Which audit involves not only financial review but also looks into the operational functions?

The performance audit is the type of audit that encompasses both a financial review and an examination of operational functions. This type of audit goes beyond simply assessing the accuracy of financial statements; it also evaluates the efficiency and effectiveness of various programs and operations.

In the context of condominium management, a performance audit may assess how well the management team is implementing strategies to meet the goals of the condominium corporation, as well as how resources are being utilized in relation to the budget. By investigating operational functions, a performance audit helps identify areas where improvements can be made, ensuring that the condominium is not only financially sound but also effectively managed for the benefit of its residents.

This auditing process is crucial in maintaining accountability and transparency in management practices, contributing to the overall health of the condominium both financially and operationally.