The increasing sophistication of property owners and their rising expectation for good governance in managing strata-titled developments could pose a daunting challenge to the management councils. It is important that members of the management councils of such developments are well-equipped with the knowledge of the regulatory framework and the related accounting and auditing requirements under the provisions of the Building Maintenance and Strata Management Act (BMSMA).
Subject to section 134, the books and accounts of every management corporation in respect of each financial year of the management corporation shall be subject to audit.
The audit of the books and accounts of a management corporation shall be carried out only by a person who is a public accountant within the meaning of the Companies Act (Cap. 50). The auditor shall be appointed by:-
- the management corporation at its annual general meeting; or
- the council of the management corporation within 90 days after the conclusion of annual general meeting.
If no auditor is appointed during that annual general meeting, and the auditor shall hold office until the conclusion of the next annual general meeting of the management corporation.
We specialize in the provision of MCST audit to diverse clientele which include residential (condominiums), commercial (shopping centers, industrial buildings) or residential cum commercial buildings.