The property market in Dubai has grown significantly over a few decades and has experienced a large influx of investments in the property market. Our primary duty at Farahat and Co is to assist potential property owners and property management companies in completing their statutory Real Estate Regulatory Agency (RERA) audit and provide expert consultation to jointly owned properties or owner association Management companies.
What is a RERA Audit Service in the UAE?
The Dubai land department has set legal standards for auditing, and “Audit Firms in Dubai” is one of the approved RERA auditors for auditing the management of JOPs. Real Estate developers need to submit a RERA, an annual audit report. Every owner’s association and JOP are ascertained to collect service charges from the property owners for the services provided. Top Audit firms in Dubai ensure that the fundamental basis of service charges that apply to owners are rightly calculated on the area of the unit against the ratio of the common area of the unit’s community. At Audit Firms in Dubai, we ensure that Owners Association management companies comply with the regulations of RERA and that the financial reporting is in accordance with the International Financial Reporting Standards of accounting.
Services provided by Audit Firms in Dubai for RERA audit
- Auditing the Owner Association / JoP financials to get a RERA-approved annual service charge rate. RERA regulations stipulate that the Service charge will only be approved or changed when an approved audit firm audits the financials.
- Master community auditing; includes several projects by the same developer that forms a community.
- To audit developer projects, analyze the slacks or violations in the completion of the project.
- Audit developing projects for risk, fraud or any irregularities
- Ensure all the financials are submitted to RERA by the deadline and in the correct IFRS format.
- Conduct escrow accounts auditing related to the developers and owner’s association.
- Mollak Services.
- Assist as management accountants.
- Resolve issues with the budget and review budgets for the Owner association to gain the optimal service charge rate approved by RERA.
- Trust account accounting compliance for the clients.
- Develop a statement of projected revenues and costs.
- Statement of collection and sales.
- Payments breakdown index.
Why is RERA Audit important?
The Real Estate Regulatory Agency (RERA) safeguards the interest of both the developer and the property owners. Conducting an audit is crucial for enhancing the owner’s experience and making the entire process of property investments and community living more transparent and ethical.
- RERA has appointed approved audit firms to inspect and audit jointly owned properties as external auditors
- The auditors must report any violations, mismanagement, and slacking by the developers or management entities. Also, audit companies need to inspect if the unit property, the community of the JoP, is under any violation and rectify its course of action within a stipulated time frame.
- Through RERA audit services in Dubai, all the revenue collected and expenses for the owners or developers are recorded legally and accurately. Hence the Audit firms are authorized to ask for statements, bills and recipes, and contract copies to verify the same.
- RERA adheres to the company filed by the owners and developers and takes justified strict action against the responsible party. For such reasons, RERA-approved auditors will inspect and verify the operations, maintenance and repairs of the JoP.
What sets ‘Audit Firms in Dubai’ as a leading RERA Audit Service in Dubai?
As an approved RERA audit firm in Dubai, we provide parallel services to the statutory requirements put forth by the Dubai Land Development Authority. We keep our client’s best interests in mind and provide timely consultation and top notch auditing services. Our expert and qualified RERA-approved auditors are seasoned and result driven professionals. Contact us for trusted and efficient RERA auditing services, we shall be happy to assist you.
Theshani is a Senior auditor and has experience of 4+ years in providing audit assurance and advisory services to a wide range of industry clients. She continues to stay on top of ever-changing industry dynamics by continuously learning and developing expertise.