Following the recent Multi-Unit Developments Act, 2011, Deirdre Kiely CPA advises on the key auditing issues to be considered when auditing property management companies. 

Property Management Companies or Owner’s Management Companies (OMC’s) as they are now referred to in the Multi-Unit Developments Act, 2011, known as ‘MUD’s Act’ have many unique features that need to be taken into consideration by auditors. 

Typically OMC’s are incorporated as public companies limited by guarantee, not having a share capital, and for that reason such companies cannot avail of audit exemption. 

Auditors must therefore design an audit approach that is compliant with the International Standards on Auditing (ISA’s) but that is also appropriate to the unique circumstances of OMC’s. Modifications are therefore required to the standard Audit Programmes when auditing OMC’s.

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Source: CPA