What is the purpose of a Turn-over Financial Audit?

A Turn-over Financial Audit primarily serves to review the financial status of a condominium corporation after it has been registered. This audit is crucial during the transition phase from the developer to the newly elected board of directors. It provides an in-depth examination of the financial records to ensure accuracy and accountability for the funds managed during the developmental phase.

The purpose is to identify any discrepancies or concerns in the financial reporting and to provide a clear picture of the corporation's financial health at this pivotal time. This analysis helps the new board understand the financial obligations and available resources as they take over management responsibilities.

While assessing management quality or evaluating operational efficiency may be important considerations in the broader context of condominium management, they are not the primary function of the Turn-over Financial Audit. Additionally, while preparing for the next board meeting could be an indirect result of the audit findings, it does not align with the main goal of reviewing the financial status post-registration.