Audit Services for Real Estate Developers in UAE
MOE Approved Auditors
Escrow & Cash Flow Audits Under RERA Regulations
Now, in the UAE, it should be noted by developers that the audit for the guarantee account/escrow account is mandatory as required by the Real Estate Regulatory Authority (RERA). Developers are obliged to comply with applicable laws and regulations (ex: Law No. 08 of 2007, Law No. 13 of 2008, and Law No. 09 of 2009).
As one of the leading companies that handle developer audits in Dubai, Farhat & Co. ensures that you are complying with the laws of the land. We can present you with remarkable service in project developers’ financial assessments, checking every aspect of the financial, compliance, and operational side of things to provide you with a fully detailed report.
Top Auditors for Projects in Dubai
Thirty years of experience enable us to guarantee our clients that the only kind of service that they will receive is of the best quality in the country. As we are one of the top firms in Dubai, the services that we offer for project audit, strata auditing in Dubai, escrow accounts audit, and Owners Associations audit are handled with our regulated auditors in Dubai that will give you peace of mind right after we work with you.
They work with the accountants who manage our consultation and processing service of the upcoming VAT in UAE, the people’s needs for bookkeeping and accounting services in Dubai, and also the payroll and HR solutions service that organizations need for HR duties and payroll process.
Aside from these services, we offer several others to help you with managing your organization, such as processing trademark registration in Dubai and its renewal, the winding-up of a firm or deregistration of a company, and looking into financial statements and all to discover fraud as we are also a certified fraud examiner.
Ideally, every single withdrawal made from an escrow account is for the sole purpose of the completion of the project, and we review that case if it is indeed followed. In addition, we also have a wide experience in real estate disputes. We are regularly appointed by Dubai Courts as court experts. We work with developers, courts, arbitration centers, land departments, RERA, law firms, lawyers, and investors.
When we begin working on the audit, we check that each file that you have provided to us has the information that is related to the escrow transaction. We scrutinize what is missing and what errors seem to be appearing, compiling them all in a list. We review each instruction, verifying that transactions made exactly match the instructions. The list and all the things that we have noticed shall aid us in making the report that we have to present to you once we’re done.
Why Choose Farahat & Co.?
We have an edge and more advantages when it comes to auditing since we have been in the industry dealing with a lot of fields for more than 30 years, some of the things that we possess and that you can expect from us are as follows:
- We have continuous and dedicated communication to provide you with fresh ideas and opportunities for quality delivery of services.
- We have our prime focus on vulnerable areas with strategic advice on how to avert a problematic situation.
- As a team of experienced audit professionals working in tandem to build a positive relationship with your key management, we have a certain perspective and belief to deliver quality services to the community.
- We value the delivery of quality financial assessment services that will constantly provide valuable add-ons.
- We are keen on providing a skilled “thinking team” that will collaborate with your management concerning all critical planning and control processes.
- We are always prepared to present highly constructive feedback to improve the effectiveness of services.
Our Approach
Our audit approach has a scope to help you in verifying your financial transactions or records. FAR – Farhat Office & Co.’s audit approach covers the following:
- Financial, compliance, and operational audits
- Statement of project revenues and cost – RT/02
- Statement of sale and collections – RT/04
- Payment breakdown index – RT/10
Why Are Real Estate Audits Important?
- Auditing of real estate guarantees that there is financial transparency and the accuracy of real estate management operations (Mindspace, 2024).
- They assist in detecting fraud, misadministration as well as account discrepancies.
- The audits assure that they are in line with UAE property regulations, laws, and accounting standards.
- They give an insight on cash flow, rental revenues and expense management.
- Real estate audits help in building the confidence of the investors and stakeholder trust.
- The audits are beneficial to streamline operational efficiency and budgeting of properties.
- Audits on time help in avoiding court battles and fines.
- They help in performance analysis of the property and valuation of assets.
- Audit reports entail recommendations of action relating to enhancement of financial controls and governance.
How to Do Real Estate Audit for Property Management Companies
- Start with a risk analysis to find out those areas that require reconsideration, including rent payment and costs.
- Check financial statements, ledgers and accounting records, as of accuracy.
- Confirm the rental revenue, service charges, and maintenance charges.
- Review compliance of contracts, leases and regulations.
- Perform physical verification of properties and assessing their value where necessary.
- Balance bank accounts, supplier payment, and tenant funds.
- Detect mistakes, abnormalities or possible fraud.
- Prepare a comprehensive audit report and recommendation on how the management should improve.
- Hire a qualified auditor or accounting service firm that specialises in real estate
What Documents Are Needed for a Real Estate Audit?
- Financial statements such as income statements, balance sheets, and cash flow statements (Capstone Finance, 2025)
- Rental contracts and tenancy records, lease agreements.
- Bank statements, receipts and invoices of all property transactions.
- Maintenance cost, service cost and reserve fund records.
- Past audit reports, tax filing and VAT reports.
- Property management payrolls, when necessary.
- Asset valuation and purchases of properties supporting documents.
- Accurate, efficient and timely audits are guaranteed by well-organized documentation.
- Real estate audit in Dubai enhances financial management, regulatory audit and investor confidence.
Faqs
How mandatory is real estate audit in the UAE?
Real estate audit is mandatory in the UAE. Real estate companies must maintain proper financial records and comply with the applicable audit and financial reporting requirements.
How mandatory is real estate audit in Dubai?
Real estate audit is mandatory in Dubai. Companies operating in the real estate sector must maintain accurate accounting records and prepare audited financial statements in line with the applicable requirements.
How mandatory is property audit in Dubai, UAE?
Property audit is mandatory in Dubai and the UAE. It helps verify property-related income, expenses, service charges, financial records, and supporting documents.
How mandatory is real estate financial audit in Dubai, UAE?
Real estate financial audit is mandatory in Dubai and the UAE. It helps confirm the accuracy of revenue, expenses, assets, liabilities, and property-related transactions.
How mandatory is property management audit in Dubai, UAE?
Property management audit is mandatory in Dubai and the UAE. It helps review property income, management fees, service charges, expenses, owner statements, and financial reporting records.
How mandatory is real estate compliance audit in Dubai, UAE?
Real estate compliance audit is mandatory in Dubai and the UAE. It helps ensure that real estate businesses follow applicable financial, accounting, tax, and regulatory requirements.
What does a real estate audit cover?
A real estate audit covers rental income, sales proceeds, commission records, property management fees, service charges, escrow accounts, expenses, contracts, bank statements, VAT records, Corporate Tax records, and supporting accounting documents.
Which real estate businesses need audit services?
Audit services are needed by real estate developers, brokers, property management companies, real estate investment companies, landlords, jointly owned property associations, and companies managing real estate-related income or expenses.
Why is real estate audit important in Dubai?
Real estate audit is important because it supports financial transparency, regulatory compliance, reliable reporting, investor confidence, tax readiness, and proper management of property-related income and expenses.
What documents are required for a real estate audit?
Common documents include trade license, property agreements, tenancy contracts, sales agreements, commission records, bank statements, ledgers, invoices, expense records, VAT records, Corporate Tax records, escrow records where applicable, and supporting financial documents.
Can real estate audit help with RERA or authority compliance?
Yes. Real estate audit supports RERA or authority compliance by reviewing financial records, service charge accounts, property-related transactions, and supporting documents required for regulatory or reporting purposes.
Can Farahat & Co. assist with real estate audit in Dubai and the UAE?
Yes. Farahat & Co. assists real estate businesses with audit planning, financial record review, compliance audit support, property management audit, and audited financial statements in Dubai and across the UAE.
+971 52 6922588 | Tel: +971 4 2500251 | E-mail: [email protected]