Financial Reviews & Reporting
Independent Financial Reviews That Bring Clarity and Control to Your Scheme
Introduction
Community schemes live and die by their financial health. Arrears, unclear reporting, or weak controls can quickly spiral into cash-flow crises, unhappy owners, and trustee liability.
An independent financial review highlights risks, confirms compliance, and provides clear, practical actions to strengthen your scheme’s finances.
With over 20 years in sectional title and HOA finance, I bring independence and experience to ensure your scheme’s books tell the real story.
Why Trustees & Owners Need a Review
- Identify arrears and cash-flow weaknesses before they become crises
- Verify accuracy of financial statements and budgets
- Spot duplicate invoices, irregular expenses, or missing records
- Provide independent oversight separate from managing agents
- Give trustees clear action steps to improve financial stability
The Review Process
- Initial Consultation – We agree on scope, gather documents, and understand scheme-specific issues.
- Independent Review – Analysis of statements, arrears, controls, and budgets.
- Findings Report – Clear, board-ready document highlighting risks and improvements.
- Action Plan – Recommendations you can implement immediately.
What You Receive
- Independent written report (board-ready)
- Risk and compliance findings
- Clear recommendations with practical next steps
- Optional presentation to trustees or AGMs for transparency
Detailed Review Procedures
Scope of Review
The review covers financial records, budgets, arrears, controls, and compliance with relevant regulations.
- Assess the accuracy of annual financial statements and reports
- Review cash flow, reserves, arrears, and levy recovery
- Evaluate budgets for realism and compliance with STSMA requirements
- Test controls over payments, procurement, and record-keeping
Documents Required
A standard set of documents is needed to conduct a proper review.
- Latest financial statements
- Monthly management accounts
- Arrears schedules and levy roll
- Bank statements and reconciliations
- Budgets and maintenance plans
- Trustee meeting minutes where financial matters are discussed
Review Areas
The review focuses on key areas of risk and financial health.
- Arrears & Collections: identify overdue levies, repayment patterns, and recovery measures
- Cash Flow & Reserves: confirm liquidity and adequacy of reserve fund
- Budgets: assess alignment with actual costs and statutory requirements
- Payments & Expenses: test for duplicate payments, irregular charges, or unsupported costs
- Compliance: check adherence to STSMA, CSOS, and scheme rules
Trustee & Owner Responsibilities
Trustees and owners play a key role in supporting an effective review.
- Provide accurate and complete records
- Respond promptly to document requests
- Ensure trustees have the mandate to act on review findings
- Maintain confidentiality of review reports
Reporting & Follow-Up
All findings are delivered in a structured report with recommendations.
- Written report highlighting risks, irregularities, and action points
- Practical recommendations for trustees to implement
- Option for follow-up sessions to monitor improvements
- Optional presentation to trustees, AGMs, or owners for transparency
About Your Reviewer
Donald Weir is a Chartered Accountant [CA(SA)], Certified Internal Auditor (CIA), and former Financial Director of Pretor Group. Having overseen the finances of hundreds of schemes, I know where the risks hide — and how to resolve them before they become problems.