RERA Approved Auditors

The real estate market in Dubai is a growing and ever-green industry, offering numerous opportunities for entrepreneurs, agents, and investors. If you are involved in the real-estate business or looking to benefit from these opportunities, you need strict compliance with legal and regulatory requirements set by the Real Estate Regulatory Agency (RERA).

In case of negligence towards adhering to these regulations, it can lead to significant penalties and suspension of your business operations. To maintain compliance with RERA’s standards, real estate companies must undergo audits conducted by RERA approved auditors.

WHAT IS RERA?

Who Are RERA Approved Auditors

The Real Estate Regulatory Agency (RERA) is Dubai’s primary regulatory authority for the real estate sector, established under the Law No. (16) of 2007. RERA operates under the Dubai Land Department.

It oversees the compliance and transparency of real estate operations, ensuring ethical practices and protecting the interests of investors and stakeholders.

RERA auditors are specialized auditors authorized by RERA to conduct audits for real estate businesses. For that purpose, the role of authorized auditors is not just compliance but also an important component of your long-term success.

Rules & Regulations By RERA For Audit

The following are the key rules and regulations related to audits and financial management in the real estate sector under RERA laws in Dubai:

Monitoring & Supervision By RERA

As per Article 5 of the regulations, RERA has the authority to monitor and supervise the activities of real estate developers and Owners Associations. RERA can also review their financial records and audit their books of accounts to ensure compliance.

Certified Financial Statements For Escrow

According to Article 6 of the regulations , developers must present certified financial statements showing the project's estimated costs and revenues. These documents are required when opening an escrow account to ensure transparency in project financing.

AUDIT THAT FITS YOUR BUSINESS NEEDS!

Audit Solutions for Real Estate Businesses

Real estate businesses in Dubai require specific types of audits based on their operations and regulatory needs. These include:

Escrow Account Audits

An escrow account audit ensures that developers manage project funds transparently. RERA mandates that all developers maintain escrow accounts to safeguard buyers' payments until project completion.

Financial Audits

Financial audits assess the accuracy of a company’s financial statements, helping to identify potential risks and ensure fiscal responsibility.

RERA Compliance Audits

Compliance audits verify that real estate companies adhere to RERA’s rules and regulations. This includes reviewing financial records, operational processes, and documentation.

Forensic Audits

Forensic audits investigate any fraudulent activities within a real estate business, providing detailed insights for legal proceedings.

How We Do Audit of Real Estate Businesses?

At Now Consultant, we offer the following step-by-step process to meet the specific requirements for the real estate companies in Dubai:

Initial Consultation

In the first step, we help you define clear audit objectives and make a customized plan that aligns with your business requirements. Our team makes sure that your concerns are fully understood and addressed from the beginning.

Document Review

In the second step, our experts guide you in gathering all required documents efficiently. We make the process easy to meet your specific needs.

Audit Execution

In the third step, we conduct a precise analysis of your financial records using advanced tools, ensuring every financial detail is accurate. Our team communicates findings clearly, keeping you informed throughout the process.

Compliance Check

In the fourth step, we identify compliance gaps and provide practical solutions to address them according to the RERA regulations. We implement corrective measures to safeguard your firm's operations.

Reporting and Recommendations

In the last step, we deliver a detailed report with all required details to enhance your compliance and operational efficiency. Our support continues beyond the audit, helping you implement the recommended improvements effectively.

Why You Should Hire RERA Approved Auditing Firm

The following reasons explain why certified auditors are necessary for the audit requirement of your real estate business in Dubai

The certified auditors have specialized knowledge of the laws governing Dubai’s real estate sector, ensuring precise compliance.

If you fail to comply with RERA regulations, it may lead to hefty fines or even license suspension. The authorized auditors help mitigate these risks.

If you hire a RERA approved auditor, it exhibits your commitment to transparency and accountability.

These auditors provide detailed reports that help companies address discrepancies and improve operations.

Key Documents Required for RERA Audit:

The real estate companies must prepare the following documents for a RERA audit in Dubai:

Copies of all financial statements related to the property or project.
Records of all monetary transactions, including receipts and invoices.
Escrow account details and transaction logs.
Sales and purchase agreements.
Property registration documents.
Contracts with contractors and suppliers.
Letters of authority and licenses.

Why Choose Us For RERA Audit?

At Now Consultant, we understand the complexities and compliance challenges associated with RERA audits. Our dedicated team of experts supports you at every step.

From the initial consultation and document preparation to resolving issues and submitting the final report, we ensure precision, mitigate the risks of fines or penalties, and safeguard your business’s adherence to regulatory requirements.