Anyone have real estate auditing knowledge or sites that help?
Jessica M asked:
I need to write a report on real estate auditing and I want to know basically what are the significant issues and which accounts that are important to audit. Any information would be greatly appreciated!
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I need to write a report on real estate auditing and I want to know basically what are the significant issues and which accounts that are important to audit. Any information would be greatly appreciated!
December 26th, 2008 at 3:52 pm
phew!! value of the house or property. gross income. etc.
December 28th, 2008 at 5:18 pm
You didn’t specify whether your report is about real estate sales or real estate management, so I have listed several suggestions for either.
Sales: escrow accounts, commissions, book values vs market values of assets, 1031 exchanges, escrow fees
Management: trust accounts and bank accounts, make sure none of the cash accounts have been co-mingled, rental income & expenses, GPR, ROI, CPI increases, Rent Control increases, Section 8/Housing rents, expense percentage vs income, turnover
Hope this helps!