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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 appointment of auditors, 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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