Tech 09/14BL sets out “best practice in the conduct of a review engagement in the context of a report on the annual statement of service charge expenditure” which must be performed by an independent accountant under the Royal Institute of Chartered Surveyors (RICS) Code of Practice, ‘Service Charges in Commercial Property’ (unless the cost of such a review would be disproportionate to the level of assurance obtained). 

The Technical Release provides guidance on the form of the report to be given and the procedures to be undertaken in making the report.  The Technical Release does not apply to “engagements relating to properties containing residential accommodation (dwellings)”. 

The effective date for the implementation of the guidance is for reports on statements of service charge expenditure for periods starting on or after 1 April 2014 with earlier application encouraged.

TECH 09/14BL can be downloaded from the ICAEW website.