As Miami’s real estate market shows signs of cooling, developers of joint-venture projects already underway may look for ways to speed up delivery and save dollars. While eschewing regular audits may seem like a logical step, not performing them could threaten not only the success of a venture but also the future of all those involved in it. If errors are left uncorrected or required actions remain undone, the development team runs the risk of lost opportunities as well as potential issues with lenders and investors—the lifeblood of a development. Basically, an audit is a critical evaluation of the recorded financial information in a venture. Conducting regular audits promotes transparency. It allows the principals to determine whether any modifications to a project’s accounting and reporting procedures are needed. It can save a project’s developers, lenders and investors from ugly surprises and embarrassment down the road. It gives all parties involved the comfort of knowing that the assimilation and reporting of vital financials is off to a good start—and with reliable oversight and reporting, they can continue to identify errors and potential problems on a timely basis.
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