DLD & RERA Approved Financial Auditors
RERA Approved Auditors in UAE for Escrow, Mollak & Service Charge Audits
Accredited financial audit services for real estate developers, jointly owned properties (JOP), and property management companies across the UAE.
✓ Law No. 8 of 2007 Compliant
✓ Mollak Portal Approved
✓ Chartered Accountants (NUFCA)
Speak With Our RERA & Mollak Audit Specialists in UAE
Get immediate support on developer escrow accounts, Mollak budget approvals, or service charge audits. Connect directly with our accredited auditors without delay.
Nadeem and Umendra Chartered Accountants (NUFCA) works extensively with the audit obligations that Dubai and UAE’s real estate sector carries — developers launching off-plan projects, management companies running residential communities, and the jointly owned buildings themselves.
Our firm appears on the Dubai Land Department’s (DLD) roster of approved financial auditors, which means we can act on both halves of the regulatory picture: the escrow controls that sit behind off-plan sales, and the annual financial and service-charge audits that apply to Jointly Owned Property (JOP).
The work we take on ranges from escrow account audits and Mollak submission support to service-charge budget reviews, year-end final account audits, and general compliance advisory. In each case the aim is the same — records that reconcile, documentation that stands up to review, and submissions that move through the Dubai Land Department and Real Estate Regulatory Agency (RERA) without avoidable delay.
Escrow Account Obligations for Off-Plan Developers
Any developer selling units before completion in Dubai falls under Law No. 8 of 2007 on Escrow Accounts for Real Estate Development. The purpose of the framework is straightforward: money paid by buyers must be ring-fenced and spent solely on the project those buyers actually bought into.
The mechanics follow from that principle. The account is opened through an approved escrow agent and held in the name of the individual development — not the developer as a whole. One project, one account. Whatever sits in it is committed strictly to constructing and completing that specific development.
Opening the account is itself a documented exercise requiring a statement of projected costs and revenues, certified by an accredited chartered auditor. Oversight continues with periodic filing statements, and at completion, a 5% retention is held for one year post-registration.
What Our Escrow Audit Covers
Depending on the stage and size of the development, our escrow audit procedures extend to:
Mollak Submissions and Audit Support
Mollak is the Dubai Land Department’s electronic platform for regulating and monitoring service charges and the financial accounts of jointly owned properties. It handles registration of management companies, regulated community accounts, service-charge budget approvals, financial filings, and invoicing.
We support management companies and jointly owned properties across the entire Mollak workflow:
📑 Budget & Account Audits
Audit of annual service charge budgets and year-end final financial statements.
🔄 Mollak Data Reconciliation
Reconciliation of financial data in Mollak and regulated community bank accounts.
💰 Service Charge Receivables
Reconciliation of owner receivables and verification of allocation formulas.
🏦 Reserve Fund Reviews
Detailed review of capital reserve fund contributions and emergency provisions.
How the Service Charge Audit & Approval Process Works
Service charges levied on jointly owned properties sit under RERA supervision. The service charge budget is approved by RERA only once an approved auditing firm completes the audit:
1. Appointing Auditor Through Mollak: The management entity initiates appointment inside Mollak under DLD approved services.
2. Assembling Budget & Records: Collecting quotations, tender evaluations (minimum 3 bids per provider), maintenance agreements, utility records, and prior year accounts.
3. Auditing Budget Components: Detailed audit of security, cleaning, maintenance, utilities, management fees, insurance, and reserve funds.
4. Testing Against Dubai Service Charge Index: Benchmarking proposed rates against project historical data and public DLD benchmarks.
5. Filing Audit Report via Mollak: Preparation of auditor’s report and financial schedules for RERA review.
6. RERA Approval & Invoicing: Approved figures are published on the Service Charge Index, allowing compliant invoicing to unit owners.
Frequently Asked Questions
❓ What is a RERA Escrow Audit in Dubai?
A RERA Escrow Audit verifies that all funds collected from off-plan property buyers under Law No. 8 of 2007 are deposited into the designated project escrow account and disbursed strictly for approved construction costs.
❓ What is the Mollak system in Dubai?
Mollak is the Dubai Land Department’s electronic system for jointly owned properties. It regulates service charges, oversees building management accounts, and mandates financial audits before service charges can be invoiced.
❓ Can the same auditor audit a property in consecutive years?
Under Dubai Land Department regulations, the same auditing firm is not permitted to audit the same jointly owned property project in two consecutive years for budget and final account approvals.
Need RERA Approved Auditors in UAE?
NUFCA Head Office • 510, 5th Floor, Al Khaleej Centre, Bur Dubai, Dubai, UAE
Call 04 325 8361 / 055-9831923 or speak to our accredited property audit team.
