RERA considers all Dubai properties owned or managed by an Owner's Association. They are required to collect service fees from residents. For maintenance services, these fees are charged by the facility management company to owners associations.
Dubai's RERA requires that all fees charged to facility companies be audited in order to verify that the service costs are reasonable. Audits are designed to verify that fees charged to facilities companies in Dubai and UAE fair and reasonable, and consistent with the services rendered. Management companies are notorious for overcharging their owners and inflating costs.
The managing agent, the landlord's accountant, or the surveyor usually certifies the annual service fee expenditure statement. Audits of service charge expenditures may be required for certain lease types. Although the lease agreement does not require an annual statement on service charges expenditures, it's a good idea. It ensures transparency and provides peace of mind for the occupiers.
All dealings with managing agents or landlords should be disclosed. A certified internal audit in Dubai will usually verify the annual service charges, and they should be used in all lease agreements. An annual statement is not required if it isn't stated in the lease agreement. This gives security and transparency to those not experienced in these areas.
Landlords can access UAE-based internal audit companies offering audit services in return for service fees. Property managers and landlords can apply for certification to meet their service fees obligations. The best firms are well-versed in the commercial and residential property markets to offer comprehensive audit services at affordable rates.
It can be expensive for property owners or agencies to prepare and deliver an annual report on service charge expenditures across a portfolio. They are not responsible for preparing and service charges audit expenditure statements. They can be distracted from their main responsibility of managing their assets.
A Dubai entity’s competency can be highlighted when you partner with established service providers who offer comprehensive, flexible, and affordable services. Audited statements provide an overview of your assets and increase trust between landlords and tenants.
Here are some functions that Service Charges Audit Firms in Dubai can perform:
Both small and large UAE companies can benefit from big 4 internal audit firms audit-like service providers with extensive management experience. They will complete work on time to ensure there is no misstatement risk.
An excellent annual statement provider for service charges expenditures provides a range of services, including the preparation of an annual statement. You can then certify it. This will ensure that both recoverable and non-recoverable expenses are correctly accounted for. Finally, you can also prepare statutory accounts. They can also provide advice on tax matters such as VAT or other tax advice.
These are the four steps:
Dubai service charges audit providers must be able to create detailed reconciliation statements that reflect service charges. They should be clear, concise, and concise. This allows you to seamlessly switch between your internal reporting and any reconciliations with the service provider. It is possible to work closely with asset managers to assess each property's risk. This will give owners and tenants complete assurance.
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Audits of service charges must be done on time. Everything must be done according to a set process from the initial submission to the final submission. You must meet deadlines. You must meet deadlines, or documents can pile up, making it hard to manage. If this happens, landlords who have a lot of assets may feel even more stressed.
Highly rated service charge audit firms in Dubai and UAE offer dedicated project, management teams. They will be responsible for monitoring and managing each stage of the process to ensure it runs smoothly and is completed within the agreed time frame. They have the right workflow technology to allow them full control over production and reviews reports so that you don't miss anything.
Internal audit services Dubai providers offer detailed reports that will show your customers' assets. The audit fee report can be used to generate charts and statistics. This will allow you to manage landlord assets more efficiently. The information you get from the audit charge report may help you make better decisions about how and when to use it.
Audit firms in Dubai is a global auditing firm based in Dubai, UAE. We are a team of highly experienced and skilled internal audit specialists committed to providing top notch audit services in UAE. If you are looking for a reliable outsourced partner to help streamline your internal audit process, we would love to offer you help. Get in touch with us today to discuss how we could best 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.