For retailers operating in shopping malls, a Gross Turnover Audit (GTO) or Sales audit/Rental audit/Gross Income Audit or is typically required. The tenancy agreements between landlords and tenants typically include a provision that mandates tenants to submit an annual Statement of Gross Turnover, audited by a public accountant. This is because a portion of the rental is based on a percentage of the gross turnover.
Gross turnover refers to the total sales generated by retailers over a specific period. These figures must be audited to ensure the accuracy of the figures presented to the landlord in the Statement of Gross Turnover. This financial information is crucial for landlords as it forms a component of the rental as stipulated in the tenancy agreement.
During the audit, our team of auditors will validate the total sales for the relevant period and provide a certified report to the landlords. This report is conclusive evidence that the monthly gross turnover presented in the Statement of Gross Turnover is accurate and fair.
Our experienced auditors are committed to providing high-quality services that meet the unique needs of our clients.
Our top priority at Athel is to help our clients meet their filing due dates with ease. Our audit approach is specifically designed to add value to our clients’ businesses by reducing audit lead time, cost, and paperwork.
We have made significant digitalization efforts, including implementing Caseware’s audit software, to provide a streamlined approach for conducting audits without compromising quality.
With our commitment to leveraging technology and our team of experienced professionals, we are dedicated to delivering high-quality audit services that meet the unique needs of our clients.
At Athel Accounting, we understand that small businesses are unique, which is why we offer personalized accounting services tailored to meet your specific needs. As trusted advisors to CEOs, our team of experienced accountants are committed to providing proactive advice and tailored solutions that help you optimize your financial processes and achieve your business goals.
Question: How do you charge?
A: Our audit fee starts from $888 for a small retail company to $1.5k for a multi-outlet company, depending on the scope, complexity, volume and audit risks involved.
Question: What other services do you provide?
A: We are great at compliance work for SMEs such bookkeeping services, accounting services, corporate secretarial and tax work.