Are not-for-profit corporations subject to the audit requirements outlined in the Ontario Corporations Act?”
All not-for-profit corporations must comply with the audit requirements in the Ontario Corporations Act unless they fall under the criteria in s96.1 of the Act. An exemption to auditing is granted under this section where (a) the company is not a public company; (b) the annual income of the company is less than $100,000; and (c) all of the shareholders consent, in writing, to the exemption in respect of the year. Please refer to the links provided below for more details.
