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Our OC has decided to have an audit done of our financial statements. We’re in the ACT and thought there would have been auditors coming out of the woodwork. Maybe it’s because the job is smallish (under 30 units in our complex) but so far we’ve only had one auditor out of more than 5 approached give us a quote.
One auditor said that they would need to be registered to do company audits to do it, as the financial statements were prepared by our SM, and even though we’re a strata, our SM is a company. Is this true? Do we need to use an auditor who’s registered to do company audits?
Also, are there requirements for how many quotes we must get? I looked in the UTMA and couldnt spot anything. The only quote weve got so far has come in at less than 2k…
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