According to Joe Richer, the results of a year-long review align with internal plans to improve our consumer-protection mandate.

What is the purpose of the auditor general's investigation into RECO?

Last week, the Office of the Auditor General of Ontario (OAGO) published a value-for-money audit of the Real Estate Council of Ontario.

The OAGO audits public sector organizations on a regular basis. In fact, the OAGO just released 14 other reports along these lines last week.

Before I get into what this means for RECO, real estate agents, and consumers, let me first explain the role of the province's auditor general.

One of the primary responsibilities is to audit public sector organizations, such as RECO, to ensure that they are fiscally responsible and transparent with the public. Audits typically examine the organization's policies and processes to ensure that they are well-documented and that the organization is adhering to them.

The OAGO also evaluates whether these organizations are doing their work in a cost-effective and efficient manner, as well as whether solid measuring and reporting processes are in place. The findings of the auditor general, which are published in a report, provide members of provincial parliament with a better understanding of how well public resources are being used. Public resources, such as tax dollars or fees collected from organizations such as RECO, are used to carry out a mandate in the public interest.

RECO's year-long audit began in January 2022 and has now concluded with the publication of the report.

The auditor general's report includes 25 recommendations to improve our ability to administer the Real Estate and Business Brokers Act, 2002 (REBBA), which is the legislation that agents and brokers must follow. If you want to read the full report, it's available on RECO's website, along with our statement.

We are proud of our 25-year history as Ontario's real estate regulator, as well as our mandate to protect consumers. And we will continue to collaborate with the auditor general's office and other stakeholders on public-interest strategies.

"We appreciate the opportunities the auditor general's report presents to enhance the important work we do," says Michael Beard, CEO of RECO. And we are pleased that a large number of the recommendations closely match our plan to update how we apply the law in the public interest. We are currently developing a strategy to address the report's recommendations.

This includes enhancing processes in a variety of areas of our work, such as real estate education, inspection, complaints, and investigations.