MCST Audit or Gross Turnover Audit (GTO)

The Building Maintenance and Strata Management Act (BMSMA) which comes into force on 1 April 2005 spells out explicitly the duties of management corporation in respect of the books and accounts of the management corporation. The Act also requires management corporation to appoint an auditor and have the books and accounts audited by a person who is a public accountant on annually basis.

Why do I need a MCST Audit or Gross Turnover Audit (GTO)?

The Management Councils and Management agent has strengthened its control over the MCST (Management Corporation Strata Title) due to the surge in the number of MCST over the years in Singapore. At OA Assurance PAC, we provide quality and effective MCST audit service to ensure that MCST 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 of the BMSMA,

• Subject to segment 134, the books and accounts of every management corporation in respect of each financial year of the management corporation shall be audited;
• The audit of the books and accounts of a management corporation shall be carried out only by a person who is a public accountant within the meaning of the Companies Act (Cap. 50).
• The auditor shall be appointed by the management corporation at its annual general meeting or the council of the management corporation not later than the 90th day after the annual general meeting is concluded if no auditor is appointed during that annual general meeting.

Our team specialize in the provision of MCST audit to our clientele covering commercial, industrial buildings and residentials.

How soon can this be done?

It depends on the complexity and volume of your business. Normally, our KPI is to complete audit within 1 month.