Attention: Business and Legal Affairs Editors
CONDO PARTNER, division of Issues Central, Inc., to attend THE CCI CONDO CONFERENCE in Toronto (November 2023)
CONDO PARTNER to provide annual Governance, Risk Assessment and Internal Controls solution for Condominium Board Members and Property Managers
TORONTO, ON (Monday, 25 September 2023): The CONDO PARTNER division of Issues Central, Inc., will be meeting with board members and condominium property managers at THE CONDO CONFERENCE (Booth # 617) in Toronto on November 17-18, 2023 to discuss the challenges in addressing the external audit requirement for board members and property managers to acknowledge and sign off that risks have been assessed and internal controls are in place at the condominium corporation.
“Boards and property managers are facing an annual requirement to formally assess the risks and acknowledge controls at each Ontario condominium corporation,” said Catherine Connally, President of Issues Central, Inc. and CONDO PARTNER, “and this places a significant burden of risk and liability on each board member and property manager.” External financial auditors, as part of their annual financial audit of non-profit organisations, require that boards and managers sign a waiver stating that they have formally reviewed the risks and internal controls of the corporation being overseen. “This is an important activity that is in alignment with the responsibilities outlined in the Condominium Act of 1998 to “…manage, control and administer the assets of the corporation”, said Connally.
“The explosive growth of the condominium sector in Ontario has resulted in many larger condominium corporations being valued at more than the median value of firms traded on the Toronto Stock Exchange (TSX®)” said Charley Best, Vice President of Issues Central, Inc. and CONDO PARTNER. “The onus is on the board and the property manager to protect the value of the corporation on behalf of the owners, while managing risk and reducing and liability of the corporation, but also their own personal liability, based on their annual responsibilities. We look forward to discussing our best practice CONDO PARTNER solution with those at the conference and to presenting our fourth quarter 2023 workshops to help board members and managers sign their waivers with confidence.”
“The auditors are asking us to guarantee our assessment of risk and controls in each condominium corporation. Board members and property managers need to ask themselves, ‘Are we doing the right things to protect the corporation, and could we withstand a challenge to our governance and oversight practices?’ It’s a good question in today’s environment,” said Connally.
About Issues Central, Inc. and CONDO PARTNER
Issues Central, Inc. (ICI) is the expert in governance, financial compliance, risk assessment and internal control solutions for publicly-traded companies traded on global markets and the go to expert witness firm for lawyers who must defend their clients against litigation on internal controls, disclosure controls and risk assessment (issuescentral.com). CONDO PARTNER (CONDOPARTNER.ca) provides risk assessment, internal control review and governance evaluations for Ontario condominium corporations.
Experience in the areas of internal audit and risk management plus twenty+ years experience on multiple condominium corporation boards, including two corporations as president. The CONDO PARTNER process provides workshops, helpful tools and templates, one-on-one assistance, so that board members and property managers can more effectively execute their oversight responsibilities for a condominium corporation.
For more information, please contact: