The IFCN audits are performed annually in January of the year immediately following the tax year to which the audit applies. They contain the statements of operations and changes in net assets and cash flows of the year January 01 to December 31. The information supplied to the auditor is the responsibility of the IFCN Treasurer. The audit is completed in accordance with Canadian tax law and accepted auditing standards of Canada. The IFCN is a “for-not-profit” organization and is not subject to tax.
It is the responsibility of the Delegates to reappoint the Auditor on an annual basis. It is assumed that the Auditor is to be reappointed unless a 2/3 majority of Delegates inform the Treasurer that they wish the Auditor replaced by another. Reasons for this must be given and the Treasurer must be informed within three (3) months of the Audit being posted on the IFCN Web site. A new Auditor can only commence at the end of a Tax year (December 31).