Audit & Assurance
Dubai is known for its amazing infrastructure, polished apartments, and gated communities that attract various people all around the world. To ensure the real estate market's long-term sustainability, it must be well-structured, technologically advanced, and compliant with international norms. To handle the challenges of the sector and accelerate the registration and setup procedure, several real estate projects hire expert lawyers or advisors. Reyson Badger is one of the top real estate auditor in Dubai (RERA-Approved) and has been providing audit services for more than two decades now.
The Real Estate Regulatory Organization (RERA) is a government agency that forms, governs, administers, and authorizes numerous real estate-related operations in Dubai. For each active project, Real Estate Developers and Jointly Owned Property Managers must have their project escrow accounts, bank records, and service fee budgets audited annually. The move is part of RERA's objective to increase the implementation of governance practices in the real estate industry and increase transparency, boosting investor trust in the industry. Reyson Badger is a RERA-Approved Auditor, with extensive experience in Dubai's real estate markets.
There's also a lot of Anti-Money Laundering related to Real Estate Industry in Dubai currently. There are several AML Regulations which needs to be followed by the Real Estate Agents and Brokers. Here's a detailed guide on the Importance of the AML Compliance that needs to be followed by the UAE Real Estate Industry.
Our team at Reyson Badger are experts and know how to handle compliance with specified RERA audit regulations and operation of Escrow Trust Account, Jointly Owned Property and Developer’s progress status. We have a wide range of experience in conducting audits as required by RERA.
Our services include the following:
This is one of RERA's most fundamental requirements. Technical competence and a thorough understanding of the region's real estate business are required for Jointly Owned Property audits. We have a dedicated staff that performs cost-effective service charge account audits and related services to residential, retail, commercial, villas, and master community developments.
The Budget Review of Service Charge is another duty enforced by RERA, which was recently applied across Dubai for all managers handling jointly owned properties. The major goal of a Service Charge Budget Review is to examine the budgeted service charge numbers in detail and compare them to industry norms and regulations.
Our team has extensive experience conducting an objective analysis of service charge budgets for jointly owned properties. We ensure that the estimated expenses and allocations are appropriate and consistent with industry norms. This gives all parties, including real estate developers, management businesses, unit owners, investors, renters, and the regulatory authority, trust and total assurance.
The goal of this audit is to provide the regulator with a comprehensive picture of the developer's progress to increase investor trust and transparency.
Under RERA regulations, a mandatory real estate audit is required for all Dubai-based real estate projects and businesses. Based on the lifecycle of a project, RERA audits are categorized into stages.
This audit evaluates the developer's operational readiness for the project. A few of the key areas are outlined below:
Internal Controls: Evaluating the project management, financial management, and sales processes.
Marketing and Sales Practices: Ensuring compliance with RERA regulations regarding advertisements and sales agreements.
Escrow Account Setup: Making sure that escrow accounts are properly set up and managed.
A financial health and progress assessment of the construction project is conducted in this audit. The following are some of the key aspects of the audit.
Fund Utilization: Assuring that project funds are used in accordance with approved plans and budgets.
Progress Payments: Ensuring that payments to contractors and suppliers are justified by the work accomplished.
Financial Statements: Analyzing developer financial statements to ensure accuracy and compliance with RERA regulations.
The purpose of this audit is to ensure that the developer has met his obligations to buyers and complied with all RERA requirements. Below are some of the key areas that should be addressed
Completion of Construction: Making sure the project is completed according to the specifications and timelines stated in the sales contract.
Handover Process: Assessing the procedures for handing over units to buyers, including identifying and rectifying any defects that may exist.
Service Charge Calculations: Ensuring that the service charges imposed on owners comply with the RERA.
We, at Reyson Badger, abide by the TAS system that requires all financial transactions associated with a project must be recorded. We stay up-to-date on the latest system modifications to give the most effective project development service possible.