With the increasing numbers of private and industrial/commercial projects being built in the recent years, Management Corporation Strata Titles (MCST) were being constituted, and the growing demand of service expectations of Management Councils, Managing Agents are tasked with meeting these challenges to remain highly competitive.
We have been auditing and consulting MCST accounts since 1985 and would like to share with you, our knowledge and experience in Accounting and Auditing requirements under the Provisions of Building Maintenance and Strata Management Act (BMSMA).
OUR CLIENT PORTFOLIO
Consists more than 400 MCSTs comprising residential (condominium), commercial (shopping centres, industrial building) or residential cum commercial.
MCST FORM P1 SUBMISSION
We also include a separate letter concerning any material weakness in accounting and internal control systems, which arise from the audit.`
(An audit includes examining, on a test basis, evidence supporting the amount and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management and evaluate the overall financial statement presentation.)
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DEFINITION
Any institution, corporate or not, which is established for charitable purposes and is subject to the control of the High Court in exercise of the Court’s jurisdiction with respect to charities constituted:
✓ As a society
✓ As a company limited by guarantee under the Companies Act
✓ By trust deed
✓ By a special Act of Parliament
✓ Institutions of a Public Character (IPCs) are non-profit or not-for-profit organisations. Only those are conferred the approved IPC Status are authorised to issue tax-deductible donations.
COMPLIANCE
✓ Charities Act (Chapter 37)
✓ Charities (IPC) Regulations 2007
✓ Charities (IPC)(Amendment) Regulations 2008
✓ Charities (Accounts & Audit Report) Regulations
✓ Societies Act (Chapter 311)
✓ Societies Regulation
AUDIT AND FINANCIAL STATEMENTS REQUIREMENTS
Charities (Accounts & Audit) Regulations
✓ 500K externally audited by public accountant
✓ Submission with 6 months from the end of the financial year (Reg. 16)
✓ Need auditor to certify compliance of Reg 15 – 30/70 fundraising rule
✓ Change Auditor once every 5 years, whether to another auditor from the same auditing firm or company
Review and Presentation of Financial Statements
✓Accounting – choice of FRS & CAS
✓Appropriateness of accounting policies
More Information on IPC Audit ?
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