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Independent, fixed-fee audits, with portfolio pricing for strata and Owners Corporation management companies overseeing multiple schemes.
A strata audit is an independent examination of a strata scheme’s financial records, undertaken by a registered auditor. The audit covers the administrative fund and capital works fund (or sinking fund), bank reconciliations, levy income and expenditure, and provides an independent opinion on whether the financial statements give a true and fair view of the scheme’s financial position. The auditor presents the report to owners at the Annual General Meeting (AGM).
The terminology, and the audit requirements themselves, differ from state to state:
Some schemes also require a separate strata management or trust account audit. This is a distinct engagement, with different regulatory requirements, and is covered further below.
Independent audits of strata scheme accounts, covering the administrative fund, capital works fund, and levy records, delivered ready for presentation at the AGM.
Audits and financial statement reviews for Owners Corporations, covering income, expenditure, and levy records, carried out in line with the scheme’s tier and reporting requirements.
Audits of body corporate accounts, covering income, expenditure, and reserve funds, carried out in line with the applicable regulation module and presented at the AGM.
Independent audits of trust accounts held by strata managing agents, addressing the regulatory and reporting obligations that apply to trust money, separate from the scheme’s own audit.
Reviews of the financial processes and controls used by a strata or owners corporation management company, giving added assurance and stronger governance across every scheme they administer.
If your company manages multiple strata or Owners Corporation schemes, Mizael Partners can offer portfolio pricing, a central point of contact, and a consistent audit process across every scheme you refer to us. Instead of coordinating separate auditors for each scheme, one team handles your portfolio, using one process and one standard across New South Wales, Victoria, and Queensland.
When an audit is required
Under the Strata Schemes Management Act 2015 (NSW), a strata scheme must have its financial accounts audited annually where the scheme has 100 or more lots, or where its annual budget exceeds the amount prescribed by the regulations (currently $250,000). Other schemes aren’t required to be audited, though the owners corporation may resolve to have one carried out. Two-lot schemes are exempt from the requirement altogether.
What’s covered: The audit is presented to owners at the AGM and covers the administrative fund and capital works fund, levy income, and expenditure for the financial year.
When an audit or review is required
What’s covered: A review differs from an audit in scope and cost, largely involving analytical procedures rather than the detailed testing and third-party verification carried out in a full audit.
When an audit is required
Under the Body Corporate and Community Management Act 1997 (Qld) and the applicable regulation module, a body corporate’s statement of accounts must be audited each financial year, unless the scheme is a basic scheme and the body corporate resolves, by special resolution, not to have the statement audited.
What’s covered: The audit covers the body corporate’s statement of accounts – income and expenditure for the financial year. The auditor must be independent of the scheme, agreed to by ordinary resolution at the general meeting, and cannot be a committee member, body corporate manager, or an associate of either.
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Mizael Partners has been providing audit services to Australian businesses and organisations since 2013. Our accredited auditors are experienced across strata, Owners Corporation, and body corporate audits in New South Wales, Victoria, and Queensland, and stay current with the legislation and reporting requirements that apply in each state.
Our team can also help with SMSF audits and real estate trust account reviews.
ISO certification ensures quality management, security of client data, and allows us to provide optimum service to our clients at all times.
Mizael Partners is led by founding director Ryan Mizael, an accountant serving Melbourne, Sydney and beyond with decades of industry experience. Ryan’s approach combines technical expertise with genuine care for each client’s success. His guidance continues to shape a firm culture built on trust, accountability, and measurable outcomes.
Mizael Partners are proud Chartered Accountants and registered auditors. We offer you the best service and expertise through partnership with these trusted providers.
Don’t just take our word for it. Hear from some of the clients we have had the pleasure of working with.
Mizael Partners offers flexible service tiers to suit every stage of development.
Perfect for individuals and sole traders. Includes tax returns, BAS, and bookkeeping setup to establish a strong foundation.
Designed for small businesses ready to scale. Covers monthly bookkeeping, quarterly BAS, and regular advisory sessions to keep growth sustainable.
For established companies seeking end-to-end management. Includes payroll, cash flow forecasting, full accounting oversight, and business strategy planning.
Optional add-ons include SMSF setup and management, business structuring advice, and virtual CFO support, giving you access to strategic expertise without hiring in-house.
It depends on the state and the size of your scheme. In NSW, schemes with 100 or more lots, or an annual budget over $250,000, must be audited. In Victoria, Tier 1 Owners Corporations (more than 100 lots) must be audited, and Tier 2 (51 to 100 lots) must be reviewed. In Queensland, an audit is required by default unless your scheme is a basic scheme that has resolved not to have one. Smaller schemes in every state can still choose to have an audit for added transparency.
Audit fees depend on the size of the scheme, the number of funds and transactions, and the state in which the scheme is located. We provide fixed-fee quotes once we understand your scheme’s scope, and offer portfolio pricing for management companies referring multiple schemes.
A registered or authorised auditor must carry out an owners corporation audit, or, for a Victorian Tier 2 review, a member of CPA Australia, the Institute of Public Accountants, or Chartered Accountants Australia and New Zealand. The auditor must be independent of the scheme, its committee, and its manager.
Where an audit or review is mandatory, it is required annually, ahead of the AGM. Schemes below the relevant threshold can choose to have an audit as often as they resolve to.
Typically, bank statements and reconciliations, fund ledgers, levy records, invoices and creditor records, the prior year’s audit report, and AGM minutes. We confirm the full list once we understand your scheme’s structure.
Turnaround depends on the scheme’s size and complexity, and how promptly you provide documentation. We schedule audits to be completed in time for your AGM.
In Queensland, most corporate bodies are audited annually by default, unless the scheme is a basic scheme and has resolved, by special resolution, not to have the statement of accounts audited.
An audit involves detailed testing, third-party verification, and a full opinion on whether the financial statements give a true and fair view. A review is narrower in scope, generally involving analytical procedures and enquiry rather than detailed testing, and costs less as a result. Some Victorian Owners Corporations must have a review rather than a full audit, depending on their tier.
We provide a range of accounting, auditing, bookkeeping and forensic accounting services to help make businesses efficient and compliant for growth. View some of our client case studies.