Queensland Body Corporate and Community Management Act 1997 SM-s175-176: Standard Module ss 175 and 176 Accounting records, statement of accounts and audit

The body corporate must keep proper accounting records and prepare a statement of accounts each financial year on a cash or accrual basis, with prior-year comparatives and disclosure of all remuneration, allowances and expenses paid to committee members. The statement must be audited by an auditor agreed by ordinary resolution unless the scheme is a basic scheme and the body corporate resolves by special resolution not to audit; committee members and other listed persons cannot be the auditor.