Strata Body Corporate Audit – NSW/VIC/QLD Deadlines

What is a Strata/Body Corporate Audit?

A strata audit (also called body corporate audit or owners corporation audit) is an independent examination of the financial records and statements of a strata scheme. The audit verifies that the scheme's financial reports accurately represent its position, that levies are correctly calculated and collected, and that expenditure is properly authorised and documented.

Depending on the scheme's size and the state's legislation, strata audits may be mandatory annually or required only upon request by lot owners. The audit provides transparency and assurance to all lot owners about how their levy contributions are being managed.

State-by-State Audit Requirements

Strata audit requirements vary significantly between states:

• NSW: Large schemes (over 100 lots) must have annual audits. Medium schemes (21-100 lots) can pass a resolution to audit. Small schemes require majority vote.
• Victoria: Owners corporations with more than 100 lots or annual fees over $200,000 require annual audits. Others can resolve to audit.
• Queensland: Body corporate schemes can request audits. Self-managed schemes often require them under by-laws.
• South Australia: Community corporations may require audits under the community titles legislation.
• Western Australia: Strata companies can resolve to appoint an auditor at any general meeting.

What the Auditor Examines

A comprehensive strata audit covers:

• Administrative fund income and expenditure
• Capital works (sinking) fund transactions and projections
• Levy roll accuracy and arrears management
• Bank reconciliations and cash management
• Contract and service agreement compliance
• Insurance adequacy and renewals
• Meeting minutes and resolution implementation
• Compliance with relevant strata legislation

When to Complete Your Strata Audit

Most strata schemes operate on a financial year aligned with their AGM date. The audit should be completed before the AGM so that audited financial statements can be presented to lot owners. We recommend engaging an auditor at least 6-8 weeks before your AGM date to allow sufficient time for the audit process and any queries.

Strata Audit Costs

Strata audit fees vary based on scheme size and complexity. Small schemes (under 20 lots) typically pay $800 to $1,500. Medium schemes (20-100 lots) range from $1,500 to $3,500. Large schemes (100+ lots) with complex facilities and budgets may pay $3,500 to $8,000 or more.

Factors affecting price include the number of lots, annual budget size, number of bank accounts, quality of strata manager's records, and whether any specific concerns need investigation.

Get Your Strata Audit Quotes

Post your strata scheme audit job on AuditLink for just $39 inc GST. Receive 3-6 fixed-price quotes from auditors experienced with body corporate compliance within 24-48 hours.