RERA audit services in Dubai are mandatory for all real estate businesses and projects registered under RERA. BMS Auditing has the best Approved RERA Auditors in Dubai. We have a reputation as one of the best audit firms in Dubai, UAE.
All the real estate developers and projects registered with RERA are required to be audited as per the rules and regulations defined by RERA. Only the audit firms approved by RERA are eligible for carrying out audits of registered real estate developers and projects in Dubai.
We are a listed and certified auditor with the Dubai Land Department to provide the services of rera audit and rera budgeting for real estate businesses and arrangements and management associations. Being an approved audit firm by RERA, We are approved to review, study and analyze the service charges budget for the associations in Dubai to ensure that it has been prepared feasible as per the current competitive market offering
RERA Audit Services Dubai
Real Estate Developers and Jointly Owned Property Managers are required to get their project escrow accounts, financial accounts and service charge budgets audited annually for each ongoing project.
The step is part of RERA’s strategy to boost the adoption of good governance measures for the real estate sector and enhance transparency along with strengthening the confidence of the investors in the real estate sector of Dubai.
BMS Auditing Dubai is one of the best RERA auditors. Our team of auditors is fully equipped and aims to corroborate compliance with defined RERA audit regulations and operation of Escrow Trust Accounts, Jointly Owned Property & Developer’s progress status and has extensive experience of conducting audits as required by RERA. We are offering the best RERA audit services in Dubai.
BMS auditing is one of the approved RERA audit firms in Dubai. We are covering the following areas of services for the RERA audit:
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- Mollak services
- Escrow account auditing
- Budget reviews as per the scope specified by RERA
- Audit of financial statements of Owners’ association
- Audit of service charges
- Unit balance verification
- Management Accounting
- Trust account services
- Special levy reviews
- Master community audit
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RERA Audit UAE
RERA audit help real estate developers in attaining the confidence of their customers as reports resulting from the said audits will provide confidence to the potential buyers that developers are not hiding anything from them or anyone else. Our team of RERA auditors possesses considerate skills to analyze the growth of a real estate project and its compliance with the applicable relevant rules.
Types of RERA Audit
RERA audit in Dubai is mandatory for all the real estate businesses and projects registered under RERA. We are a registered and listed auditor with Dubai Land Department (DLD) to provide the services for the real estate businesses and arrangements. The RERA audit will be divided into three segments.
Stage 1 - Operational RERA Audit
Operational RERA audit services include the examination of the functions and operations carried out in the business with the objective of increasing its efficiency and effectiveness.
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- Review of entries in the Trust account system maintained by RERA
- Review of cash collections by developer and account trustee
- Review of payments made from the Trust account
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Stage 2 - Financial RERA Audit
Financial RERA audit services include the examination of:
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- Review of total number of units sold, total cash received from buyers and number of units
- Financial audit of the project revenue and cost statement
- Total amount received from financial institutions for the
- All payments including cost of land, registration fee, goods, etc
- All other payments including construction, management and marketing related
- Issuance of advances to contractors and other parties in
- Issuance of advances to contractors and other parties in the form of bonds and other financial
- Retentions money which should be equal to 5% of total funds
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Stage 3 - Compliance RERA Audit (For completed projects)
To review and verify that developers' activities are in compliance with the laws and regulations defined by the Real Estate Regulatory Agency (RERA).
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- Audit of financial statements of Owners’ association
- Audit of service charges
- Budget reviews as per scope specified by RERA
- Unit balance verification
- Mollak Services
- Critically analyze and identify the project’s completion status according to the applicable rules and
- As a registered firm with the Land Department, we assist RERA in developing audit reports for underdeveloped
- Performing real estate audits for completed and underdeveloped projects including financial, operational and compliance
- Performing internal audits to assist the developers to get an insight into their business's financial health and identify the risky areas and provide solutions to overcome the risk factors.
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Service Charge Budget Review - RERA Budgeting
Another requirement mandated by RERA, which has been recently imposed across Dubai for all managers managing the jointly owned property, is the service charge budget review. The primary purpose of a budget review of service charges is to conduct a detailed review of the budgeted service charge figures and match them to the industry standards and regulatory guidelines.
Mollak - Jointly Owned Property Audit of Service Charge
This is one of the fundamental requirements mandated by RERA. Jointly Owned Property audits require technical expertise and an in-depth understanding of the region’s real estate industry. Our RERA auditors provide cost-effective audits of service charge accounts and related services to commercial, retail, villas, residential and master community developments.
How BMS Auditing can help - Certified Auditors by RERA?
Our auditors are experts in their fields, their critical thinking, deep understanding and focus on the long-term results make them uncatchable. The auditors and accountants of BMS Auditing endeavor to provide top notch services and bring a unique and extensive way of looking at every single issue and understanding the wide impact of each business decision.
Our team is well versed in the provision of an independent review of the service charge budgets of the jointly owned properties (JOP) to ensure that the budgeted allocations and expenses are justified and reasonable and are in line with real estate industry standards.
RERA audit report will make sure that the service charges and rents are not increased or decreased abnormally. This provides credence and affirmation to all shareholders involved including real estate developers, management companies, unit owners, investors, tenants and the regulatory authority. If you are looking for the best RERA audit services in Dubai, feel free to contact BMS Auditing Dubai.
