Audit & Assurance
AUDIT OF OWNERS ASSOCIATIONS & MASTER COMMUNITIES
The real estate regulators in the region have deemed every owner of a unit of property to be a part of an owners association by default. Owners Association (OA) and Master Community (MC) audits are conducted on service charges levied to communities and developments.
Annual service charges are collected by the owner's association for the administration and management of the common areas of the jointly owned property (JOP). Annual service charges are based on an annual budget for the JOP prepared by the board and the owner's association manager, and approved at the owner's annual general assembly. Each owner pays a share of the service charges in accordance with their unit entitlement as set out in the JOP declaration.
Service charges are initially based on budgeted costs and in the following year are based on previous year actuals. Facility management companies provide the maintenance with a specific charge to each owner based on a charge out rate per square foot.
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