Strata Auditing and Owners Association
Strata Auditing in UAE and Owners Association
What is a Strata Audit?
A Strata Audit is a specialized type of external audit that focuses on the financial records and compliance of strata-titled properties, such as residential complexes, commercial buildings, or mixed-use developments. This audit ensures that the strata plan’s financial statements are accurate, transparent, and in full compliance with local regulations. The Strata Audit is essential for maintaining the financial health and legal standing of the property.
Owners' Association
An Owner’s Association (OA) refers to the collective group of property owners within a subdivision, condominium, or residential unit. The primary role of the OA is to manage and maintain the properties entrusted to them on behalf of the individual owners. This includes ensuring proper upkeep of the common areas, managing finances, enforcing rules and regulations, ensuring security, and interacting with relevant authorities.
As one of the leading auditors for Owners Associations in Dubai, we provide auditing services specifically tailored to ensure compliance with RERA (Real Estate Regulatory Authority) guidelines, rules, and regulations. Our audit services are designed to ensure that the financial statements of the Owners Association accurately represent its assets, liabilities, equity, financial position, and operating results for the year, in accordance with accepted accounting principles and applicable UAE laws.
Top Auditors for Owners Association in Dubai, UAE
With over 15 years of experience, our expertise in Owners Association and Strata Auditing in Dubai is unparalleled. We take compliance with local regulations seriously, ensuring that all legal requirements are fully met.
As one of the leading auditors for Owners Associations in Dubai, we provide significant value to our clients. We are recognized as one of the top auditing firms in Dubai, offering comprehensive audit services that extend beyond Owners Associations to include project development audits for businesses. Our goal is to help you fully benefit from the audit process by providing top-notch services. Our skilled accountants also handle VAT consultation and processing services in the UAE, in addition to managing bookkeeping, accounting services, and payroll and HR solutions for companies seeking expert management of their HR responsibilities. Read More
How Does the Strata Audit Process Work in Dubai UAE?
In the UAE, the Strata Audit process follows a systematic approach to ensure that all financial activities within a strata plan are accurately reported and compliant with the regulations:
Understanding the Strata Plan: The first step involves gaining a thorough understanding of the specific strata plan, including its financial structure, revenue sources, and expenditure patterns.
Assessing Compliance and Risks: The auditor assesses the compliance with strata laws and identifies any potential risks or discrepancies in the financial records.
Performing Financial Tests: Control tests are conducted to verify the accuracy of financial transactions, including the collection of strata levies, payments, and other financial activities.
Reviewing Financial Statements: The audit includes a detailed review of the strata plan’s financial statements to ensure that they reflect the true financial position of the property.
Completing the Audit: After all tests and reviews are completed, the auditor compiles the findings and prepares a comprehensive audit report.
Issuing the Audit Report: The final audit report is issued, highlighting any issues found and providing recommendations for improvements.
What's the Benefits of Strata Auditing?
- Ensures Compliance: Strata Audits ensure that the strata plan complies with local regulations, avoiding legal penalties.
- Enhances Transparency: The audit process enhances financial transparency, giving confidence to stakeholders about the financial management of the property.
- Identifies Risks: Auditors can identify potential financial risks, allowing for proactive measures to mitigate them.
- Improves Financial Management: By auditing the financial records, strata managers can improve their financial management practices.
- Compliance with RERA (Real Estate Regulation Authority) and Land Department guidelines and requirements
- Legalization of employer accounting books and monetary statements
- Annual audit report for the associations
- Implementation of a company-accepted accounting system & internal controls
- Accurate financial and accounting reporting
Services Offer for Strata Auditing and Owners’ Associations
We, SK Financial Services offers a variety of services with our extensive experience and knowledge in this field. We conduct revision/audit, which covers the following:
- Service price quantity obtained from Master Community
- Service expenses acquired from Building Administration
- Other received amount and other revenues
- Cleaning Contract
- Cradle Contract
- Generator Maintenance Contract
- Management Fees
- Pest Control
- Security Guard/Life Guard Contract
- Utility—Chilled Water
- Utility—Water and Sewerage
- Floral Contract
- Sundry Expenses
- Consultancy Fee
- Furniture and Fittings
- Club House Services
- Fire Protection Contract
- Lift Maintenance Contract
- MEP Contract
- Service Charge Master Community
- Swimming Pool
- Utility—Electricity
- Waste Management Contract
- General Repairs and Maintenance
- Insurance
- Bank Charges
- Painting and Surface Finishes
- Making budget of owner's association.
- Sources, cash flow statements, income statement, balance sheet and usage of fund
How SK Financial Services Can Help with Strata Audits
At SK Financial Services, we offer expert Strata Audit services in Dubai and across the UAE. Our team of experienced auditors specializes in strata accounting and auditing, ensuring that your strata plan is fully compliant with all legal requirements. We provide comprehensive audit reports that highlight any discrepancies and offer practical solutions to improve financial management.
Our Strata Audit services include:
- Detailed Financial Analysis: We conduct a thorough analysis of your strata plan’s financial records.
- Compliance Verification: We ensure that your strata plan complies with all local regulations and laws.
- Customized Solutions: We offer tailored solutions to address any financial or compliance issues identified during the audit.
At SK Financial Services, we are committed to providing the best Strata Audit services in Dubai and the UAE, ensuring your property’s financial integrity and compliance with ease.
Frequently Asked Questions About Strata Audit
A1: A Strata Audit is a financial audit of a strata-titled property, ensuring that its financial records are accurate and compliant with local regulations.
A2: A Strata Audit is important because it ensures financial transparency, compliance with laws, and identifies any potential financial risks within the strata plan.
A3: In the UAE, it is recommended to conduct a Strata Audit annually to maintain compliance and ensure accurate financial reporting.
A4: Yes, SK Financial Services provides comprehensive Strata Audit and compliance solutions to ensure your strata plan meets all regulatory requirements.
A5: The Strata Audit process includes understanding the strata plan, assessing compliance, performing financial tests, reviewing financial statements, and issuing the final audit report.
