Dubai: The Real Estate Regulatory Authority (Rera), the regulatory arm of the Dubai Land Department (DLD), has accredited 22 auditing firms and bureaus to conduct financial auditing of real estate projects registered with Rera.
The step is part of Rera's strategy to boost the adoption of good governance measures for the real estate sector and enhance transparency, thus strengthening investors' confidence in the real estate sector.
Khalid Obaid Al Mutaiwe'e, Senior Director of the real estate development trust account department at Rera, said: "We perceive this move as a milestone in implementing the standards of financial auditing to the real estate sector in accordance with best practices in auditing real estate companies and projects."
Rera has inked cooperation agreements with the 22 approved audit firms to examine real estate projects exclusively registered with Rera. "Auditing will significantly facilitate the work of project trustees by preparing solid financial reports on real estate projects sold on the map," added to Al Mutaiwe'e.
Eisa Saeed Al Mansouri, head of the trust accounts section at Rera's Trust Account Department, called on all real estate companies and account trustees registered with Rera to communicate with the auditing firms approved by Rera and posted on the official website of DLD to initiate the auditing process on their projects for the fiscal period ending on December 31.
Rera has set January 31, 2012, as a deadline for financial reports submission.