The government agency known as RERA (Real Estate Regulatory Authority) is in charge of creating guidelines and policies for different real estate enterprises operating in Dubai, United Arab Emirates. All registered developers must have an ESCROW account and carry out an impartial audit to determine the project’s completion status and work-in-progress. Every project finished by registered developers must also submit an annual audit report in accordance with RERA. Real estate company audits fall into three primary types, which are as follows:
The supporting documentation for the total amount of money received from different financial institutions for ongoing projects needs to be examined. We should also check the entire amount of cash received from clients and the quantity of canceled and sold real estate units. Reviewing all payments made in the regular course of business, such as land expenses and registration fees, is also crucial. In addition, we must review any advances—whether made in cash or through the use of a financial instrument—that are given to workers or other parties. The retention money, which should be equivalent to 5% of the total monies received, should be verified last.
Operational RERA audit services entail examining business functions to enhance efficiency and effectiveness, including reviewing entries in the Trust account system, cash collections by developers and account trustees, and payments made from the Trust account.
We conduct audits to ensure developers’ activities align with Real Estate Regulatory Agency (RERA) laws. This includes reviewing financial statements and service charges, auditing budgets per RERA guidelines, verifying unit balances, and providing Mollak Services. We critically analyze project completion status per regulations and assist RERA with audit reports for underdeveloped projects. We perform real estate audits for completed and underdeveloped projects, covering financial, operational, and compliance aspects. Internal audits help developers understand financial health and mitigate risks.
The UAE’s real estate market has benefited from RERA’s regulatory function. RERA has contributed to the industry’s increased credibility and openness by establishing standards and carrying out audits. Furthermore, the implementation of RERA’s standards has guaranteed that real estate companies are treating their clients fairly and has assisted in the prevention of unethical acts.
Among our clientele are developers, owners’ association management firms, and the real estate departments of some of the biggest commercial banks. Together with being certified public accountants and attorneys, our partners have particular experience serving clients in the real estate industry. Our branches have defended customers in extremely complicated real estate transactions involving billions of dollars, including as joint ventures, lease negotiations, and refinancing. We have the technical expertise and industry knowledge to guarantee that your business keeps expanding in the cutthroat industry.
