Strata Financial Audits – Good Governance & Best Practice

Is your strata community following the law and administrative best practice?

An annual financial statement audit is a legal requirement for Body Corporate and Owners Corporation communities, but even more importantly, an independent third-party audit provides peace of mind for all lot owners and committee members.

In New South Wales and Victoria, an annual financial statement audit is mandatory for schemes with 100 lots or more.

In Queensland, annual audits are required for all Body Corporate communities (with the exception of two lot schemes) and it takes a special resolution to pass at an AGM to resolve not to have an audit.

Body Corporate/Owners Corporation committee members have similar responsibilities as being a member of the board of directors of a company. Directors have fiduciary responsibilities and so do committee members.

An annual audit can protect committee members from possible liability. Section 101A of the BCCM Act states that “…a committee member is not civilly liable for an act done or omission made in good faith.”
Adding a recommendation for a financial statement audit is one of the ways committee members demonstrate ‘good faith’.
To learn more about who can provide an independent audit, see the SSKB’s Info Sheet – Audits & Auditors.

Why over 37,000 lot owners choose SSKB
Since 1995, SSKB has been the industry leader in strata management. Servicing clients through Queensland, New South Wales and Victoria, we have a broad portfolio of schemes under management and pride ourselves on having the most experienced and skilled management team in the industry.

As a lot owner, you will have access to our expert Client Solutions Team who are on hand to deal with general enquiries. This team works on a “one call resolution” policy, aiming to resolve any issues on your first call to us. The team have a 94% rate of answering questions on the spot. By having our Client Solutions Team assisting lot owners, It allows our Community Managers and Assistants to be on hand to better deal with the requirements of the committee.

We provide a wide range of strata related services and are affiliated with some of the best businesses in the industry to help make the entire process of being part of a body corporate or owners corporation as easy and seamless as possible for lot owners.

Click here to contact the SSKB team today. 

How can we help you?

We help you take repetitive time-consuming tasks off your plate.

Contact us

Sign up to our mailing list and get articles delivered straight to your inbox

Share This Story, Choose Your Platform!