Auditors focusing on Body Corporate and Home Owners Association Audits
Our focus as auditors are on Body Corporate, Home Owners Association and Property company audits. Focusing on this market allows us to have a better idea of what repairs, admin costs, insurance ect should cost. Our approach to serving our clients mean we are more than just your average auditors.
Jesling Auditors offer a full range of services including preparation of financial statements, independent reviews, full audits and payroll services.
What are my audit requirements?
We have provided a brief summary of the audit requirements that a Body Corporate and Home Owner Association need to comply with. It is important to understand these requirements as it could result in unnecessary costs incurred by the owners.
Body Corporates are governed by the Sectional Titles Act, 1986. The Act requires for all Body Corporates to be audited by an auditor with the exception of a scheme that consists of less than 10 units. This scheme may appoint an accounting officer to sign off the Annual Financial Statements.
Home Owners Association
Home Owners Associations are non profit organisations governed by the Companies Act, 2008. Depending on their public interest score, Home Owners Associations have the option of either an audit or independent review. Owners will have to weigh up the costs and benefits of each report in order to determine what best suites the community of owners as a whole.
SARS recently implemented the new interpretation note 64 to replace the SARS practice note 8 which deals with how a body corporate and home owner association are taxed by SARS.
The new interpretation note had little affect on the way in which the taxes are calculated but more on the way in which they are administered. Previously, a body corporate and home…
It seems most people are never quite sure how to calculate body corporate tax and the manner in which tax practitioners calculate this tax varies from practice to practice. It shouldn’t be this way as the rules are fairly straight forward – provided you know where to find them!
SARS has issued interpretation note 64 which sheds some light on how they inte…