RERA audit services Dubai are mandatory for all the real estate businesses and projects registered under RERA. BMS Auditing is the Approved RERA Auditors in Dubai. We have a reputation of one of the best audit firm in Dubai, UAE. 

All the real estate developers and projects registered with RERA are required to be audited as per the rules and regulations defined by RERA. Only the audit firms approved by RERA are eligible for carrying out audits of registered real estate developers and projects in Dubai.

We are listed and certified auditor with Dubai Land Department to provide the services of rera audit and rera budgetting for the real estate businesses and arrangements and management associations. Being an approved audit firm by RERA, We are approved to review, study and analyze the service charges budget for the associations  in Dubai to ensure that it has been prepared feasible as per the current competitive market offering

RERA Audit Services Dubai

Real Estate Developers and Jointly Owned Property Managers are required to get their project escrow accounts, financial accounts and service charge budgets audited annually for each ongoing project.

The step is part of RERA’s strategy to boost the adoption of good governance measures for the real estate sector and enhance transparency along with strengthening the confidence of the investors in real estate sector of Dubai.

BMS Auditing Dubai is one of the best RERA auditors. Our team of auditors are fully equipped and aims to corroborate  compliance with defined RERA audit regulations and operation of Escrow Trust Account, Jointly Owned Property & Developer’s progress status and has extensive experience of conducting audits as required by RERA. We are offering best RERA audit services in Dubai.

BMS auditing is one of the approved RERA audit firms in Dubai. We are covering following areas of services for RERA audit:

      • Mollak services
      • Escrow account auditing
      • Budget reviews as per scope specified by RERA
      • Audit of financial statements of Owners’ association
      • Audit of service charges
      • Unit balance verification
      • Management accounting
      • Trust account services
      • Special levy reviews
      • Master community audit

RERA Audit UAE

RERA audit help real estate developers in attaining confidence of their customers as reports resulting from the said audits will provide confidence to the potential buyers that developers are not hiding anything from them or anyone else. Our team of rera auditors possess considerate skills to analyze the growth of a real estate project and its compliance with the applicable relevant rules. 

Types of RERA Audit

RERA audit in Dubai is mandatory for all the real estate businesses and projects registered under RERA. We are registered and listed auditor with Dubai Land Department (DLD) to provide the services for the real estate businesses and arrangements. The RERA audit will be divided into three segments.

Stage 1 - Operational RERA Audit

Operational RERA audit services include the examination of the functions and operation carry out in the business with the objective of increasing its efficiency and effectiveness.

      • Review of entries in Trust account system maintained by RERA
      • Review of cash collections by developer and account trustee
      • Review of payments made from Trust account

Stage 2 - Financial RERA Audit

Financial RERA audit services include the examination of:

      • Review of total number of units sold, total cash received from buyers and number of units
      • Financial audit of the project revenue and cost statement
      • Total amount received from financial institutions for the
      • All payments including cost of land, registration fee, oqood,
      • All other payments including construction, management and marketing related
      • Issuance of advances to contractors and other parties in
      • Issuance of advances to contractors and other parties in the form bonds and other financial
      • Retentions money which should be equal to 5% of total funds

Stage 3 - Compliance RERA Audit (For completed projects)

To review and verify that developers activities are in compliance with the laws and regulation defined by the Real Estate Regulatory Agency (RERA).

      • Audit of financial statements of Owners’ association
      • Audit of service charges
      • Budget reviews as per scope specified by RERA
      • Unit balance verification
      • Mollak Services
      • Critically analyze and identify the project’s completions status according to the applicable rules and
      • As a registered firm with the Land Department, we assist RERA in developing audit reports for underdeveloped
      • Preforming real estate audits for completed and underdeveloped projects including financial, operational and compliance
      • Performing internal audits to assist the developers to get an insight into their business financial health and identify the risky areas and provide solutions to overcome the risk factors.

Service Charge Budget Review - RERA Budgeting

Another requirement mandated by RERA, which has been recently imposed across Dubai for all managers managing the jointly owned property, is the service charge budget review. The primary purpose of a budget review of service charge is to conduct a detailed review of the budgeted service charge figures and match them to the industry standards and regulatory guidelines.

Mollak - Jointly Owned Property Audit of Service Charge

This is one of the fundamental requirements mandated by RERA. Jointly Owned Property audits require technical expertise and an in-depth understanding of the region’s real estate industry. Our rera auditors provide cost-effective audits of service charge accounts and related services to commercial, retail, villas, residential and master community developments.

How BMS Auditing can help - Certified Auditors by RERA?

Our auditors are experts in their fields, their critical thinking, deep understanding and focus on the long-term results makes them uncatchable. The auditors and accountants of BMS Auditing endeavor to provide top notch services and bring a unique and extensive way of looking at every single issue and understand the wide impact of each business decision.

Our team is well versed in the provision of an independent review of the service charge budgets of the jointly owned properties (JOP) to ensure that the budgeted allocations and expenses are justified and reasonable and are in line with real estate industry standards.

RERA audit report will make sure that the service charges and rents are not increased or decreased abnormally. This provides crdence and affirmation to all shareholders involved including real estate developers, management companies, unit owners, investors, tenants and the regulatory authority. If you are looking for best RERA audit services in Dubai, feel free to contact BMS Auditing Dubai.

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