A performance audit is a mandatory assessment for all newly constructed residential condominium corporations. The purpose of this mandatory post-construction inspection is to provide the condominium corporation with an independent assessment of the performance of the condominium’s common elements.
The audit must take place before the first anniversary of the registration of the condominium. As such, the Performance Audit is often undertaken in conjunction with the first Reserve Fund Study, which is also required within the first year after registration of the Condominium Corporation.
QUALIFICATIONS OF ASSESSORS:
Only certified engineers or certified architects are permitted to conduct performance audits of the common element components. It is up to the board of the condominium corporation to retain such a person.
WHAT IS INCLUDED:
The condominium act is not specific with regard to how detailed the audit must be.
However, major components must be included and these would include:
- The foundation
- The parking garage
- The wall systems including air and vapour barriers
- Windows and doors
- Electrical and mechanical systems (including fire protection systems and telecommunications)
- The landscape areas (including outside parking)
Other duties as part of the performance audit include:
- Review all final reports on inspections that the corporation had carried out on the common elements
- Review of developers final Bulletin 19 report
- Conduct a survey of the owners of the corporation as to what evidence, if any, they have seen of damage to the units that may have been caused by defects in the common elements
CONTENTS OF REPORT:
The performance audit report is required to include the following:
- A copy of the inspector’s certificate of authorization as issued by Professional Engineers Act
- Details of the inspection and findings made during the course of the audit
- A statement that the person has reviewed all final reports, as mentioned previously
- A copy of the survey that was given to the owners to complete
- A list of findings of defects