What Role Did IQBALIONS Play In Owners Association Auditing?

Owners Association Auditing

Dubai, UAE, proceeds to establish itself as a highly sought after city for real estate investments, simultaneously attracting homeowners who have long-term intentions of settling down with their families. Regardless of the various motivations for individuals to own property in Dubai, investors’ decisions are predominantly influenced by similar purposes. The country’s steady political environment, positive dynamics, fantastic infrastructure and the potential to maintain a high quality of living with a lucrative social scene all promote an interesting variety of attractions.

The consequence of vast sums of money invested in properties per year, there essential the need to form an Owner’s Association, run by elected representatives, to prudently address the issues and problems surfacing from managing a gated community.

Experience

IQBALION, an Audit Services In Dubai regulated by the Real Estate Regulatory Authority (RERA). The firm boasts of several decades of experience, offering a premium service to ensure the successful functioning and efficiency of groups such as the Owner’s Association.

Member of LEA:

We are a satisfied member of the Leading Edge Alliance Global (LEA), a highly established leader in accounting and Financial and Business advisory.

As the second-largest international professional firm association in the world, LEA Global has an alliance with more than 189 firms, operating in over 100 countries with combined annual revenue of more than US$2.6 billion per year.

Overview of Approach

Our approach follows a pure yet highly rigorous four-step process.

  1. Audit Planning

A preliminary meeting is confined to discuss issues associated with internal controls, accounting, audit reporting and clearly defined roles performed by the representatives. A honed approach will be devised and obeyed by the elected members with an agreement on a schedule for best performance to determine an overall effective strategy.

Auditing the association’s accounts is a pivotal service whereby one must take into account the maintenance or service charge received from each owner, transfer of service fees from the master community to the owner’s

Association and any other fee levied by other sources for the maintenance of the community. The final sum of such financial information will account for the revenue in hand with which the innumerable services for the gated community are to take place.

  1. Audit Fieldwork

Our firm will go into rigorous depth by identifying and addressing the origins of issues elevated in the initial audit plan meeting. It will factor in the expenses incurred in maintaining the community impeccably; this comprises of a cleaning contract, clubhouse services, fire protection, generator maintenance, lift maintenance, Mechanical Electric and Plumbing (MEP) contract, pest control, security/lifeguard services, maintenance of swimming pool, water/sewage maintenance, electricity, general repairs/maintenance, waste management,  insurance and other several expenses.

  1. The Sign Off of Financial Statements

This will complete in a sign-off of audited financial statements in addition to providing constructive recommendations to improve systems and controls.

  1. Service Improvement Meeting

This final process will examine how the top audit firms in Dubai services can be of further improvement to empower the owners

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