Auditing is a means of evaluating the effectiveness of a company's internal controls. Maintaining an effective system of internal controls is vital for achieving a company's business objectives, obtaining reliable financial reporting on its operations, preventing fraud and misappropriation of its assets, and minimizing its cost of capital. Both internal and independent auditors contribute to a company's audit system in different but important ways.
Audit of Developers as per RERA Regulations
The Audit of Developers as per RERA Regulations (Real Estate Regulatory Agency [RERA] demands that its developers have ESCROW accounts based on each project) helps to assess the efficiency of the various activities of developers. This also helps to verify if the developer complies with the applicable rules and regulations as required by RERA. Finance-based audit offers to review a list of units cancelled, sold and cash received from buyers, retention of account balance, project construction, management and marketing related payments, advanced payments to contractors and many more.
Audit of Bank Trust / Guarantee Account as per RERA Regulations
Our service of auditing Bank Trust/Guarantee Accounts as per RERA Regulations verifies if the Account Trustee complies with the applicable rules and regulations as per RERA and to assess the key control activities and effectiveness of the control environment of the Account trustee.
Audit of Owner’s Association as per RERA Regulations
Audit of Owner’s Association as per RERA Regulations is conducted on service charges that are applicable to communities and includes maintenance of assets in buildings, assets used by the community like public roads , street lights etc. We ensure that owner is receiving value for money, and that the expenses are reasonable to satisfy the owner in all respects for the amount he pays. We carry out firm checks on the accounts of owner associations with the community and help present a clear picture of the accounts to make it transparent for owner and user.