Audit of Sales in UAE
1 March, 2021
Retail businesses that operate in shopping malls in UAE are mandatorily required to submit a Statement of Gross Turnover that is being audited by an approved Auditor. This requirement is based on the terms in the Lease Agreement.
Gross turnover refers to the total sales generated by the business every financial period. The submission of this information is required as a component of the rent paid is based on a percentage of the gross turnover.
The definition of gross turnover is specified in the lease agreement which provides for certain component of sales to be included/excluded respectively.
Benefits of Audit of Sales
- Helps to review the sales collection process to potentially identify control deficiency
- Ensures the tenant’s compliance to the lease agreement
- Provide assurance of reported gross sales to the landlord
Our Services include
- Review of daily sales with the supporting documents
- Prepare and issue the sales audit report as per the terms of the lease agreement
- Provide consultation on any queries you have on the reporting requirements
Sales Audit Procedure by HLB
- Our engagement is conducted in accordance with the International Standard on Related Services (ISRS 4400) that is applicable to agreed upon procedures engagements and we indicate that in our report.
- Verify to ensure that the gross sales report and the invoice wise listing of the sales for the lease period agrees with the books of accounts or related general ledger.
- Perform vouching on selected sample invoices from the sales report and match the sales amount with the invoice wise listing.
- Check the arithmetical accuracy of the statement of gross sales.
- Examine the existing internal control system on revenue/invoice cycle to confirm the completeness, accuracy and adequacy of sales records.
HLB’s Experience in Audit of Sales
Being an Approved Auditor with almost all the Mall Authorities in UAE and carrying out more than 1000 sales audit in a year for various well-known brands, HLB HAMT should be anyone’s preferred vendor for this service.
Pricing and Competition
Although Sales Audit has been one of the very competitive services being offered by most of the Audit Firms, HLB HAMT has already built a niche position in the market for this service through its continuous quality of service and pricing strategy.
Further to providing a respite to our customers during the ongoing Covid 19 Pandemic, we have started providing this service remotely at an unbeatable price.
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