Accounting & Bookkeeping
Sales Auditfor retail tenants
Retail businesses operating in shopping malls in the UAE are required to submit a Statement of Gross Turnover audited by an approved auditor. The requirement comes from the terms of the lease agreement, because a component of the rent is calculated as a percentage of the tenant's gross turnover.
- Statement of Gross Turnover
- Lease agreement compliance
- VAT & FTA norms
What is audited
Gross turnover, as defined by your lease
Gross turnover is the total sales generated by the business in each financial period. The precise definition is set out in the lease agreement, which specifies which components of sales are to be included or excluded. Our sales audit confirms that the figure you report to your landlord follows that definition.
- Total sales for each financial period, per the lease definition
- Inclusions and exclusions applied exactly as the lease provides
- Reported figures supported by daily sales records and documents
- A report issued in the form the landlord requires
Services included
What our sales audit covers
Daily sales review
Review of daily sales together with the supporting documents behind each figure.
Sales audit report
Preparation and issue of the sales audit report as per the terms of the lease agreement.
Reporting consultation
Consultation on any queries you have about the reporting requirements.
VAT & FTA compliance
Compliance with VAT and FTA norms in the way sales are recorded and reported.
Benefits
Why a sales audit is worth more than a lease obligation
Identify control gaps
Reviewing the sales collection process helps identify potential control deficiencies at the point of sale.
Lease compliance
Ensures the tenant's compliance with the reporting terms of the lease agreement.
Assurance for the landlord
Provides independent assurance of reported gross sales to the landlord.
How we work
A straightforward sales audit process
- Review the lease agreement and confirm the gross turnover definition
- Obtain daily sales records, point-of-sale reports and supporting documents
- Reconcile reported sales to records, VAT returns and bank receipts
- Discuss and resolve any queries on inclusions, exclusions or reporting
- Issue the audited Statement of Gross Turnover in the required format
FAQs
Sales audit questions
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Get your Statement of Gross Turnover audited accurately and on time. Book your free consultation today.