The Building Maintenance and Strata Management Act (BMSMA) which comes into force on 1 April 2005 provides a legal framework for management corporations (MCSTs) to manage and maintain their strata-titled properties. The Act spells out the duties and obligations of various stakeholders such as the subsidiary proprietor (SP), management corporation (MCST), council members and managing agents (MAs), and empowers the MCST to make decisions in the interest of the estate.
Audit of accounts of management corporation
Under section 45(1) of the Building and Strata Management Act (BMSMA),
- Subject to section 134, the books and accounts of every management corporation in respect of each financial year of the management corporation shall be audited.
- The audit of the books and accounts of a management corporation shall be carried out only by a person who is a public accountant within the meaning of the Companies Act (Cap. 50).
- The auditor shall be appointed by the management corporation at its annual general meeting or the council of the management corporation within 90 days after the annual general meeting is concluded if no auditor is appointed during that annual general meeting and the auditor shall hold office until the conclusion of the next annual general meeting of the management corporation.
This page was last updated on 23rd May, 2016.