What type of assurance / audit report / review is required for Body Corporates under the Sectional Titles Act 95 of 1986?

If there are 10 or more units, an audit is required. As this is clearly spelt out, it seems that no audit is required if there are less than 10 units - only the accounting officer need sign the financial statements. Accounting officer is defined in the Sectional Titles Act, as follows: ""accounting officer" means a person who in terms of section 60(2) of the Close Corporation Act, 1984 (Act 69 of 1984), is qualified to perform the duties of an accounting officer" The guidance from the Act is as follows: "Sectional Titles Act, 1986 (Act No. 95 of 1986) Sectional Titles Regulations Annexure 8 Management Rules Duties of trustees Audit 40.

At the first general meeting and thereafter at every ensuing annual general meeting, the body corporate shall appoint an auditor to hold office from the conclusion of that meeting until the conclusion of the next annual general meeting: Provided that where a scheme comprises less than 10 units, an accounting officer may be appointed for that purpose and the auditor or accounting officer, as the case may be, must sign the financial statements."