What are some standard qualifications in the auditors report for condominium corporations?
Often certain revenues will not be subject to satisfactory audit verification: for example laundry revenue in coin operated machines, or parking revenues where unit owners have the option of paying. In these cases it is common to see a qualification in the audit report. A resulting qualification does not suggest that a problem exists, ie. fraud or otherwise, but only recognizes a limitation in the ability to obtain satisfactory evidence.
