The main purpose of a performance audit is to determine whether there are any deficiencies in the performance of the building elements after construction has been completed. More specifically, it's to identify any defects in the common elements that may give rise to a claim for payment under the Ontario New Home Warranties Plan Act.
A first year performance audit is a mandatory assessment for all newly constructed residential condominium corporations, as part of ensuring the accountability government of every condominium corporation. Audits must be conducted no earlier than six months and no later than ten months following the registration of the declaration and description as outlined in the Condominium Act. The condominium entity management is responsible for retaining an engineering company to carry out this work within this period.
Accent Building Sciences Inc. (ABSI) staff conduct performance audits and present audit findings for condominium corporations across Ontario. Call us today.
The audit objective is to identify any deficiencies in the common elements and develop procedures for improvement. However, auditors will utilize a variety of testing methods to answer key questions and confirm their findings. At ABSI, we have the skill and available resources to complete the audit program for your condo corporation.
Accent Building Sciences Inc. staff and internal auditors offer expertise in all required engineering disciplines and testing methods to complete a comprehensive performance audit and categorize various deficiencies. These practices will allow our auditors to evaluate common elements with a high degree of effectiveness.
Clients will receive a comprehensive report with the details and findings of the assessment, reporting of any deficiencies, the details and findings of the assessment, including the effectiveness of the management systems and internal controls, warranty items, and any limitations encountered during the audit. A copy of the inspector's certificate of authorization as issued by the Professional Engineers Act will be included.
The Ontario New Home Warranties Plan Act requires performance audit reports to be submitted to Tarion before the eleventh month following the registration of the declaration, as part of the warranty process. The report will help guide remediation under the 12-month warranty and the planning processes to have the deficiencies corrected.
Audits must take place no later than ten months following the registration of the declaration and description of the condo – relatively the same time period that a reserve fund study must be completed. As a result, many condominium corporations choose to have their audits and reserve fund studies completed in conjunction with audit work.
At ABSI, we are extensively experienced in both performance auditing and reserve fund studies. We complete both assessments and financial audits in conjunction, promising efficiency for your management group. You will have everything you need to meet government criteria and compliance.
