Dubai, UAE, continues to establish itself as a highly sought after city for real estate investments, simultaneously attracting home owners who have long-term plans of settling down with families. Regardless of the different motivations for individuals to own property in Dubai, investors’ decisions are predominantly influenced by similar reasons. The country’s stable political environment, positive dynamics, fantastic infrastructure and the potential to maintain a high quality of living with a lucrative social scene all promote an interesting variety of attraction.
Consequence to huge sums of money invested in properties per year, there essential the need to form an Owner’s Association, run by elected representatives, in order to prudently address the issues and problems surfacing from managing a gated community.
Farahat & Co., is an Audit and Assurance firm in Dubai regulated by the Real Estate Regulatory Authority (RERA). The firm boasts of several decades of experience, offering a premium service to ensure the successful functioning and efficiency of groups such as the Owner’s Association.
We are a proud member of the Leading Edge Alliance Global (LEA), a highly established leader in accounting and Financial and Business advisory.
As the second largest international professional firm association in the world, LEA Global has an alliance with more than 189 firms, operating in over 100 countries with combined annual revenue in excess of US$2.6 billion per year.
[h3_heading]Overview of Approach[/h3_heading]
Our approach follows a simple, yet highly rigorous four-step process.
A preliminary meeting is held to discuss issues related to internal controls, accounting, reporting and clearly defined roles played by the representatives. A honed approach will be devised and followed by the elected members with an agreement on a schedule for best performance to determine an overall effective strategy.
Auditing the association’s accounts is a pivotal service whereby one should take into account the maintenance or service charge received from each owner, transfer of service fees from the master community to the Owner’s
Association and any other fee levied by other sources for maintenance of the community. The final sum of such financial information will account for the revenue in hand with which the innumerable services for the gated community are to take place.
Our firm will go into rigorous depth by identifying and addressing the origins of issues elevated in the initial audit plan meeting. It will factor in the expenses incurred for maintaining the community impeccably; this comprises of a cleaning contract, club house services, fire protection, generator maintenance, lift maintenance, Mechanical Electric and Plumbing (MEP) contract, pest control, security/life guard services, maintenance of swimming pool, electricity, water/sewage maintenance, waste management, general repairs/maintenance, insurance and other sundry expenses.
[h3_heading]The Sign Off of Financial Statements[/h3_heading]
This will culminate in a sign-off of audited financial statements in addition to providing constructive recommendations to improve systems and controls.
[h3_heading]Service Improvement Meeting[/h3_heading]
This final process will examine how the audit services can be of further improvement to empower the Owner’s
Association and aid them in consistently upgrading services.