Auditing for your condominium
The process of the control going from the Developer to the Condominium Corporation is one of the most crucial periods in the life of a Condominium. This is the time when the governing body of the community must determine not only the physical and financial strengths of the development, but, also set the procedures in place for future maintenance and financial stability.
For new Condominium Corporations, it is extremely beneficial to have both a Reserve Study and Performance Audit completed. The Scope of Work includes the preparation of a Reserve Study as described previously and Performance Audit as described below:
The Importance of a Condominium Performance Audit
A Performance Audit is intended to review the as-built development for general conformance with the provided design drawings and corporation documents, and to confirm that no defects exist. These observations are visual in nature and include a site and exterior building analysis.
A Performance Audit includes the following Scope of Work:
- A review of all provided engineering drawings, architectural drawings, and public offering statement.
- One visit to the appropriate municipal offices to review the public documents and resolutions concerning the development.
- On-site visual observations performed to determine any areas that have not been built in general conformance with the design documents or acceptable workmanship.
- A Narrative Report of Audit includes details of each observed deficiency; possible cause(s) of the problems; recommendations for corrective action and a reference to any performance standard (i.e., deviation from design drawings, workmanship, etc.), where applicable.
- A Punchlist Summary, which includes a description of each deficiency along with the specific locations where each deficiency was noted and the appropriate, recommended correction.
- The optional preparation of a questionnaire for distribution to all residents. Thus, any concerns with regards to the unit interiors, as they relate to the common elements can be identified.
To learn more about performance auditing, please contact us today at 1-888-940-0571.