MCST Audit Singapore

The increase in MCST (Management Corporation Strata Title) being constituted over the years in Singapore lead to higher expectation of Management Councils and Management agents. We provide MCST audit service to ensure that you stay compliant under Building Maintenance and Strata Management Act (BMSMA).

The BMSMA which comes into force on 1 April 2005 provides a legal framework for MCST. Under section 45(1) of the BMSMA,

  • Subject to segment 134, the books and accounts of each administration organization in regard of each financial year of the organization will be liable to audit.
  • The audit of company’s books and accounts will be completed distinctly by an individual who is an open bookkeeper inside the significance of the Companies Act (Cap. 50).
  • The elevator will be designated by the management corporation at its yearly broad meeting inside 90 days after the yearly general meeting.

We specialize in the provision of MCST audit to diverse clientele covering residential (condominiums) to commercial and industrial buildings.

For more information about our MCST (Management Corporation Strata Title) audit services, please feel free to contact us.

MCST Auditing

For anyone looking to carry out an MCST audit, then, it’s important to hire the right people. At WZ WU & Partners, we make sure you are always hiring people who can carry out a full and fair MCST audit to help catch the information that you need. Such an audit is essential to making sure that you can meet compliance across the Building Maintenance and Strata Management Act. It’s for this reason that we look to make MCST auditing as easy as is possible. You need to know if you are compliant, so let us get you the answer.

Make Sure you’re BMSMA Compliant Today with an MCST audit!

With the increasingly large number of MCSTs being consulted today, it’s essential that you can get access to the help that you need. There is a growing and continuous increase on the demand of service quality from management councils, meaning that management agents are often forced to meet challenges that previously did not exist.

At WZ WU & Partners, we’ve been providing access to MCST audit services for many years. We believe that the information that you receive during our audit will make sure that you can move forward with total confidence in the service that you run. An MCST audit will examine all provided evidence to support the amount that is within any financial statement.

All audits will also include looking at what accounting principles were previously followed. This lets us make sure that we can give you a full audit that looks at your financial situation as well as any likelihood for material weakness in your accounting or your control systems.

In essence, and MCST audit will make sure you are left with full knowledge of what has to change if you wish to keep things safe and operational. This means ensuring that you can get the help that you need to keep your residential and commercial buildings fully operational, whilst making sure that you have easy access to all of the information that you expected to provide.

This should make the often arduous auditing process a bit easier for you to follow along with, too. We can keep you filly updated of the progress on your MCST audit, ensuring that you can know when to expect full details. Then, you can prepare accordingly for the information that you receive so that you can focus on making your business the best that it can be.

Need more information? Then let us know what you are looking for today: our team will be more than happy to assist you as soon as possible. Don’t let an MCST audit pass you by: utilise our auditing expertise in Singapore and get the information that you need today!

Frequently Asked Questions (FAQs)

Who is required to conduct an MCST audit?

Every management corporation in Singapore must appoint a public accountant to carry out the MCST audit. This is required under the BMSMA. The appointment must take place within 90 days of the Annual General Meeting, and the audit covers all books and accounts for that financial year.

What main areas are examined during an MCST audit?

An MCST audit looks at financial statements, receipts, payments, and how funds were used. It checks if proper records were kept and whether financial rules were followed. The audit also looks for errors in accounting and any issues in how financial tasks are managed.

How far in advance should an MCST prepare for the audit?

The MCST should start preparing one to two months before the audit. All payment records, invoices, and meeting notes should be ready. Early preparation helps the audit go smoothly and reduces the chance of missing important documents. This also makes it easier to fix any errors found.

What are the consequences of skipping an MCST audit?

Missing an MCST audit can lead to a breach of the BMSMA. It may cause penalties and damage trust among property owners. Without an audit, there is no check on how money is managed, which may lead to misuse of funds or poor record keeping.

How long does an MCST audit usually take?

A standard MCST audit takes between two to four weeks. The time depends on the size of the estate and how well records are kept. If all documents are in place, the audit moves faster. The MCST audit helps confirm that funds were handled correctly.