RERA Audit Services in Dubai, United Arab Emirates
RERA (Real Estate Regulatory Authority), is a government agency responsible for formulating rules and regulations for various real estate businesses in Dubai, UAE. RERA requires all developers registered with RERA to have an ESCROW account and conduct an independent audit to identify the status of work in progress and completion of the project. RERA also requires the submission of an annual Audit Report for all projects completed by registered developers. The RERA audit can be divided into three segments.
MASAR is the RERA-approved auditors who are eligible to conduct real estate audits in the UAE. According to the RERA regulations. MASAR has a team of highly skilled professionals who is aware of all legal requirements of the RERA and help real estate firms, association owners, and trustees by carrying out real estate audits in the UAE.
Property Audit:
A Property Audit is a comprehensive examination of a property’s financial records, management practices, and physical condition. It ensures transparency, accountability, and efficiency in property management.
A RERA Audit, on the other hand, is specific to real estate regulatory compliance. In the UAE, the Real Estate Regulatory Agency (RERA) mandates audits to verify the accuracy of property service charges, reserve funds, and overall financial transparency within property developments. While a Property Audit encompasses a broader scope, a RERA Audit focuses on regulatory compliance within the real estate sector in the UAE.
The Role of Audit Firms:
MASAR with professional competency and due care is always up to date with RERA’s legal compliance department, making it easier for real estate companies to get the solutions to their questions related to UAE real estate review and compliance. Having established themselves as the best auditors in the UAE, MASAR employees have experience in handling real estate disputes arising in Dubai Courts and are regularly appointed by Dubai Courts to handle cases arising in real estate. When performing the real estate audit, all transactions made by the ESCROW accounts are carefully examined and analyzed to identify if all finances were used solely to complete the project.
According to the RERA regulations, real estate companies are required to carry out their property verification annually for each project under development. MASAR is a real estate auditing expert with a team that has a solid understanding of real estate auditing providing real estate developers with an audit report that shows the real picture of the business verifying every aspect of finance, operations, and compliance with all the legal requirements.
RERA audit Laws:
The basic laws that connect developers to auditing are:
- According to article 5 of the regulation, the RERA will have all the rights to control and supervise the activities of the promoters and the proprietary communities and to review the books and accounting records.
- According to article 6 of the regulation, for the opening of the escrow account, the certified balance sheet containing the estimated costs and revenues of the project must be presented.
- An ESCROW agent must provide regular details of the income and expenses of your ESCROW accounts. The department may request its ESCOW agent to submit any information or data at any time and the department may order the review of such information by an independent auditor if necessary.
- If RERA cancels a project, RERA will appoint a certified auditor to examine the current financial situation of the project, the total amount deposited in the ESCROW account, and the verification of all expenses.
Real estate developers must check their escrow accounts annually for each project under development. MASAR’s rich experience in auditing Project Trust accounts and legal compliance, under the guidelines prescribed by RERA, is very helpful.
With our experience dealing with leading real estate developers in the UAE. And a cordial relationship with the RERA Trust Accounts Department and Trustees. We can act as an advisor for developers to comply with RERA regulations. Our Team have a dedicated project trust account auditing team. Available year-round to advise developers on compliance with RERA requirements. Our relationship with RERA allows us to obtain timely clarifications on any complications or unexpected changes to the RERA guidelines.
RERA Review:
The real estate sector must be properly organized with modern technology and in compliance with global standards. To ensure its long-term economic growth. Real estate investing is one of the best-known business sectors and a rapidly expanding market due to its GDP growth rate and rising per capita income. We identify ourselves as one of the leading real estate Consultancy and Accounting Firms. Our experts are renowned for investigating and solving complex real estate problems and providing effective suggestions for the improvement of the real estate business. We have a team of professionals focused on innovations of various real estate business models.
We are a verified and certified statutory auditor with the Dubai Land Department to provide real estate business and agreement services. MASAR guarantees full compliance with applicable laws on the matter, providing project escrow accounts, financial accounts, annual audits, and budgets for every ongoing project is a must for real estate developers and property managers. This process helps in good governance measures with total transparency, which gives investors confidence in the real estate business.
We have the tactful skills to analyze the growth of a project and its compliance with applicable laws, also assisted the Real Estate Regulatory Authority (RERA) in developing the escrow account audit reporting process for unfinished or underdeveloped real estate projects.
RERA Audit Services in Dubai:
Real estate developers and co-ownership property managers should check their escrow accounts. Financial accounts, and service cost budgets annually for each ongoing project.
The move is part of RERA’s strategy to guide the adoption of good governance measures for the real estate sector. And improve transparency along with strengthening investor confidence in the Dubai real estate sector.
MASAR is one of the competitive RERA auditors. Our experienced team of auditors aims to demonstrate compliance with RERA-defined audit standards in escrow operation, joint ownership, and developer progress and has extensive experience in conducting audits as required by RERA. We are offering the most competitive RERA Audit Services in Dubai.
MASAR is one of the auditing firms approved by the RERA in Dubai.
We cover the following service areas for the RERA audit:
- Molak Services.
- Audit of Escrow Accounts.
- Budget revisions according to the parameters specified by RERA.
- Review of the financial statements of the Owners Community.
- Check the charges for the service.
- Unit balance control.
- Management control.
- Trust account services.
- Reviews of special privileges.
- Master Community Audit.
How can MASAR Chartered Accountants help?
Our reviewers are experts in their fields, their critical thinking, deep professional understanding, and focus on long-term results make them unmatched. MASAR auditors and accountants strive to provide first-rate services and provide a unique and comprehensive way to analyze each issue with understanding the overall impact of each business decision.
Our team is experienced in providing an independent review of Joint Property Service Cost (JOP) budgets. To ensure that anticipated allocations and expenses are justified, reasonable, and in line with real estate industry standards.
The RERA audit report will ensure the service charges and abnormal fluctuations in rents. This provides credibility and affirmation to all stakeholders involved, including property developers, management companies, unit owners, investors, tenants, and regulators. If you are looking for the best RERA audit services in Dubai, don’t hesitate to contact MASAR Chartered Accountants.