What is Sales Audit?
Retail businesses that operate in shopping malls will be aware of a clause in their lease agreement that requires them to submit a Statement of Gross Turnover (GTO) audited by a public accountant. This is also known as Statement of Gross Sales or Statement of Nett Turnover, depending on the naming convention in the lease agreement.
Gross turnover refers to the total sales generated by the business every financial period. The submission of this information is required as a component of the rent paid is based on a percentage of the gross turnover.
The definition of gross turnover is specified in the lease agreement which provides for certain component of sales to be included/excluded respectively. It is recommended that an experienced public accounting firm be engaged right from business commencement so that the monthly reporting of the GTO is done properly.
We provide sales audit service for your business. Our certification as your auditor shall be accepted by both the tenant and landlord to be conclusive of the amount of the gross turnover for the relevant period.
Benefits of a Sales Audit
- Review the sales collection process to potentially identify control deficiency
- Ensures the tenant’s compliance to the lease agreement
- Provide assurance of reported gross sales to the landlord
Our Service includes
- Review of your daily sales and attestation to their supporting documents
- Prepare and issue the sales audit report as per the terms of the lease agreement
- Provide consultation on any queries you have on the reporting requirements
Please feel free to call us at +65 6352 2778 or +65 9117 0062 or email us at firstname.lastname@example.org for a non-obligatory quote and consultation. Thank you!