Condominium

Experts in Condominium Audits

• Specialists in the audit of condominiums corporations

• One of the largest condominium practices in Ontario

• We currently audit over 625 condominium communities including townhouses, high-rises, commercial, mixed-use and shared facilities from the very small to the very large and complex

• Our Condominium Group is composed of two partners, one manager and five condominium auditors dedicated exclusively to performing condominium audits

• We provide up-to-date advice on the financial and accounting issues that affect Directors in condominiums such as: control over corporate funds, reciprocal agreements, opinion on operating and reserve expenditures, and first year financial issues with the developer

The Adams & Miles Advantage

• We have exposure to a large number of management companies and expertise in evaluating a variety of accounting and internal controls systems

• We have developed a unique and efficient audit system that results in draft financial statements being delivered to the Director’s for review and approval in the shortest time possible.  This provides maximum flexibility in scheduling the date for the Annual General Meeting

• We are the only firm that has a tax partner with condominium expertise, which allows us to provide specialized advise, for example, condominiums whose revenues be subject to HST,  condominiums that have revenues that may disqualify them as not-for-profit entities

• We communicate financial information at Annual General Meetings in a meaningful way to help unit owners understand the costs of operating and the financial health of their communities

Industry Expertise

• Active participants in a number of condominium related groups and committees, which enables us to keep our knowledge of Ontario Condominium Act (1998) and related issues current, and to help shape the policies that govern condominiums in Ontario.  These includes:

• Participants on the Stakeholders Group and Experts Panel that provided advice to the Ontario Government on the recent legislative amendments to the Condominium Act
• Chair of the committee responsible for the Audit, Accounting and Tax Guidelines for Ontario Condominium Corporations published by Chartered Professional Accountants of Ontario (CPA Ontario)
• Active Committee members of the Canadian Condominium Institute (CCI) in Toronto, Huronia and National
• Members of the Associates and Certification and Standards Committees of the Association of Condominium Managers of Ontario (ACMO)
• Presenters at the annual ACMO-CCI Condominium Conference held in Toronto every fall and at Director seminars and manager lunch and learn programs
• Authored many articles published in industry magazines

Special Projects

• Because of our expertise in the audit of condominiums, we have been called upon in other situations, such as, as expert witnesses in a dispute between a condominium corporation and a municipality over costs, providing an opinion letter to a condominium corporation on the applicability of HST on certain revenues, investigation and recovery of monies that were misappropriated from a condominium

There is no other audit firm with equivalent resources and expertise in condominium audits.

Contact Brian to find out how we can assist you.