Service Charge Audits in UAE
RERA requires all Jointly owned properties in Dubai (completed projects) must have a Home Owners’ Association and should maintain accounting records with the help of the Association Manager and submit audited financial statements annually to RERA.
HLB HAMT has an experienced team who is well versed with RERA regulations and compliances and has deep knowledge of the working of HOA, including the association managers’ role and has considerable experience in conducting such audits.
Phone:- +971 4 327 7775
Mobile:- +971 50 749 0576
WhatsApp:- +971 56 219 1607
Service Charge Audits Methodology
- Review the compliance of the latest pronouncements and guidance issued by RERA, which applies to HOA.
- Verify the minutes of committee meetings.
- Compare the approved budget with the annual financial statements and find variances and their reasons.
- Performing the control and substantive testing as per ISA.
- Reviewing the supplementary information.
- Preparing statutory financial statements as per IFRS and communicating the issues identified in the Audit process.
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