Circular R2 - 40/98, published in December 1998, introduced the 'Consolidated Report and Auditor's Opinion on application of annual revenue and capital funding' (CRAO). The CRAO was introduced to reduce the number of returns for which associations needed to secure the opinion of the external auditor. Circular R2 - 40/98 required the association to complete the Consolidated Report and their external auditor to certify the Consolidated Auditor's opinion.

Since the circular was issued there have been a number of changes to funding streams and this notice provides information on current requirements regarding the completion and submission of the return.