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Shopping Centre Audits

 

If you lease a shop in a shopping centre and you contribute to a marketing plan or an advertising and promotion plan, the landlord must give you a written and audited statement with details on advertising and promotion costs.
 
The statement must be accompanied by an Auditors Report, conducted by a Registered Company Auditor.
 
The Retail Leases Act 1994 NSW, states that a retail shop lease is taken to include provision to the following effect:
 
(a) The lessor must give the lessee a written statement (an advertising statement) that details all expenditure relating exclusively to the building or centre in which the retail shop is located, by the lessor in each accounting period of the lessor during the term of the lease, on account of advertising or promotion costs to which the lessee is required to contribute under the lease.
 
(b) The advertising statement is to be prepared in accordance with relevant principles and disclosure requirements of applicable accounting standards made by the Australian Accounting Standards Board, as in force from time to time.
 
(c) The advertising statement is to be given to the lessee within 3 months after the end of the accounting period to which it relates.
 
(d) The advertising statement is to be accompanied by a report (an auditor’s report) on the statement prepared by a registered company auditor (within the meaning of the Corporations Act 2001 of the Commonwealth).
 
(e) The auditor’s report is to include a statement by the auditor as to whether or not the advertising statement correctly states the expenditure by the lessor during the accounting period concerned, in respect of advertising or promotion costs to which the lessee is required to contribute.
 
Our dedicated team consists of Registered Company Auditor’s who can assist you with your shopping centre audit needs. Complete and submit the Express Enquiry form on the top right hand side of this page and we will contact you to discuss your enquiry or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.