Escrow Trust Account and Owner's Association and Developer's Audit

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The audit work is designed to ensure that the client adhere with Land Department's rules, regulations and requirements and to ensure that the Financial Statements, in all material respects, represent a fair record of the company’s assets and liabilities, equity, financial position and results of operation for the given year in accordance with the Act on Accounting and relevant legislation in UAE.

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The Scope includes:

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1. Financial Audit

    To review:

• A list of units sold, units cancelled and cash received from buyers;

• Mortgage/Finance amount received for the project from financial institutions;

• Retention A/C balance and verify it represents 5% of total funds received;

• Paid land costs and other related payments (registration fees, Oqood, etc.);

• Project constructions, management and marketing related payments; and

• Advance payments guarantee and performance bond issued.

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2. Operational Audit

    To assess the effectiveness of control environment and activities of the Company.

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3. Compliance Audit

    To verify whether or not the Developer is in compliance with the applicable Real Estate Laws and Regulations as RERA required.

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