To: Jointly Owned Properties Management Companies
Subject: Verification of Owner Balance
In accordance with Law No. 6 of 2019 concerning Ownership of Jointly Owned Real Property in Dubai and in reference to paragraph (b) of Article 32 concerning Collection of Service Charges and Usage Charges.
RERA requires Auditors to verify owners' balances, against which Legal Cases are issued by the Management Entity at the Rental Dispute Centre (RDC), the scope of work of which is as follows:
1. Obtain payment notice issued by Management Company through Mollak. Ensure any subsequent transactions are updated and the balance as per the payment notice matches and is reconciled with the balance as per SOA and Mollak.
2. Obtain the title deed from the land department records.
3. Obtain the latest audited financial statements with receivables annexures, and check whether the year-end closing balance matches with the SOA.
4. Verify all outstanding invoices in the SOA, including the below:
a. Ensure budget is approved by RERA;
b. Verify any partial payments made and enquire for any unidentified payments;
c. Disclose the classification/breakd...