Based on Owners Corporations Act 2006, larger owners corporations, such as tier 1 and 2, are required to have their annual financial reports audited or reviewed by authorised auditor or accredited accountant.
It also can be beneficial for tier 3, 4 & 5 owners corporations to have their financial accounts examined by qualified auditors to ensure the financial reports are free of material errors
We have been specialised in providing owners corporations in Victoria. Our audit report will meet Owners Corporations Act 2006’s requirements by providing an independent reasonable assurance that the Owners Corporation’s financial statements present a true and fair view of the accuracy of the Owners Corporation’s financial statements.
Our auditors have the following qualification and licenses:
- CPA full membership
- CPA public practice license
- ASIC registered company auditor
Essential Documents and Information Needed for an OC Audit and Review
To ensure a thorough Owners Corporation (OC) audit and review, please prepare the following key documents and information:
- Detailed description of the portfolio and management company
- Complete set of financial reports, including the balance sheet, profit and loss statement, and notes
- General ledger
- Trial balance
- Access to the accounting software used for levy management (e.g., PIQ or Property)
- AGM package and proposed AGM date
- Receipts/invoices for revenue earned throughout the financial year
- Copy of the plan of subdivision
- Members register
- Record of invoices paid during the financial year
- Bank statements covering the audit period
- Insurance statement and policy details
- Internal complaint process policy and complaint register
- Minutes from all meetings held during the audited financial year
- Approved budgets for the financial year being audited
- Contract of appointment for the manager
- Copy of Business Activity Statements, if applicable
- Other relative documents and information.
Owners Corporation (OC) Audit Costs
Our OC audit costs are structured as follows:
- Base rate: $110 – $165
- Per lot fee: $7 – $10 per lot
For an accurate, tailored quote on your OC audit, please don’t hesitate to contact us.
If you would like a quote, please call us on 03 9557 3138 or email the details of your audit to info@gavinmaandco.com.au