Real estate auditing services provided in the UAE
Regardless of your role in real estate—property management company, developer, investor, or individual property owner—our audit and accounting services provide you the assurance that your financial matters are in competent hands.
Before the Dubai real estate market collapses, it will be when hell freezes over. It makes sense that one of the main drivers of the national economy of the United Arab Emirates is currently recognized to be the real estate industry. Consider again if you believe that real estate audits are exclusively for large corporations. Additionally, it can help small investors. How? Later on, we’ll see you! Let’s find out what a real estate audit is for the time being and see if we can assist you with it.
Understand Real Estate Audits
To educate you about real estate audits, allow us to reintroduce the word “audit.” issued on a directive from the IRS or another outside organization. Verifying the accuracy of all the company’s earnings, losses, and transactions throughout the specified audit period is the audit’s primary goal. This covers managing the assets or adhering to local and state laws, as well as making sure that any lenders or other interested parties are paid on time. The tax returns of a person or business are the subject of an IRS audit. A real estate audit, on the other hand, examines a business’s general operational and financial status as well as its adherence to regulations and maintenance of accurate records for every real estate asset and transaction.
In the real estate industry, audits are frequently carried out on a regular basis as a means of putting risk management strategies into practice and evaluating compliance within an organization. However, there are some circumstances, including ongoing legal disputes, when an audit is necessary.
Auditors certified by RERA
The United Arab Emirates’ Real Estate Regulatory Authority (RERA), which was established in 2007, is in charge of all related legal matters. All projects and real estate enterprises in Dubai that are registered with RERA are required to undergo an RERA audit. The governing body is in charge of creating laws and guidelines that apply to a variety of real estate-related activities in Dubai. The regulatory body of Dubai requires all developers who are registered with RERA to have an escrow account. It also carries out an impartial audit to ascertain the project’s completion state with respect to the construction’s advancement. Developers who are registered with RERA are required to submit an audit report to RERA for each finished project each year. The three components of an RERA audit are financial, compliance, and operational audits.
