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Pre-MCST Constituted – Developer
to establish Maintenance Fund Account
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Relevant Statute – “Buildings and Common Property” (Maintenance and
Management) Act (Chapter 30) |
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Sect. 9 – Developer has to establish a Maintenance Fund Account upon
issuance of the Temporary Occupation Permit (TOP). |
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Sect 10(5) – Developer shall keep proper books of accounts
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Developer shall appoint an auditor to for annual audit
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Developer shall file the audited accounts to the Commissioner |
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Necessary documentation required for an annual audit
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Financial Statements, ie Trial Balance, Balance Sheet, Income &
Expenditure Statement |
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Supporting Schedules for all Balance Sheet items |
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Letter from Commissioner, approving rate of maintenance fund |
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Temporary Occupation Permit (“TOP”) letter |
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If developer is GST-registered, all GST forms filed during the year |
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Sale and Purchase Agreement issued by developer to buyers |
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Maintenance Fund calculation worksheet (to determine when to start
charging maintenance contribution) |
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All original payment vouchers, bank statements etc |
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Notices of Assessment from IRAS, if any |
MCST Formation
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Relevant Statute – Land Titles (Strata) Act (Chapter 158) |
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Sect 56 – Every year, the accounts of an MCST must be examined by an
auditor, who shall state in his report whether the accounts present a
true and fair view of the MCST’s state of affairs |
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An auditor must be an approved Company Auditor |
Annual General Meetings (“AGM”)
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Sect 38 – An Annual General Meeting must be held once every calendar
year AND must be held earlier than 15 months after the last AGM |
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Second Schedule – a notice of AGM must be accompanied by a Statement
of Accounts for the MCST and a copy of the auditor’s report on the
financial accounts |
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Sect 48 (1)(k) – the audited accounts to be presented at the AGM and
must NOT be earlier than 3 months preceding the AGM date.
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Necessary documentation required for an annual audit
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Financial statements ie. Trial Balance, Balance Sheet, Income &
Expenditure Statement |
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Minutes of all council meetings, AGM, and EGM |
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Insurance policies |
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Supporting schedules for all Balance Sheet items |
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Contracts for all service providers, eg. security, cleaning etc |
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Legal correspondence files |
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All original payments vouchers, bank statements etc |
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Notice of Assessments from IRAS |
Fees
Generally, fees are charged according to time spent on the audit of
MCST accounts. In essence, the fees will be higher for a larger MCST
development, and whether the development is residential or commercial,
will also be taken into account.
Appointment of auditors
For enquiry, please contact our customer
service division
at Tel: 6533 7393 or at info@tanchan-cpa.com.
Download
appointment of auditors in MS Word.
Relevant Links
Link to Strata Board - http://www.gov.sg\minlaw\stb\stb.html
Link to AMCIS - http://www.amcis.org
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