"I am currently living in a building which has 3 residential units. The builders want to resign as directors of the management company and set each owner up as a director.
We are wondering if Revenue will require we audit our accounts for the company? We pay a maintenance fee of 900 per year so the management company will only take in about 2700 per year."
I want to dissect this query.
"I am currently living in a building which has 3 residential units."
I think this means the following:
I bought an apartment in a property. There are two other apartments. I hold the title to the apartment under a long Lease. As do the other 2 owners. There is a management company and it holds the freehold interest in the overall building.
"The builders want to resign as directors of the management company and set each owner up as a director."
When set up, the management company comprised the builders. Now that the property is up and running, they do not want ( why would they?) any further involvement. It is for the three apartment owners to deal with.
"We are wondering if Revenue will require we audit our accounts for the company?"
They will require accounts. This should all have been clear to you when you bought the property. In a large development, an agent will normally look after everything. In a very small development like this, it must be clear to the property owners, that the onus of running the management company will ultimately fall on them.
"We pay a maintenance fee of 900 per year so the management company will only take in about 2700 per year."
If you are going to do this properly ( and you should) then unless one of your number is an Accountant then you are all going to have to pay whatever it costs to set the system up and you are very likely going to be forking out more than 900 each. However once it is set up, you will more than likely be eligible for an audit exemption.
You should talk to your own solicitor and s/he should be able to steer you in the right direction.
mf