ELECTORAL DISTRICT ASSOCIATIONS – AUDITOR ENGAGEMENT
When do you Need an Auditor?
Currently, Elections Canada requires that an Auditor of the EDA be registered and on file with Elections Canada (whether audit services are used or not). The EDA is also required to file an annual Financial Transactions Return (FTR) to Elections Canada. The annual FTR must be audited if contributions totalling $10,000 or more are accepted and/or association expenses totalling $10,000 or more are incurred.
It is important to distinguish between expense and non-expense transactions in your determination of the $10,000 expense threshold for requiring an audit of the FTR. Non-Expense transaction include; monetary transfers to campaign bank accounts, payments for prior year payables, payments for pre-paid expenses that are then invoiced to the candidate’s campaign. These non-expense transactions should not be included in your determination of the $10,000 threshold for requiring the FTR Audit. Expense transactions include (but not limited to); EDA fundraising costs, EDA advertising during the non-campaign period, office supplies, office rent during the non-campaign period etc. These are costs that can be included in the determination of the $10,000 threshold.
Our Audit Services
In order to obtain the Political Finances Audit services of Chaplin & Co. Chartered Accountants your campaign must meet some requirements.
Review the Engagement Requirements by clicking HERE.