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The Importance of Good Internal Financial Controls
Good Internal Financial Controls are important to keep everyone honest. In the latest HomeRun Good Practices video, we hear from Access Co-op, COHO Management, and Bridletowne Circle Co-op. Each share their role in keeping good internal financial controls, along with sound advice based on lived
Ready for your Annual General Meeting (AGM)?
Did you know your membership doesn’t need to approve your audited financial statements? Fact! If you check your provincial co-op act, you’ll see that co-ops just have to present the statements, which their members receive for information. So don’t delay your annual filings with the Agency until
Q&A on the AIR for Auditors
Auditor’s Guide to the AIR
Recouping your Loss from Fraud
The Agency has discovered that some housing co-operatives victimized by fraud are unable to collect on their insurance because they miss the deadline for reporting their loss. Others don't try to make a claim out of the mistaken belief that a claim won't succeed without a criminal conviction.
Our
What to Expect from Your Auditor
Very rarely, the Agency becomes aware of fraud in a housing co-op. Red flags can be missed by the board, the members or even the property manager. One way to avoid this is to pay close attention to what your auditor has to tell you.
The auditor’s role is to help ensure that readers of your co-op’s
Tip of the Month
Plans in Action
The average co-op with an approved capital replacement plan tucks away more than $3,600 per unit in reserves each year--triple the 2007 amount. Does their future hold better windows? New kitchens? Savings mean more choices.