The audit of a body corporate’s annual financial statements:
(a) must be carried out by an independent auditor who has not participated in the preparation of the annual financial statements or advised on any aspect of the accounts of the body corporate during the period being reported on;
(b) need not be carried out in accordance with any recognised framework of guidelines for financial accounting;
(c) must include opinions as to whether or not:
the annual financial statements accurately reflect the financial position of the body corporate for the financial year under review, with such qualifications and reservations as the auditor considers necessary;
the body corporate has complied with the accounting requirements set out in rules 21 and 24, with a specific description of any failure to comply with such requirements;
the books of account of the body corporate have been kept and its funds have been managed so as to provide a reasonable level of protection against theft or fraud; and
the financial affairs of the body corporate appear to be effectively managed;
(d) must be completed within four months of the end of the body corporate’s financial year.