Audit and Record Keeping Policy Updates and Broker SharePoint Training
Audit and Record Keeping Policy Updates and Broker SharePoint Training
Effective January 2025, the Commission is replacing the existing policy, the Audit Program: A Guide to Real Estate Audits in Nova Scotia, with two separate policies, the Audit Policy and the Brokerage Transaction and Trust Account Policy.
The Audit Policy
The new Audit Policy expands on parts 6 and 7 of the Commission By-law regarding broker responsibilities and supervision for trust audits and brokerage audits. The Audit Policy includes what a broker is to expect when having an audit: engagement, booking, audit, and audit results report.
Click HERE to view the new Audit Policy.
The Brokerage Transaction and Trust Account Policy
The new Brokerage Transaction and Trust Account Policy sets out specific requirements for both real estate trading files and trust account procedures and records. This policy took all of the requirements about how to maintain records from the existing Audit Program and added additional clarification so that licensees understand what the requirements are when completing transaction documents with consumers. It also explains how trust funds are to be handled and sets out what trust records brokers are required to prepare and maintain. Under the policy, and the By-law, licensees must provide real estate documents to the broker upon execution and the broker is required to review those documents and make recommendations to rectify discrepancies, if identified, in a timely manner.
The record keeping requirements for audits are not changing. Brokers who do not have trust or trading activity will continue to submit form 2 or 3 as directed by the Compliance Officer.
Brokers will no longer receive audit ratings for transaction file review or trust audits, however, brokers who receive consistently poor audit results will be referred to the Registrar. Discrepancies are no longer weighted by level (critical, serious or error).
Click HERE to view the Brokerage Transaction and Trust Account Policy.
SharePoint
A primary change to the audit process is the introduction of the electronic platform, SharePoint, as the new method for brokers with trust and trading activity during the audit period (form 1) to provide documents to the Compliance Officer. SharePoint is a secure platform that allows for sharing and storing documents. Just like a digital filing cabinet, it will allow brokers to easily and securely submit documents. SharePoint is a Microsoft product and will be familiar to Microsoft Officer users.
SharePoint training will be available for brokers within the next few weeks. Brokers will be emailed with more details when the training is available.
If you have questions about audits, email the Compliance Officer assigned to your audit or the Commission’s Compliance Manager, Carolin MacDonald at This email address is being protected from spambots. You need JavaScript enabled to view it..
