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Financial Statements not presented and audited adequately

By Annette Carvell on Thu, 22 Mar 2012 at 12:13

We are having our AGM on Monday, and I have requested financial documentation and pointed out to the MA and Trustees that the audited Financial statements are incorrect and that I will not be accepting them at the AGM e.g.
1. The Standard levies is shown as a lump sum, and it is not split into levy, electricity and security recoveries. The auditors not also do not state this. This is incorrect as it shows an inflated amount of levies.
2. In the Cash item under Assets, the cash in CSTM is shown as an asset, surely there should be a note saying that we don't actually have this money, and any potential owner or a bank will think we actually have this money?
3. The auditos notes are meaningless, and do not reflect the correct situation e.g. how electricity and security expense is made up, including the recovered anmounts
4. There is no provision for levies paid in advance , or levies in arrears in the Balance Sheet.
4. The Participation quota is incorrect, some owners have added to their pQ with illegal extensions, which have not been registered and which is an ongoing dispute.

Can I request at the AGM that the auditors re-do the financiala and set them out in a meaningful and correct manner. I have had no response from the trustees regarding my various queries.


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RE: Financial Statements not presented and audited adequately

Swazi Coetzee replied on Thu, 22 Mar 2012 at 12:43

1.Trustees are responsible for the preparation and fair presentation of the financial statements in accordance with the International Financial Reporting Standards for Small and Medium Sized Entities and in the manner required by the Sectional Title Act.

2.Members present at the A.G.M. can under Sect 39 instruct the Trustees on the lay out required for the audit....Show More

RE: RE: Financial Statements not presented and audited adequately

John Yates replied on Thu, 22 Mar 2012 at 14:58


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