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Audit of strata accounts? do you usually have it?

Discussion in 'Property Management' started by Seal, 11th May, 2016.

  1. Seal

    Seal Well-Known Member

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    do you usually vote for the strata accounts to get audited or not? why?
     
  2. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    From my experience of having seen many hundreds of AGM notes in strata reports, the overwhelming majority vote not to have the accounts audited or annual pest inspections done.

    I suspect it is a cost issue.
     
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  3. datto

    datto Well-Known Member

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    I vote no if its from an auditor provided by the strata manager.

    The other thing is tax returns. I don't understand why we get charged $150 to lodge a nil tax return every year.

    We have no income whatsoever. No interest income, zip. So the accountant gets $150 (less whatever secret commission the strata manager gets) for 2 minutes work filling an online form. Mutiply that by the number of properties on the strata managers books and it seems like a mugs game.
     
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  4. D.T.

    D.T. Adelaide Property Manager Business Member

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    Compulsory in some states
     
  5. hobo

    hobo Well-Known Member

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    We (QLD) have the option of an audit every year, and we then vote on the auditor options offered (ie not limited to any specific auditor).

    Personally, I vote yes to an audit (which is 'No' on the actual question, because they ask *stupid * negative questions) every few years (eg 5 yrs).
     
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  6. Scott No Mates

    Scott No Mates Well-Known Member

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    I only seek an audit at change of strata Manager or when there are major works scheduled and paid froms sinking fund/special levies.
     
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  7. Ted Varrick

    Ted Varrick Well-Known Member

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    Changes of strata managers should happen at most every 3 years (with obvious exceptions where a strata manager is exceeding expectations...) by default, so the owners corporation keep paying attention to matters at hand....
     
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  8. Pumpkin

    Pumpkin Well-Known Member

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    Haha, this is so peculiar and luckily I have seen this for years and got used to it.
    Almost all the proposed financial audits were by the BCM, and when such an audit was commissioned, the report is rather pathetic and made us wonder why we would do it. I feel that the audit is merely a vouching of paperwork and you do hope with BCM has supporting documents for all payments. The feedback you hope to see but never get is comments on operational matters. That will be a specialised area.