail. That is not necessarily wrong, but it has to be explained, and reconstructing it after the fact takes time.
Owner and revenue records
Fee schedule and unit factors
The schedule showing what each unit is charged, with the unit factors from the condominium plan. Condo fee revenue is a predictable calculation, so the auditor can test whether what was recorded matches what should have been billed. Without the schedule, that efficient test is not available and slower procedures take its place.
Arrears report
Amounts owed by owners at year-end, ideally aged. The auditor considers whether long-outstanding balances are collectible.
Special levy records
If the corporation raised a special levy, provide the resolution, the amount per unit, collection records and how the money was spent. The auditor checks that the funds went to the stated purpose.
Expenses and contracts
Vendor invoices
The auditor tests a sample of expenses against invoices. You do not need to send every invoice up front, but you must be able to produce any one that is requested, quickly.
Major contracts and insurance
Management agreement, maintenance and service contracts, any construction or repair contracts, and the current insurance policy. Contracts show what the corporation is committed to pay, including commitments past year-end, and insurance claims during the year can affect the accounting.
Governance documents
| Document | Why the auditor needs it |
|---|---|
| Board minutes for the year | Legal disputes, major projects, contract decisions and claims that may need disclosure |
| AGM minutes | Owner approvals and resolutions passed at the meeting |
| Minutes after year-end | Events before the audit report is signed may need disclosure |
| Registered bylaws | Often the source of the audit requirement and financial reporting rules |
| Approved budget | Budget-to-actual comparison and support for fee revenue |
Common mistakes to avoid
- Sending documents in batches over several weeks. Each partial delivery means the auditor starts, stops and restarts.
- Sending scans of printouts instead of the original files. A spreadsheet printed to PDF has to be rebuilt.
- Forgetting post-year-end items. Bank statements after year-end, recent minutes and later payments for prior-year expenses are standard requests.
- Assuming the property manager sent everything. Confirm directly; managers handle many corporations.
Common questions
When should we start gathering documents?
Shortly after year-end. Most items already exist and only need collecting, and the AGM deadline sets the end point.
What if we cannot find a document?
Tell the auditor early. Banks can reissue statements and vendors can resend invoices. What causes problems is a gap discovered late, after work has been built on the assumption the document exists.
Who is responsible for gathering the documents?
Usually the property manager, since most records live in their system. The board remains responsible and should confirm the package is complete.
Do we need to send every invoice?
No. Auditors test a sample, but any requested invoice should be easy to find.
One place for the package
Condo Audit Pro gives the corporation one place to upload the year's documents against a checklist of what the CPA needs, and the auditor can request specific invoices there. Past audits stay in the corporation's account for the next board. You can share the boards page with your auditor or watch a complete Alberta audit walkthrough. This article is general information, not legal advice.
Written by the Condo Audit Pro team at Yabuh Ltd. The platform is the result of 1,000+ hours of development, and its audit logic is built on Canadian Auditing Standards (CAS), ASNPO and each province’s condominium statute. The firm’s own CPA performs and signs the audit. More about how we built it.
The platform that prepares the file. The CPA decides.
Built for condominium and strata audits across Alberta, BC, and Ontario. Document collection, GL matching, two-fund classification, fee testing — handled before the CPA opens the file.