Owners Association / Strata Auditing
The scope of audit work is designed to ensure that client is in compliance with RERA (Real Estate Regulation Authority) rules, regulations and requirements and to ensure that the Financial Statements, in all material aspects, represent a fair record of the Owners Association assets and liabilities, equity, financial position and results of operation for the given year in accordance to accepted accounting principles and relevant legislation in UAE. We FAR-Farhat Office & Co conduct Revision/Audit which covers the following:
A. Revenue of the Owners Association
- Service charge amount received from Master Community, if any.
- Service charges received from Building Administration, if any.
- Other received amount and other revenues if any.
B. Expenses of the Owners Association Such as:
- Cleaning Contract.
- Club House Services.
- Cradle Contract.
- Fire Protection Contract.
- Generator Maintenance Contract.
- Lift Maintenance Contract.
- Management fees.
- MEP Contract.
- Pest Control.
- Service Charge Master Community.
- Security Guard/Life Guard Contractv
- Swimming Pool.
- Utility - Chilled Water.
- Utility-Water & sewerage.
- Waste Management Contract.
- Floral Contract.
- General Repairs & Maintenance.
- Sundry expenses.
- Consultancy fee.
- Bank charges.
- Furniture & Fittings.
- Painting & Surface finishes.
C. Budgeting for the Owners Association
D. Financial Statements for the Owners Association
(Balance Sheet, Cash Flow Statements, Sources and usage of fund)
What are the benefits?
- Compliance with RERA (Real Estate Regulation Authority ) and Land Department rules and requirements.
- Legalization of Company Accounting Books and Financial Statements.
- Annual Audit report for the Associations.
- Implementation of company accepted accounting system.
- Implementation of company accepted Internal Controls.
- Accurate financial and accounting Reporting.