4. Exemption from annual audit by public accountant

A management corporation for a strata title plan with at least 5 but not more than 10 lots shall be exempt from section 45(2) of the Act in respect of its books and accounts for any financial year where, pursuant to a resolution by consensus, the management corporation approves that its books and accounts in respect of that financial year may be audited by any of its subsidiary proprietors in place of a public accountant within the meaning of the Companies Act (Cap 50).