A Gawie le Roux enterprise

Contact Us

tel +27 12 361 1712
fax +27 12 361 1108

Financial statements for sectional title schemes:
Making sense of old and new legislative requirements

Background

Stakeholders in sectional title property place great reliance on the audited annual financial statements of bodies corporate for decision-making purposes. However, because of the specialised nature of such statements, many stakeholders have difficulty in understanding the financial reports of their schemes. Some people have no insight at all into these financial statements. This is unfortunate because the ability to analyse and interpret financial statements is the basis for smart decision making.

New and significant changes

The new Sectional Title Schemes Management Act (STSMA) contains many additions and changes to the mechanics of body corporate bookkeeping and financial management, making the situation even more complex. With risk intensifying, it is becoming increasingly important that sectional title stakeholders fully grasp the concepts used in their audited financial statements and the contents of those statements.

Furthermore, there are no industry-specific auditing and accounting standards to guide accounting and auditing practitioners in performing their work, and industry financial benchmarks are not readily available.

Aim

The seminar aims to unlock the meaning of body corporate financial statements and audit reports for a wide range of stakeholders.

Content of the seminar

This seminar is designed to -

  • equip attendees with a basic understanding of how to read audited financial statements. The basics of financial statements will be discussed, focusing on the difference between “traditional” and “sectional title” financial statements; and
  • provide a brief overview of the audit process specific to sectional title schemes, as well as of various types of audit reports.

There will be -

  • a detailed discussion of new and old sectional title legislation specific to the accounting and auditing function;
  • an emphasis on real-life examples of proper disclosure, body corporate financial statements and audit reports; and
  • a discussion of practical problems and challenges relating to sectional title accounting and auditing.

The seminar will equip attendees with a simple and logical approach to the analysis and interpretation of body corporate financial statements. In addition to the basics of trend and ratio analysis, industry-specific benchmarks will be discussed.

View seminar content here

Who should attend?

The seminar is aimed at all property practitioners, such as the managing agents of bodies corporate, attorneys, estate agents, accounting and auditing practitioners providing services to sectional title schemes, as well as the trustees of bodies corporate, owners of sectional title units, developers and investors in sectional title schemes.

Comprehensive notes

As is the case with all our seminars, each attendee will receive a well-researched and comprehensive set of notes to use in practice.

Presenter – Leandi Steenkamp

Leandi Steenkamp is an academic and an accounting professional. She began her career with the audit firm PwC, where she completed her training contract as a chartered accountant, and later gained extensive experience in accounting, financial auditing, internal auditing and information systems auditing. After leaving PwC, she was appointed as audit manager at the Office of the Auditor-General of South Africa. From 2009 onwards she has been a senior lecturer in the Department of Accounting and Auditing at the Free State Central University of Technology, where she is happily engaged in teaching and research.

Leandi is a qualified Chartered Accountant (CA(SA)), Certified Internal Auditor (CIA), Certified Information Systems Auditor (CISA) and Professional Accountant (SA). She is also a member in good standing of all the affiliated professional bodies. She obtained a Master’s degree in Auditing (cum laude) in 2013, and a PhD in Auditing in 2017, both from the University of the Free State. Her Master’s and PhD dissertations both focused on the sectional title industry in South Africa, specifically from an accounting and auditing perspective. She has published a number of articles in internationally accredited academic journals and presented papers on her research topics at national and international conferences.

 

Dates and venues

Monday 12 June Bloemfontein
Monday 19 June Cape Town
Tuesday 20 June Durban
Thursday 22 June Johannesburg
Friday 23 June Pretoria
Monday 7 August East London
Tuesday 8 August Port Elizabeth
Thursday 10 August George

Half-day seminar

Registration: 08:00 – 08:30
Session 1: 08:30 – 10:30
Tea break: 10:30 – 11:00
Session 2: 11:00 – 13:00

Fees

R1,790

or

R1,590

for early registration*; or

R1,390

for very early registration*
10% discount on each of the above price levels for two or more people from the same law firm or company
* Cut-off dates for early fees on the registration page
Leandi

Leandi Steenkamp
Presenter