Are you including the Sectional Titles Schemes Management Act and Regulations accounting implications in your scope of audit work and appropriately reporting on the compliance aspect of a body corporate in your audit report?
Body corporates are high risk engagements for auditors, as multiple sets of legislation affect the accounting function and become relevant for audit.
Our goal is to address the pre-engagement, planning and finalisation phases of a body corporate audit engagement and highlight what’s important for audit managers and partners to ensure audit quality.
Identify and clarify the audit requirements of a body corporate, including the compliance audit aspect and what your auditor reporting responsibilities are.
Discuss the phases of the engagement and key things to look out for as part of preparing your working papers, including the implications of the revised ISA 315 and 330.

The legal requirements over transactions, balances and disclosures will be discussed on a line item for line item basis as to how they impact on the assertions for a typical set of annual financial statements of a body corporate.

Phases to be discussed:
• Pre-engagement
• Planning
• Finalisation

The income tax and other tax considerations (dividends tax, PBOs, donations tax, tax emeptions, provisional tax) will be discussed in brief.