Audit of Real Estate Developers
Audit of Real Estate Developers in UAE
(Cash Flow/Escrow Audit)
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’ audits, 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 auditing 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 Farhat Office & 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 audit 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 audit, compliance audit, operational audit
- Statement of project revenues and cost – RT/02
- Statement of sale and collections – RT/04
- Payment breakdown index – RT/10
