Real Estate Regulatory Agency (“RERA”), established in Dubai, UAE in the year 2007, is a government agency that formulates, regulates, manages and licenses various real estates related activities in Dubai.
RERA requires all its developers to have an independent “ESCROW” account and also to undertake an audit to check on the current status of the project and update the records with regards to the progress of the construction. Besides this all completed projects must have their own Owner’s Association, which needs to maintain and audit its books of accounts with annual submission to RERA.
Expert team at Baker Tilly is well versed with stipulated audit regulations and operation of Escrow Trust Account, Owner’s Association & Developer’s progress status and has mammoth experience & know-how of conducting such audits.
The scope of a RERA audit includes: