Benchmarking Instructions

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Related Good Practices

• Access - Good Practices for Internal Financial Controls
• Lakewood Terrace - Good Practices in Reducing Audit Costs

 

Benchmark Report for XYZ Co‑op

Compare our sample co‑op to other co‑ops in our chosen peer groups. These results are for an Ontario co‑op with 100 suburban units. Log in now to see the actual results for your own co‑op.

Audit Fees per Unit

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Keep in mind that audit costs have been increasing as new accounting standards add to the procedures that auditors have to carry out. If you find your audit fees to be on the high side, talk to your auditor about what you can do to reduce the cost and consider doing a request for proposals to test the market.

Compared to:   All Agency co‑opsCo‑ops in your provinceCo‑ops in your city

Scoring System

See your co‑op’s performance on a scale of one to four houses:

• Four houses (a home run!) puts the co‑op in the top 15% of its peers
• Three and two houses represent middle-of-the-road performance, a bit better (3 houses) or a bit worse (2 houses)
• One house puts the co‑op in the bottom 15%

The vertical lines on each of the bars (the years) divide the four levels. Good performance is seen by appearing on the right-hand side of the scale.

Where Do these Numbers Come From?

This is the amount, in dollars per unit, which your co‑op spent on the audit of its financial statements for each year. The numbers come from the information reported by co‑ops to the Agency on their Annual Information Returns.