The Real Estate Regulatory Agency (RERA) is the regulatory arm of Dubai Land Department (DLD). As a commitment to achieve DLD’s vision to position Dubai as the world’s premier real estate destination and a byword for innovation, trust, and happiness, RERA has implemented various measures including review of project trust account, audit of owners’ association, budget reviews etc.
RERA requires the developers to have an independent “ESCROW” account and submit report by a RERA approved auditor on the current status of the project. In addition, all completed projects must have an Owners’ Association, and should maintain accounting records and submit audited financial statements annually to RERA.
PKF UAE has been registered as a RERA approved auditor to provide these services from 2007 when the RERA regulations were implemented.
PKF UAE has the experience of performing these services for a large group of clients and has a history of consistent delivery of services in strict timelines specified by RERA.
PKF UAE also has close association with RERA and can handle exceptional and unusual issues that may come up during the assignments that may be unique to each project.
The expert team at PKF UAE is well versed with RERA regulations and operation of Escrow Trust Account, Owners’ Association and Developers’ progress status and has significant experience in conducting such audits.
The services cover the following aspects:
For Real Estate Developers:
- Financial audit of the project revenue and cost statement
- Review of the units sold by the developer and Oqood records
- Review of cash collections by developer and account trustee
- Review of payments made from Trust account
- Review of entries in Trust account system maintained by RERA
For Completed Projects:
- Audit of financial statements of Owners’ association
- Audit of service charges
- Budget reviews as per scope specified by RERA
- Unit balance verification
- Mollak Services
Please contact us at dubai@pkfuae.com if we can be of assistance on RERA related audits and reviews.