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AA & Co. is among the approved list of Auditors qualified for executing RERA and Owner’s Association Audit.
Full scope of this services is as follows:
The scope of a RERA audit includes:
a) 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 construction, management & marketing related payments
Advance payments released to the contractor(s) or other parties
Advance payment guarantee and performance bond issued
b) Operational Audit – To assess the effectiveness of control environment and activities of the company.
c) Compliance Audit – To verify whether or not the developer is in compliance with the applicable real estate laws & regulations as required by RERA.