Dubai is the center of attractive real estate investments for investors from all around the globe. The city of Dubai continues its strong position in the global investment market having strong positive dynamics, a stable political environment, a perfect modern infrastructure, a good lifestyle as well as a social community that appeals too many. Large amounts of money are being invested all the time in properties which necessitates the development of Owner's Association that is run by elected representatives. This Owner's Association is responsible for addressing any issues or problems that may arise out of managing a gated community. Tel: 042500251 | Fax: 042501548 | website: http://www.farahatco.com

1. Empowering the Owner’s Association
Dubai, UAE, continues to establish itself as a highly sought after city for real estate investments, simultaneously
attracting home owners who have long-term plans of settling down with families. Regardless of the different
motivations for individuals to own property in Dubai, investors’ decisions are predominantly influenced by similar
reasons. The country’s stable political environment, positive dynamics, fantastic infrastructure and the potential to
maintain a high quality of living with a lucrative social scene all promote an interesting variety of attraction.
Consequence to huge sums of money invested in properties per year, there arises the need to form an Owner’s
Association, run by elected representatives, in order to prudently address the issues and problems surfacing from
managing a gated community.
Audit & Assurance Services for Owners Association
TOLL FREE 800-FARAHAT
Farahat & Co. P.O. Box 4647, Dubai, UAE. Tel: 971 4 250 0251 | Fax: +971 4 250 1548 | Miss. Jen Naser: +971 55 8377872
Email: sales@farahatco.com | Web: www.farahatco.com | Copyright © 2014 Farahat & Co.
The 2nd Largest International Firm Association
Farahat & Co.
Established 1985 - Dubai UAE
ISO9001:2008
C
ERTIFIED
C
OMPAN
Y
RERA and Dubai
Land Department
Regulated by
1: Audit Planning:
A preliminary meeting is held to discuss issues related to internal controls, accounting, reporting and clearly defined
roles played by the representatives. A honed approach will be devised and followed by the elected members with
an agreement on a schedule for best performance to determine an overall effective strategy.
Auditing the associations accounts is a pivotal service whereby one should take into account the maintenance or
service charge received from each owner, transfer of service fees from the master community to the Owner’s
Association and any other fee levied by other sources for maintenance of the community. The final sum of such
financial information will account for the revenue in hand with which the innumerable services for the gated commu-
nity are to take place.
2: Audit Fieldwork:
Our firm will go into rigorous depth by identifying and addressing the origins of issues raised in the initial audit
plan meeting. It will factor in the expenses incurred for maintaining the community impeccably; this comprises of a
cleaning contract, club house services, fire protection, generator maintenance, lift maintenance, Mechanical Electric
and Plumbing (MEP) contract, pest control, security/life guard services, maintenance of swimming pool, electricity,
water/sewage maintenance, waste management, general repairs/maintenance, insurance and other sundry
expenses.
3: The Sign Off of Financial Statements
This will culminate in a sign-off of audited financial statements in addition to providing constructive recommenda-
tions to improve systems and controls.
4: Service Improvement Meeting
This final process will examine how the audit services can be of further improvement toempower the Owner’s
Association and aid them in consistently upgrading services.
Overview of Our Approach
Our approach follows a simple, yet highly rigorous four-step process.
Our Experience
Farahat & Co., is a Dubai-based audit firm regulated by the Real Estate Regulatory Authority (RERA). The firm boasts
of several decades of experience, offering a premium service to ensure the successful functioning and efficiency of
groups such as the Owner’s Association.
We are a proud member of the Leading Edge Alliance Global (LEA), a highly established leader in accounting and
Financial and Business advisory,
As the second largest international professional firm association in the world, LEA Global has an alliance with more
than 189 firms, operating in over 100 countries with combined annual revenue in excess of US$2.6 billion per year.