Strata Auditing
Strata auditing refers to an audit of the financial statements of a strata scheme, which is a type of property ownership in which several individual units or lots share ownership of common property. Strata auditing is typically conducted by a qualified and independent auditor to ensure that the financial statements of the strata scheme are accurate, complete, and comply with relevant laws and regulations.
The main objectives of a strata audit are:
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to ensure the accuracy and completeness of the financial statements of the strata scheme.
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to identify any financial irregularities, errors, or discrepancies.
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to assess the adequacy and effectiveness of the strata scheme's financial controls and procedures.
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to ensure compliance with relevant laws and regulations.
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​​Strata auditing is important for strata schemes to ensure that their financial statements are accurate, complete, and comply with relevant laws and regulations. A successful strata audit can help identify potential financial risks and opportunities and provide assurance to strata owners and other stakeholders that the strata scheme's financial affairs are being managed appropriately.