Ontario is the province where the audit is most clearly mandated. Condominium corporations are governed by the Condominium Act, 1998 and Ontario Regulation 48/01, and Condo Audit Pro handles Ontario engagements in Ontario’s own terms — reserve fund studies, the six-month statement deadline, and the section 60 auditor appointment.
Ontario’s framework is the most prescriptive of the three on the audit itself. These are the provisions that drive the engagement.
Section 60 requires the corporation to appoint an auditor, defined as a person licensed as a public accountant under the Public Accounting Act, 2004. With limited exceptions, an independent auditor performs an annual audit of the corporation’s financial statements.
Section 66 requires annual financial statements to be prepared within six months of the corporation’s fiscal year-end — a deadline that shapes the whole engagement calendar and collides with the AGM.
Only a corporation with fewer than 25 units can dispense with the audit — and only if the turnover meeting under section 43 has been held and, as of the date of the owners’ meeting, all owners have consented in writing. The waiver lasts until the next AGM and must be renewed each year. Financial statements are still required under section 66 regardless.
Ontario condominium corporations follow fund accounting under section 4400 of the CPA Canada Handbook, with at least two funds — an operating fund and a reserve fund. Bank accounts must be held solely in the corporation’s name.
The auditor appointment, engagement acceptance and independence confirmation are all recorded before the file can move — the platform will not begin processing until they are complete.
Year-end, statement deadline and AGM date sit on the engagement record, so the file is planned against the deadline rather than discovered late.
Reserve fund study dates, balances and contribution comparisons feed the checks, and the reserve fund is presented as a restricted fund throughout.
Section 67 and O. Reg. 48/01 require the report to follow the auditing standards in the CPA Canada Handbook. The draft is assembled in that wording for the CPA to review and sign.
The governance communication and the board-ready summary are prepared in Ontario terms alongside the full statements.
Fieldwork usually begins 45 to 60 days after year-end once invoices are accrued, with a draft ready for board review inside 90 to 120 days. The platform front-loads the preparation so that window is spent on judgment.
| Governing legislation | Condominium Act, 1998, SO 1998, c. 19 |
| Regulation | Ontario Regulation 48/01 |
| Entity | Condominium corporation |
| Governance body | Board of directors |
| Auditor appointment | Section 60 — licensed public accountant |
| Statement deadline | Within six months of fiscal year-end (s. 66) |
| Audit waiver | Under 25 units — unanimous written owner consent, renewed annually |
| Long-term fund | Reserve fund |
| Study | Reserve fund study |
Province templates define the legal and reporting structure. Firm settings define how each CPA firm wants to run the audit — materiality, sampling rules, variance thresholds, cutoff windows, matching tolerances, and more — applied consistently while professional judgment stays with the CPA. See the other provinces or how it works.
The questions Ontario boards and property managers ask most. Provided as background for how the platform is configured — the licensed CPA firm remains responsible for the requirements on any given engagement.
Generally, yes. The Condominium Act, 1998 requires the corporation to appoint an auditor under section 60 and have an annual audit. The only exception: a corporation with fewer than 25 units can dispense with the audit if the section 43 turnover meeting has been held and all owners consent in writing — renewed every year until the next AGM. When an audit is on, see what it needs.
The owners, at the annual general meeting — not the board or the manager. The auditor must be licensed as a public accountant under the Public Accounting Act, 2004, holds office until the close of the next AGM, and cannot be removed by the board before then.
Yes. Section 66 requires annual financial statements prepared in accordance with generally accepted accounting principles regardless of whether an audit is performed — approved by the board and provided to owners with the AGM notice.
Within six months of the corporation’s fiscal year-end under section 66 — a deadline that shapes the whole engagement calendar and lands alongside the AGM. The platform plans the file against that clock from day one.
We’ll walk your firm through a real Ontario condominium audit, end to end.
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