What type of document is an audited financial statement primarily used for?

An audited financial statement is primarily used for planning financial strategies because it provides a comprehensive overview of the financial health of a condominium corporation. These statements are prepared by an independent auditor, ensuring accuracy and adherence to accounting standards. They include detailed information on revenues, expenses, assets, and liabilities, which enable the condominium board and management to make informed decisions.

By analyzing audited financial statements, stakeholders can identify trends, assess financial performance, and determine resource allocation for future initiatives. This strategic financial planning is crucial for long-term stability and growth, helping ensure that the condominium can meet its obligations and enhance the living environment for residents.

Other options, such as setting service fees or establishing emergency funds, rely on the insights gained from these financial statements but do not encompass the broader purpose they serve in overall financial strategy development. Reviewing staff performance is unrelated to the content of financial statements, as these documents focus more on the financial aspects rather than human resource metrics.