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You Can’t Audit It—But You’d Better Get It Right: Body Corporate Accounting & Compliance

While CIBA members can’t audit body corporate financials, they play a critical role in making sure the accounts are accurate, the funds are separated, and the statutory requirements under the Sectional Titles Schemes Management Act (STSMA) are met. This session is about doing all the parts you can do—properly—so the audit process is smooth, compliant, and doesn’t come back to bite you.

3 CPD units 14 July 2025 1 presenter

What will set you apart

By completing this course you will gain the following competencies

  • What the STSMA and Prescribed Management Rules require from an accounting and compliance perspective
  • How to prepare accounting records, levy schedules, and fund statements that auditors can rely on
  • The difference between operating and reserve funds—and how to manage and report on each
  • How to support trustees in budgeting, arrears management, and statutory reporting
  • What CIBA members may and may not do under the law—and how to build a niche service offering within those limits

Event breakdown

  • Which laws apply to body corporates and what they require
  • Why audits are mandatory—and who may (and may not) perform them
  • What CIBA members can do: bookkeeping, budgeting, levy management, compliance support
  • Managing levy income, arrears, and special contributions
  • Operating fund vs reserve fund: setup, separation, and monthly tracking
  • How to prepare reports the auditor and trustees can use
  • Templates for trial balances, journals, and fund statements
  • Practical support for annual budgets, maintenance plans, and AGM reporting
  • Reconciling levy accounts and preparing audit-ready files (even if you’re not the auditor)
  • Helping trustees understand their fiduciary duties
  • Clarifying your role as the accountant or bookkeeper
  • Documenting advice and safeguarding your professional liability
  • Packaging your services: monthly bookkeeping, levy management, trustee support
  • How to liaise with auditors and avoid duplication or conflict
  • Scope of work, engagement letters, and pricing considerations
Category: Financial ReportingType: CPD CourseCPD category: Financial Reporting

Description

Body corporates must be audited—but that doesn’t mean CIBA members are left out. In fact, they do all the groundwork that makes a compliant audit possible. This session focuses on the accounting, levy tracking, financial recordkeeping, and trustee support work that CIBA members can legally and confidently provide to sectional title schemes. You’ll walk away with a clear understanding of the STSMA requirements, best practices for bookkeeping and fund management, and how to position your services as essential to the smooth running of any body corporate.

Presenters

Leana van der Merwe

Leana van der Merwe — Leana van der Merwe is a Chartered Accountant and Registered Auditor with over 18 years of experience in business accounting, audit and corporate governance. A former Audit Director and professional-body Technical and Standards Executive, she has guided more than 14,000 professionals through complex regulatory matters. Leana also serves on the PAFA Technical Advisory Group, the IFAC Anti-Money Laundering Committee and the IFRS Foundation SME Implementation Group.

You will earn a certificate

On successful completion you will receive a certificate for 3 CPD units in Financial Reporting.

Requirements

  • Laptop, desktop, or mobile device with internet access
  • Microsoft Edge, Google Chrome, Safari, or Firefox browser