Transfer Of Accounting Documentation - Condo

[rayongchelsea]

If you change managing agents of your condo for example.

During transition is there any official procedure that they need to undertake, for example providing the latest trial balance with a stamp stating this information is correct.

On re- auditing our accounts our current auditor stated that insufficient documents were made available to form an audit opinion..

The current managing agent signed off some document to state they received certain documents, but clearly they didn't receive all of them.

I am considering perusing them legally to provide the missing docs.

Anyone with this experience, pros cons of pursuing the old company..I would like to as they seem to dismiss any accountability on this matter, they were a nightmare from beginning to end in all facets of management..

[Halfaboy]

Answers would be more than welcome as we are soon in the same position.

Thanks in advance....

[jbaldwin]

What the exiting management company has to do largely depends on what was written into your contract with them.

I am on the Committee of a condo, which now has no management company. One of the key thing we decided when we appointed the last management company was the all accounting records would stay in the management office. The computerized accounting system was our data on our computers run on our software package. This was not negotiable and we would not have engaged a management company who did not agree to this. It was written into the contract with the management company that all accounting records were our property. When the management company left there was no handover of any accounting records. The management company staff left and all the accounting records remained in the management office where that always were.

[Halfaboy]

Two years ago we parted from a reputed Bangkok Real Estate Management Company. When asking the leaving building manager for the password of the condo email address she replied that she had ‘forgotten this’.

How would you have managed this ?

[jbaldwin]

There was a list of all passwords. Three copy were produced and placed in sealed envelopes. One was held by the management company, one was keep in the safe in the management office and the third was held by the Committee chairman.

[rayongchelsea]

The problem we have is that the initial managing company was employed by the developer , the committee was dominated by the developer and therefore there was no transparency, including accounting records..I am at a lost as to whether to persue this as we are already involved in legal cases over common property/area, lack of compliance with local laws etc ( breach of contract).,

Was just hoping someone had previous sued their former managing agent.

[jbaldwin]

Ok. This is the same situation that we were in originally. When the developer ceased to act as the management company they provided some papers with numbers on them that they claimed were accounts.....but this was before the condo act was changed to require an audit. It was clear that there was no way with the information provided to the committee, we could verify that the amount of cash handed over was reasonable. There was no reason to believe that the developer was dishonest so we decided to just accept there figures. The most important thing was to ensure that in future the Committee controlled the accounting so we could not be in this situation again.