Effective oversight of a condominium corporation’s finances is key to remaining prepared and avoiding unwanted surprises. Condo owners put a considerable investment into their properties, and they want to be assured they can trust management and the board to manage financial issues with care and diligence. Nobody wants to discover that they’re about to be hit with a special assessment for thousands of dollars or an unexpected and significant maintenance fee increase. As such, it is vital for those in charge to engage a trusted accounting firm to perform regular and comprehensive audits of a condominium’s financial statements to ensure they are free from material errors and ensure the corporation remains compliant with the Condominium Act, 1998.
McCay Duff LLP’s condominium-focused accounting team has over 30 years of experience completing audits and providing guidance to condominium boards throughout Ottawa and the surrounding area. Condominium audits are a unique specialty in the accounting world; it is important that the people performing the audit have specific knowledge about the Condominium Act, 1998 and the associated compliance requirements. This allows those in charge of the condominium’s governance, i.e. the Board, to identify any potential concerns and work proactively with management to address them.
Our firm assists condominium boards and management teams with a variety of issues, such as:
- Annual audits
- Reserve fund study funding analysis
- Special assessments
- Common element corporations
- Shared facilities
Our team of skilled condominium auditors and advisors pride themselves on providing timely services that go above and beyond for their clients. Some of the features that distinguish McCay Duff LLP in terms of services aimed at condominiums include:
Efficient Turnaround Times
Completing a comprehensive audit of condominium finances takes time to do well, but this must also be balanced with the time restrictions the condo board is facing. Condos generally have a six-month time limit in which to complete their annual audit before presenting the results at the general meeting. Our long-term clients value our commitment to efficient turnaround times, and our understanding of the time constraints they are facing. McCay Duff LLP strives to complete each audit within six weeks of receiving all of the necessary documentation and information from our client. We have an entire team dedicated to this service, which enables us to complete an audit accurately and efficiently.
Exceeding Service Expectations
In addition to providing a comprehensive and reliable audit report, our team goes above and beyond for each client to ensure the client has a complete understanding of the audit results. McCay Duff LLP strives to have seasoned and experienced firm representatives present the findings of our condominium audits at the annual general meeting, or in a separate meeting with Board members. This allows us to demonstrate our in-depth understanding of the condominium organization and explain the potential impact of the audit results on the various stakeholders.
We aren’t simply crunching numbers and presenting a list of calculations to our clients. Instead, we examine what the numbers mean, and how they may impact the client in the short and long term. We want to ensure a corporation’s reserve fund is adequately funded, and that management and the Board are sensitized to the potential of any shortfall that may require a special assessment. If we notice potential deficiencies in funding or control, we make sure to bring them to the attention of the management and the board. We look beyond the numbers to identify areas of concern and ensure our clients are never caught off guard.
“Excellent service year after year”
Paul Sweeney, Condo Property Management Group
Contact McCay Duff LLP in Ottawa for Strategic Advice and Accounting Services for Condominiums
At McCay Duff LLP, we have built a reputation among a number of condominium management companies in the Ottawa area for our skill and efficiency. With boards and management under intense scrutiny to ensure fiscal responsibility, McCay Duff LLP instills confidence in our clients through our extensive knowledge of the unique challenges faced by condominium corporations. We will provide ongoing, proactive advice to ensure our clients are fully informed of both the small details and big picture finances, both now and into the future.
To learn more about how the Chartered Professional Accountants at McCay Duff LLP can assist you or your business, please contact us online, or by telephone at 613-236-2367 or toll-free at 1-800-267-6551.