As the main regulator for real estate activities in Dubai, RERA requires all developers registered with RERA to have an ESCROW account and conduct an independent audit to identify the completion status of the project to submit annual audit report for all completed projects.
As per the regulations of RERA, the real estate businesses are required to get their real estate audit performed annually for every project under development.
Internal audit examines issues that are related to risks and business practices, whereas external audit examines financial records of a business and an external auditor issues expert opinion from the financial report assessment.
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board.