ONCA

The possibility of waiving audit or review engagement requirements for not-for-profit corporations depends on factors like annual revenue and whether the corporation is a public benefit corporation under section 76 of ONCA.

The audit requirement can be waived for public benefit corporations with annual revenue between $100,000 and $500,000, but a review engagement is still necessary. If the income is $500,000 or more, an audit becomes mandatory. Conversely, if the annual revenue is $100,000 or less, the audit and review engagement can be waived for public benefit corporations.

These thresholds may change in the future through regulation amendments. To waive audit or review engagement requirements, an extraordinary resolution requiring approval by at least 80% of members is needed. This decision stays in place until the next yearly meeting.

For other not-for-profit corporations not classified as public benefit corporations, those with annual revenue over $500,000 can waive the audit but must conduct a review engagement. The audit and review engagement can be waived if the income is $500,000 or less. Similar to public benefit corporations, an extraordinary resolution is required in either case, valid until the next annual meeting of members. For more comprehensive details, refer to section 76 of ONCA.