As with any situation in business or in life, there are good condominium property managers and there are bad ones. Similarly, there are good property managers who may work for bad management companies. And sometimes bad managers who work for good management companies.
As a condominium board member, how do you really know what you’ve got in your building? What is actually happening in the management office? Are you receiving proper results and value for your management fees? Does your management company’s performance truly meet their promise?
Eagle Audit Advantage delivers a unique collaborative inspection process that helps boards achieve and verify true management excellence in their condominium corporations, with lowest possible risk of fraud.
Condominium Audits for Operations Performance Excellence and Fraud Deterrence
Your board engages Eagle Audit for a comprehensive performance review of your on-site manager and the management company back office accounting operation. Then we bring your property manager along for the site inspection… it’s a unique approach to collaboratively improving your results and sharing best-practices.
- We conduct deep inspection of all areas of your condominium common elements, including work areas, storage and staff areas that often are overlooked by managers.
- We determine whether proper internal controls are in place to protect vulnerable corporation assets, including supplies, tools and consumables.
- We inspect all management records, contract documents and expense records for proper practices and completeness.
- We assess whether proper information handling practices are implemented and respected within your property manager’s office.
- We assess whether employees and contract workers are efficiently managed, and whether there are any risks of time-wasting or theft.
- We attend the management company head office for inspection of the back-office accounting procedures and internal controls.
- We assess your fraud risk using special assessment criteria and on-site tests that are unique to Eagle Audit.
- And much, much more…
We issue a detailed report to your board. The identical report is submitted to the management company 48 hours in advance, so they can prepare their response to any anomalies we have uncovered.
At time of your corporation’s annual financial statement audit, we submit copies of our reports to your auditor.
And then we issue a Condominium Performance Assessment summary report that your board can mail to all owners as part of your year-end AGM mailing.