The Society of Chartered Surveyors Ireland (SCSI) has issued a new professional standard, Surveyors’ Guide to Building Investment Fund Reports.
The standard outlines the procedures for chartered building surveyors and chartered property and facilities management surveyors preparing Building Investment Fund Reports.
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Owners’ Management Companies (OMCs) must establish a sinking fund under the Multi-Unit Development Act 2011.
These funds are built up over time to meet significant, one-off costs linked to shared elements of a development, such as roofs, lifts, and external walls.
The new standard is intended to guide surveyors commissioned to prepare Building Investment Fund Reports for multi-unit developments.
The guidance may also be useful to OMC auditors reviewing reports received by companies.
SCSI said in a statement: “While it is not written in the context of how an auditor or accountant might approach the issue of sinking funds, it contains some commentary on the MUD Act 2011 and on sinking funds which members working in the area might find interesting when working with such reports.”
It can help auditors understand the work undertaken by specialists engaged by management or by the auditor and assess whether the information is relevant and reliable audit evidence under ‘ISA 500, Audit Evidence’, and ‘ISA 620, Using the work of an auditor’s expert’.
The SCSI has also released a client guide to Building Investment Fund Reports.
SCSI is a membership body for professionals in the property, construction and land sectors in Ireland.
Earlier this month, Chartered Accountants Ireland submitted a letter to the Department of Finance outlining reservations regarding proposed electronic withholding tax (eWHT) reforms.
