RERA Audit Services Dubai
Get in touch with our RERA Audit team.
RERA Audit Services Dubai
Real Estate Developers and Jointly Owned Property Managers are required to annually audit their project escrow accounts, financial accounts, and service charge budgets for each ongoing project. This measure is part of RERA’s strategy to promote good governance in the real estate sector, enhance transparency, and bolster investor confidence in Dubai’s real estate market.
MAKCA Auditing Dubai stands out as one of the premier RERA auditors. Our expert team of auditors is fully equipped to ensure compliance with RERA audit regulations, including the operation of Escrow Trust Accounts and oversight of Jointly Owned Property & Developer’s progress status. With extensive experience in conducting audits as mandated by RERA, we offer top-notch RERA audit services in Dubai.
What is a RERA Audit?
A RERA audit is an evaluation carried out by the Real Estate Regulatory Agency (RERA) to assess a real estate company’s compliance with the agency’s regulations. The audit covers various areas such as financial management, project management, customer service, and marketing. Its aim is to ensure transparency and fairness in real estate operations, as well as to guarantee the provision of excellent service to customers.
We are recognized as a leading firm in real estate accounting and consulting. Our member firms are renowned for developing innovative strategies, addressing complex real estate issues, and offering practical solutions. We are approved and listed auditors with the Dubai Land Department, enabling us to provide services to real estate businesses and arrangements.
All real estate developers and projects under RERA jurisdiction must undergo audits in compliance with RERA’s regulations. Only audit firms approved by RERA are authorized to conduct audits for registered real estate developers and projects in Dubai.
We are an accredited auditor listed with the Dubai Land Department, offering RERA audit and budgeting services for real estate businesses and management associations. As an approved audit firm by RERA, we are authorized to review and analyze service charge budgets for associations in Dubai, ensuring they align with current market standards.
Benefits of RERA Audits
Regularly undergoing RERA audits offers several advantages to real estate companies. Firstly, it ensures compliance with RERA regulations, minimizing the risk of facing legal penalties. Secondly, it enables the company to evaluate its operations internally and pinpoint areas requiring enhancement. Lastly, RERA audits enhance the company’s credibility and foster greater trust among customers.
Why is RERA Audit important?
The Real Estate Regulatory Agency (RERA) plays a vital role in protecting the interests of both developers and property owners. Conducting an audit is essential for improving the owner’s experience and ensuring transparency and ethics in the process of property investments and community living.
- RERA has designated approved audit firms to serve as external auditors for inspecting and auditing jointly owned properties.
- The auditors are required to report any violations, mismanagement, or negligence by the developers or management entities. Additionally, audit firms must inspect if there are any violations within the unit property or the community, and ensure that corrective action is taken within a specified time frame.
- RERA audit services in Dubai ensure that all revenue collected and expenses incurred by owners or developers are recorded accurately and in compliance with legal requirements. Therefore, authorized audit firms may request statements, bills, receipts, and contract copies to verify these transactions.
Preparing for a RERA Audit
In anticipation of a RERA audit, real estate firms must ensure their records are current and readily available. They should review their protocols to guarantee adherence to RERA regulations. Moreover, designating a specific employee to oversee the audit process and furnish all necessary information to the RERA inspector is crucial.
What to Expect from the RERA Audit Report
The RERA audit report serves as a significant document, outlining the audit’s discoveries and offering suggestions for enhancements. It should encompass all aspects evaluated during the audit, such as financial management, project management, customer service, and marketing. Furthermore, it should highlight areas requiring improvement and offer recommendations for rectifying these issues.
RERA Audit & Review in Dubai, Abu Dhabi & UAE
The Real Estate Regulatory Agency (RERA), a division of the Dubai Land Department (DLD), plays a crucial role in Dubai’s real estate sector. Committed to realizing DLD’s vision of positioning Dubai as a global real estate hub known for innovation, trust, and happiness, RERA has implemented various measures. These include the review of project trust accounts, audits of owners’ associations, and budget assessments.
RERA mandates developers to maintain independent “ESCROW” accounts and submit reports by RERA-approved auditors detailing the project’s current status. Additionally, completed projects must establish Owners’ Associations, maintain accounting records, and annually submit audited financial statements to RERA.
Since 2007, MAKCA has been registered as a RERA-approved auditor, providing these essential services. With a track record of consistent and timely service delivery, MAKCA has extensive experience in meeting RERA’s stringent timelines.
Having a close relationship with RERA enables MAKCA to address unique challenges that may arise during audits, specific to each project. The expert team at MAKCA possesses in-depth knowledge of RERA regulations, Escrow Trust Account operations, Owners’ Association management, and developer progress status, ensuring thorough and effective audits.
Types of RERA Audit
RERA audit in Dubai is compulsory for all real estate businesses and projects registered under RERA. We are certified auditors listed with the Dubai Land Department (DLD) to offer services for real estate businesses and arrangements. The RERA audit process will be divided into three segments.
Operational RERA Audit
Operational RERA audit services entail examining the functions and operations conducted within the business to enhance its efficiency and effectiveness.
- The review includes checking entries in the Trust account system maintained by RERA.
- Examining cash collections by the developer and account trustee,
- Scrutinizing payments made from the Trust account.
Financial RERA Audit
Financial RERA audit services encompass the scrutiny of various financial aspects such as:
- Reviewing the total number of units sold, the total cash received from buyers, and the number of units.
- Audit of the project’s revenue and cost statement.
- The complete sum received from financial institutions for the…
- All expenditures encompassing land costs, registration fees, goods, etc.
- All additional payments, including those associated with construction, management, and marketing.
RERA Approved Auditors In Dubai
The property market in Dubai has witnessed substantial growth over the past few decades, attracting a significant influx of investments. At Mubarak Al Ketbi Chartered Accountants, our main responsibility is to aid potential property owners and property management firms in fulfilling their mandatory Real Estate Regulatory Agency (RERA) audits. Additionally, we offer expert consultation services to jointly owned properties or owner association management companies.
How MAKCA can assist you – Certified Auditors by RERA
Our auditors possess expertise in their respective fields. Their critical thinking, profound comprehension, and emphasis on long-term outcomes set them apart. At Mubarak Al Ketbi Chartered Accountants Auditing, our auditors and accountants strive to deliver exceptional services. They adopt a unique and comprehensive approach to address every issue, recognizing the broad implications of each business decision.
Contact Information:
RERA Audit Department
Office No. AM06, Saraya Avenue Building, Al Garhoud
Dubai, UAE