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Five Reasons to Audit Your Strata

Tuesday, 04th November 2014

The five reasons you should have your strata plan audited by Kelly + Partners are:-

 

 

 

 

 

 

1. PEACE OF MIND

K+P ASSURES INDEPENDENCE AND ACCURACY

A Kelly+Partners strata audit provides an independent review of a strata plan’s financial affairs. This brings peace of mind to the busy strata manager that the financial reports presented to the owners are materially correct.

For the owner a Kelly+Partners strata audit provides reassurance that the financial information upon which they make their decisions has been independently reviewed by experienced accounting professionals.

Strata managers can risk manage across their entire portfolio by having plans under their management audited by Kelly+Partners. The adoption of an audit policy by a strata manager is attractive to potential risk averse owners and a valuable process for the strata manager with respect to client retention.

2. WORKING WITH THE STRATA MANAGER

K+P WORKS WITH STRATA MANAGERS AND THE OWNER

Although Kelly+Partners auditors report to owners, we work in a co-operative manner with the strata manager to ensure the financial reporting is complete and accurate. Working in conjunction with us, the strata manager can be assisted in unravelling complex accounting matters which may arise, thereby allowing the strata manager to focus on their primary role of servicing their client. The expertise and accounting knowledge of the dedicated Kelly+Partners Strata Audit Division is a powerful resource for strata managers and for owners corporations.

3. MINIMISING RISK EXPOSURE

K+P HAS EXPERTISE IN ALL PROPERTY AND FINANCE MATTERS

An owners corporation, among other duties, has a legal responsibility to:

• Maintain all common property including the structure of any buildings on the land;

• Insure the whole of the property for the full replacement value;

• Administer the finances and common funds of the group of owners;

• Administer the secretarial functions including the  conduct of meetings of members, documentation of minutes, and dealing with all correspondence;

• Maintain proper records, including financial records, orders served, and minutes of meetings.

Therefore owners and/or the strata managers, who have been engaged to carry out these responsibilities, have a risk exposure in the area of financial management. This may likely be an area in which they have limited professional expertise. It therefore makes good sense for both owners and strata managers to reduce their risk by the engagement of Kelly+Partners.

4. COST EFFECTIVE

K+P STRATA AUDITORS CAN SAVE YOU MONEY

Strata Plans budget for thousands of dollars to ensure the physical and structural health of their building, but what about the financial health of the Strata Plan? Think of a Kelly+Partners strata audit as the building’s annual financial check-up.

An individual lot owner would pay less than a cup of coffee per week to engage Kelly+Partners auditors. It’s a cost effective method to enhance the checks and balances of the Strata Plan.

Quite often the performance of a Kelly+Partners audit can actually save money for a strata plan. For instance an eagle-eye examination of payments and GST has frequently resulted in an audit effectively paying for itself.

5.RECENT STRATA DEVELOPMENTS

K+P PROTECTS YOUR INVESTMENTS

Under the current review of the Strata Legislation, indications are there will be a tightening of the regulations regarding the fiscal management of strata plans and the imposition of greater responsibilities on Executive Committees and Strata Managers.

A growing trend within the Strata industry is the emergence of Self Managed Superannuation Fund investments. As the superannuation of thousands of Australian’s are now invested within strata schemes, a Kelly+Partners strata audit will provide additional protection for these investments.

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