BR21. Do we have to get an audit done on the financial statements included with the T3010?

BR21. Do we have to get an audit done on the financial statements included with the T3010?


Short answer

Not for the purposes of the Canada Revenue Agency, although your treasurer should sign financial statements that have not been audited. Note, however, that in deciding what charities to audit, CRA uses a risk management approach. One of the factors it may consider in determining whether to investigate a charity is the availability of an independent audit or third party review of the charity’s finances.

Long answer

On the other hand, other government authorities, your charity’s governing body or bylaws, or its funding bodies may require audited statements.