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ARTICLE · 01 JULY 2022

Mandatory audit requirements for owners corporations (OC) in ACT

Cathro & Partners
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The executive committee for an OC is required to have its annual financial statements audited and tabled at its AGM.

AustraliaCorporate/Commercial Law
Navin Lal
Navin Lal
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In the Australian Capital Territory ("ACT"), the executive committee for an Owners Corporations ("OC") is required to have the OC's annual financial statements audited and tabled at its annual general meeting.

The unit's plan in the Australian Capital Territory is managed by the Unit Titles (Management) Act 2011 (the Act") and the OC is responsible for managing it.

It is quite common that an OC enters into a management agreement with a Strata Manager to perform several functions on behalf of the OC including maintaining an account of all receipts and payments, coordinating works in relation to maintenance of the common property and liaising with the executive committee on a regular basis to ensure the smooth operation of the OC.

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