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18
Type of
Corporation
(Gross Annual
Revenues)
Appointment of Public Accountant
(PA)
Review Engagement or Audit
Soliciting
Designated
$50,000 or less
Members must
appoint a PA by ordinary resolution at each annual meeting.
Exception –
Members may waive appointment by annual unanimous resolution
PA must conduct
review engagement, but members may pass an ordinary
resolution to require an audit instead.
(If no PA is
appointed, then compilation only)
Non-Designated
More than $50,000
and up to $250,000
Members must
appoint a PA by ordinary resolution at each annual meeting
PA must conduct
an audit, but members can pass a special
resolution to require a review engagement
instead
Non-Designated
more than $250,000
Members must
appoint a PA by ordinary resolution at each annual meeting
PA must conduct
an audit.