sec.123

sec.123 Audit [ SM, s 176 ]

The body corporate must have its statement of accounts for each financial year audited by an auditor unless— the community titles scheme is a basic scheme; and the body corporate resolves by special resolution not to have the statement audited. If the body corporate is required under subsection (1) to have its statement of accounts audited, the auditor to be appointed must be agreed to by ordinary resolution of the body corporate. The motion for agreeing to the auditor to be appointed— must be included in the agenda for the general meeting at which the motion is to be considered; and must include the name of the auditor proposed to be appointed; and is not voted on if, under subsection (1) , it is resolved not to have the statement of accounts audited. Even if the body corporate resolves not to have its statement of accounts for a particular financial year audited, the body corporate may, by ordinary resolution, resolve to have its accounting records for a particular period, or for a particular project, audited and appoint an auditor for the purpose. The following persons can not be appointed to audit the accounting records or the statement of accounts of the body corporate— a member of the committee; a body corporate manager; an associate of a member of the committee or a body corporate manager. On finishing an audit of the body corporate’s statement of accounts for a financial year, the auditor must give a certificate— stating whether the statement of accounts gives a true and fair view of the body corporate’s financial affairs; and if the statement of accounts does not give a true and fair view of the body corporate’s financial affairs—identifying the deficiencies in the statement. A copy of the auditor’s certificate must accompany the notice of the next annual general meeting held after the certificate is given. The motion for a special resolution under subsection (1) must be— in the form ‘that the body corporate’s statement of accounts for the financial year ( state the financial year concerned ) not be audited’; and accompanied by a note ‘NOTE: If you want the accounts to be audited, vote ‘no’; if you do not want the accounts to be audited, vote ‘yes’.’. (sec.123-ssec.1) The body corporate must have its statement of accounts for each financial year audited by an auditor unless— the community titles scheme is a basic scheme; and the body corporate resolves by special resolution not to have the statement audited. (sec.123-ssec.2) If the body corporate is required under subsection (1) to have its statement of accounts audited, the auditor to be appointed must be agreed to by ordinary resolution of the body corporate. (sec.123-ssec.3) The motion for agreeing to the auditor to be appointed— must be included in the agenda for the general meeting at which the motion is to be considered; and must include the name of the auditor proposed to be appointed; and is not voted on if, under subsection (1) , it is resolved not to have the statement of accounts audited. (sec.123-ssec.4) Even if the body corporate resolves not to have its statement of accounts for a particular financial year audited, the body corporate may, by ordinary resolution, resolve to have its accounting records for a particular period, or for a particular project, audited and appoint an auditor for the purpose. (sec.123-ssec.5) The following persons can not be appointed to audit the accounting records or the statement of accounts of the body corporate— a member of the committee; a body corporate manager; an associate of a member of the committee or a body corporate manager. (sec.123-ssec.6) On finishing an audit of the body corporate’s statement of accounts for a financial year, the auditor must give a certificate— stating whether the statement of accounts gives a true and fair view of the body corporate’s financial affairs; and if the statement of accounts does not give a true and fair view of the body corporate’s financial affairs—identifying the deficiencies in the statement. (sec.123-ssec.7) A copy of the auditor’s certificate must accompany the notice of the next annual general meeting held after the certificate is given. (sec.123-ssec.8) The motion for a special resolution under subsection (1) must be— in the form ‘that the body corporate’s statement of accounts for the financial year ( state the financial year concerned ) not be audited’; and accompanied by a note ‘NOTE: If you want the accounts to be audited, vote ‘no’; if you do not want the accounts to be audited, vote ‘yes’.’.

• (a) the community titles scheme is a basic scheme; and
• (b) the body corporate resolves by special resolution not to have the statement audited.
• (a) must be included in the agenda for the general meeting at which the motion is to be considered; and
• (b) must include the name of the auditor proposed to be appointed; and
• (c) is not voted on if, under subsection (1) , it is resolved not to have the statement of accounts audited.
• (a) a member of the committee;
• (b) a body corporate manager;
• (c) an associate of a member of the committee or a body corporate manager.
• (a) stating whether the statement of accounts gives a true and fair view of the body corporate’s financial affairs; and
• (b) if the statement of accounts does not give a true and fair view of the body corporate’s financial affairs—identifying the deficiencies in the statement.
• (a) in the form ‘that the body corporate’s statement of accounts for the financial year ( state the financial year concerned ) not be audited’; and
• (b) accompanied by a note ‘NOTE: If you want the accounts to be audited, vote ‘no’; if you do not want the accounts to be audited, vote ‘yes’.’.