Audit Services In Dubai
Affiniax is one of the top audit firms in Dubai, and has been providing audit services in Dubai for over 25 years. Dubai is a city well known for its unique skyscrapers, highrise apartments and gated communities, which attract a lot of people across the globe to invest and reside in the city. To ensure the sustained growth of the real estate market, the industry must be well structured with advanced technology and in compliance with global standards. Some real estate projects employ specialized lawyers or consultants to meet the challenges in the industry and expedite the process of registration and establishment.
RERA Audit Services In Dubai
The Real Estate Regulatory Agency (“RERA”) was established in Dubai, UAE in the year 2007, is a government agency that formulates, regulates, manages and licenses various real estates related activities in 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, thus strengthening investors’ confidence in the real estate sector.
Our expert team at Affiniax is well versed in ensuring compliance with stipulated RERA audit regulations and operation of Escrow Trust Account, Jointly Owned Property & Developer’s progress status and has extensive experience of conducting audits as required by RERA.
Our area of services includes the following;
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. We have a specialist team that provides cost-effective audits of service charge accounts and related services to residential, retail, commercial, villas and master community developments.
Service Charge Budget Review
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 Charge is to conduct a detailed review of the budgeted service charge figures and match them to the industry standards and regulatory guidelines.
Our team is well experienced in the provision of an independent review of the service charge budgets of the jointly owned properties to ensure that the budgeted expenses and allocations are reasonable and in line with industry standards. This provides confidence and absolute assurance to all stakeholders involved including real estate developers, management companies, unit owners, investors, tenants and the regulatory authority.
Escrow Account Audit
The purpose of this audit is to give a clear picture to the regulator regarding the developer’s progress so as to build confidence and transparency among the investors.
Our team is experienced in using the TAS system, where all financial transactions related to a project must be recorded, and constantly stay abreast with the newest updates available in the system in order to provide the most efficient service possible related to project developments.