managing agents accounting records

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    managing agents accounting records

    Should service charge accounts include an audit of the accounting records maintained by the managing agents?

    It depends on the whether the lease requires the service charge account to be audited. If so, it should be carried out in accordance with International Auditing Standards


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    • Reply to License to Alter required to carry out repairs?
      by Lawcruncher
      I was thinking rather on the same lines which is why I asked the OP if he and his wife had signed the indemnity, hoping they had not so I did not have to consider the effect of the document. I have now considered it and concluded that it probably does not override the lease. However, there is still...
      01-08-2021, 18:37 PM
    • License to Alter required to carry out repairs?
      by APK
      Hi all,

      Looking for some advice. My wife and I recently bought a leasehold property in London. The property came with wooden flooring, and the lease specified no wooden flooring could be installed without consent.

      The lease states, with regards to the flooring issue:
      30-07-2021, 14:41 PM
    • Reply to Accounting for RMC
      by SHill
      I agree with Eagle 2 - As Director I am complying with the Companies Act 2006 to act in the best interests of the Company....
      01-08-2021, 14:41 PM
    • Accounting for RMC
      by SHill
      Would anyone be able to advise if a RMC can raise sales invoices to Directors, for property expenses that relate to their leasehold properties. The sales invoices raise are itemised in the Notes to the service charges at. 4. Transactions with Directors and 5. Related party transactions
      09-02-2021, 22:41 PM
    • Section 20 notice / repairing obligation
      by Grah8m
      Our residential long lease does not impose Landlord Repairing Obligations - rather underlease provides procedures enabling any one of convenantees (5 x underlessees - 1 x "Landlord"/Underlessor) may initiate repairing maintenance works and...
      01-08-2021, 13:59 PM
    • Reply to Accounting for RMC
      by eagle2
      If you were filing a false document, I would agree, however, you are not and there is a greater risk of being personally responsible for the ongoing penalties which are being incurred. You are acting consistently with your claim that the previous officers of the Company could and should have filed statutory...
      01-08-2021, 09:49 AM
    • Reply to Accounting for RMC
      by Section20z
      I'd be very wary of filing a false financial instrument particularly with the revelations about the other parties...
      01-08-2021, 08:35 AM
    • Reply to License to Alter required to carry out repairs?
      by Macromia
      It doesn't sound to me that this is an issue with what is/isn't demised.
      It sounds like the floor covering is within the demise, but the floor covering present at the time of purchase was one that the lease does not allow without the freeholder's consent.

      The indemnity that was signed...
      01-08-2021, 07:52 AM
    • Reply to Accounting for RMC
      by SHill
      [QUOTE=eagle2;n1164773]I I can send you a PDF by private message if you wish..

      Thank you that would be useful....
      31-07-2021, 20:37 PM
    • Agent going bust?
      by Granger
      Our 15 flats use an outside block management company. Their website has disappeared. They haven’t provided any financial updates for 6 months, but have made demands for services going back 4 years suddenly claiming that they are extras outside their normal services. We fear that they are in financial...
      31-07-2021, 08:52 AM