Condominium Audits

“Lee & Souter has been providing personalized, professional accounting and taxation services to companies and individuals operating within a wide range of industries since 1976.”


Since 1976, Lee & Souter LLP has been providing audit, accounting and related services for Condominium Corporations in the Greater Toronto Area and beyond.  We are experts in the industry and have developed a niche practice through a specialized and unique audit approach that is the result of many years of experience and the investment of substantial time and resources.  We tailor our work to each individual Condo Corporation because a one-size-fits-all approach doesn’t measure up.  All audit services are supervised by partners who have the CPA, CA designation with over 25 years of significant industry experience.  Our expertise coupled with an individualized, hands on approach have created successful relationships with management companies of all sizes.  Building a specialized practice does not come quickly and through patience, discipline and hard work, we have become recognized as an industry standard based on value and trust.

Our Firm Advantage

Lee & Souter LLP has developed a niche in the audit of Condominium Corporations providing audit, accounting and related services since 1976 to currently 300+ Condominium Corporations in the Greater Toronto Area. Our experienced professionals have created a unique audit approach that is tailored to your Condominium Corporation. All audit services are supervised by partners that have CPA, CA designation with a minimum of 25 years of Condominium audit experience.

Lee and Souter is a commonly recognized name among Condominium Corporation audit practices in Ontario.  We have built this business on commitment to customer service, experience, expertise and proven reliability to get the job done efficiently and effectively.  We work with all types of properties including residential, commercial, standard and common elements condos and have developed a successful audit process that is streamlined and caters to each individual property.  Our clients include high rises, townhouse complexes, mixed-use and shared facilities that range in size from 3 to over 450 units.  

We have developed strong relationships with a considerable number of property managers, from the small owner managed companies to large publicly traded corporations.  Many of our property management clients have been with us for over a decade and continue to trust in our expert knowledge of the differing accounting and internal control systems.  Our clients appreciate the active partner involvement to ensure each audit is meeting the demands of your Condominium Corporation.  

We prioritize client service and work hard to meet deadlines to deliver timely audits while maintaining high technical standards.  We are mindful of the daily operations of property management companies and conduct our field audits skillfully, working remotely when feasible.  We strive for staff continuity in each engagement, supporting a smooth and efficient process year to year.

Our approach is geared towards identifying significant weaknesses in design and implementation of internal control, non-compliance with the Ontario Condominium Act, 1998 2019, misstatements resulting from errors and potential existence of fraud.  

At the request of the Board of Directors, we will present the Audited Financial Statements at the Annual General Meeting.  Our Financial statements are tailored to present information in a clear and understandable format while containing the required details.  Attendance at your AGM provides the opportunity for information sharing, while facilitating personal relationships with both the board and unit holders.

Condo Corporations are required to file tax returns with The Canada Revenue Agency (CRA) and we prepare the required return(s) on behalf of our clients.

We are members of the Canadian Condominium Institute – Toronto and the Association of Condominium Managers of Ontario (ACMO).

We cover the Greater Toronto Area, including the City of Toronto and the Regions of Durham, Halton, Peel, Simcoe and York. Some of the municipal areas include Ajax, Aurora, Brampton, Burlington, Caledon, Georgina, Gwillimbury, Halton Hills, King, Markham, Milton, Mississauga, Newmarket, Oakville, Orangeville, Oshawa, Pickering, Richmond Hill, Stouffville, Thornhill, Toronto, Uxbridge, Vaughan, Whitby and Woodbridge. 

Click here for a condominium audit quotation.  Please reply with the most current Audited Financial Statements and Budget.