Internal Audit Practices for Risk Management in Real Estate Entities

Abstract

Real Estate business is undergoing a turbulent change at the global level. With the regulators introducing new socially beneficial regulations, introduction of policies of green environment in realty projects, the business requires a guide and support from the professionals. In this regard, cost and management accountants will have to have through understanding of the business policies, laws and regulations, be aware of the local practices and other challenges and guide the stakeholders in the business. Considering this factor, we can strengthen our internal audit policies, procedures and guidelines thereby creating a value addition to the stakeholders in terms of statutory compliance, long term wealth creation and cost management. The internal audit should not result in performance management but also help to attain effective and efficient decisions.