General news in Leaf Quality Systems
Audit of Body Corporates and Homeowners’ Associations
Leaf Quality Systems2025-05-29T14:59:10+02:00Your Content Goes Here Difference between body corporates and homeowners’ associations While both body corporates and homeowners’ associations fall under Community Schemes Ombud Service (CSOS) regulations, homeowners’ associations are not established under the Sectional Title Schemes Management Act (STSMA), but rather under the Companies Act (as non-profit companies) or under their own Constitution and Memorandum of Incorporation (MOI), in accordance with Common Law. Therefore, homeowners’ associations are required to be audited in terms of the Companies Act, and body corporates are required to be audited in terms of the Sectional Title Management Schemes Act. [...]