An audit is much more than a formality; it's a real necessity to protect a business and encourage it to thrive. Early warnings, open communication and pragmatic resolution of issues are all essential features of our approach.
We maintain excellent relationships with our clients by taking the time to truly understand their business and provide a quality led, risk focused service.
At Merali's, this quality-led approach requires us to provide an intelligent, constructive and challenging audit to every one of our clients. We consistently adhere to the highest standards, demonstrating technical excellence and the highest audit quality.
Audit of Owners Associations & Master Communities
Dubai real estate regulatory authority (RERA) has deemed every owner of a unit of property in Dubai to be a part of this owners association by default. The owners association requires the owners to maintain their own units by themselves along with making sure who visits them and their behavior. The members of the owners association require to nominate by voting a chairperson and a treasurer who collect the money from the members and maintain the community.
Owners association and Master communities audit is an audit conducted on service charges charged to communities. These charges include an Owners association charge which is the maintenance of commonly used assets between 2 or more units example chillers, boilers, corridors, lifts etc which are more commonly found in buildings, plus a Master community charge where assets which are commonly used by the whole community are maintained eg. roads, street lighting etc and provisions made to replace them after a certain period of time eg. street lights, tunnels etc.
These service charges are initially based on budgeted costs and in the next year are ideally based on last year actual. These facility management teams or companies provide the maintenance with a specific charge to each owner based on a charge out rate per square foot.
We come into the picture at the year end when we audit the expenses incurred by this facility management company. We audit whether the owner is getting value for money, the expenses charged are reasonable, are not inflated, are actually being incurred. In all we give the owner satisfaction that the amount he is paying is reasonable and is getting value for his money.
We carry out stringent checks on the accounts of that community and/or owners association ( as mentioned before two or more units sharing common property more commonly seen as buildings or floors). We not only check for expenses we audit charge out rate the receipts from the owners and the payments to suppliers. We give you a comprehensive look at the accounts and make the accounts as transparent as possible for the owner/end user.
Real estate regulation authority are closely looking at the service charges being charged out by Emaar, Nakheel etc after numerous complaints from owners about the services charges. Since 2009 onwards no facility management team is allowed to increase their service charges. Any increase will be closely scrutinized before giving any sort of approval. Thus good reason must be provided by the FM team to justify any increase.
We have staff with enough experience, talent and capability to handle such an audit to give our clients 100% satisfaction that they are receiving good value for the money they pay.
Audit of Developers Books
A cash flow basically represents the cash inflows and out flows of the company during a certain period of time. We provide attestation for the cash flow, stating its accuracy and correctness. RERA has prepared a few forms names RT01, RT02 etc. These forms are prepared and sent out to RERA with our stamp and signature.
Dubai real estate regulatory authority (RERA) has made it compulsory for developers to present a cash flow audit every 6 months. Fines have been set for developers failing to meet deadlines or not presenting the cash flow audits itself.
These cash flow audits do not only represent a legality to be fulfilled but also present the developer an opportunity to attain a vote of confidence from the end customer as presenting these audits would give confidence to the buyer that the developer has nothing to hide and is in a safe position.
We are also listed on the RERA website as professional auditors giving you assurance on our quality and work. We have delivered many cash flow audits for other developers and have received good feedback as well as being one of the first few cash flow audits to be accepted by RERA.
The complexities of converting to IFRS pose a considerable drain on time and resources for any financial department, requiring potentially hundreds of hours of work to deal effectively with all matters arising. We're here to help free your time so you can concentrate on what you do best.
Ethical rules governing auditors allow them to offer clients education and advice on IFRS. However, Merali's can manage the complete conversion process for its non-audit clients which will ensure that you have the resource you need, for the period that you need it.
We offer a four-stage process for clients requiring IFRS conversion. This includes:
Preliminary fact assessment
Our expert advisers can introduce and explain the key points in a workshop lasting just a few hours.
Whether it be describing the differences in reconciliations of published accounts or providing a clear audit trail for boards and auditors, Merali's conversion tools and proven methodology can ensure a smooth and painless transition to IFRS.
The need for a focused approach to internal audit and risk management has never been as great as it is today. Risks left unmanaged in an organisation can ultimately result in its demise.
Merali's provides a complete range of internal audit, governance and risk services tailored to your sector, size, risk appetite and regulatory requirements. At Merali's we focus on delivering the internal audit solution you need in a way that fits in with the way that you do business.
Whether you require outsourcing/co-sourcing, internal audit transformation, internal audit start-up assistance or simply a need to improve internal controls and increase efficiency and value - we are able to provide extensive knowledge, sector specialisms and technical risk expertise tailored to individual needs.
Our risk-based approach identifies the areas that are of most risk to an organisation's strategic, financial and operational effectiveness.
We ensure that your systems / processes / people and working practices are 'aligned' to your risks and business objectives.
On identifying any areas of weakness, corrective actions are produced and prioritized in order to provide a clear direction and path for management to take.
Where an organisation already has some of the skills required to complete the process but lacks expertise in a particular area, we can supplement the existing skill-set. Whether you need an outsourced or co-sourced solution or already have an established internal audit function and simply need specialist support, our experienced internal audit and risk management professionals are ready to work with you to help you enhance your systems of governance, risk and control.
Statutory audit / External audit
We want our clients to view the annual audit as an opportunity, not an overhead, and believe that our processes can actually serve to enhance the operation of your business.
We keep you up to date with relevant financial reporting and related legislative and technical changes throughout the annual cycle, as well as providing the most appropriate advice to maximize the potential of your business.
Our audit approach focuses on understanding your business, wherever it is located in the world, and concentrates on the key business and financial risks it faces. It integrates this rigorous risk assessment with diagnostic processes and audit testing procedures tailored to the audit in hand. This is where true value is added.
We have robust audit tools, resources and procedures to provide the means for all our professionals to deliver high-quality audit services. In delivering these services we adhere to the highest standards of independence, ethics, professional objectivity and technical excellence.
Our client-facing partners are supported by a robust and well-resourced technical team who offer expertise in the complex areas of:
International Financial Reporting Standards (IFRS)
International Standards on Auditing (ISAs)
Issues affecting quoted companies, including corporate governance
United Kingdom Generally Accepted Accounting Practice (UK GAAP)
Financial and system audits
Expenditure verification and institutional verification
Specialization in the not for profit sector
Our service performance and delivery to clients is continuously assessed, by independent assessors, as part of our strategy of continuous audit quality improvement.