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Happy New Year Jimmy and other Flat Chat experts.
The current strata committee (SC) members, including me, are serving for the first time. Our building is in Sydney. At our AGM the owners corporation (OC) voted to engage auditors. All we can find on the subject of auditing is Section 95 of SSMA 2016 which merely says that audits must be done in accordance with Australian Auditing Standards. The SSMR 2016 is silent on the matter.
Does the SC choose the auditor and sign the contract of engagement without further ado or must we obtain quotes for presentation at an EGM for the OC to vote on?
We presume that the auditor will submit the contract of engagement.
What is the approximate cost of an audit? Is there a scale of fees prescribed that all auditors must adhere to?
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