Sales Certification (turnover audit) is a special purpose audit of gross sales in relation to all licensed activities of a business. The audit is commonly mandatory for all retailers operating in large shopping centers.
There is a general provision in the tenancy agreement entered between the landlord and the tenant whereby the tenant is required to submit the auditor certified sales reports for the lease of premises within the stipulated period for the tenant’s financial year. The certified report shall validate the amount of sales for the relevant period and is conclusive evidence on sales of the business. The benefit of sales certification is that the landlord gets reasonable assurance that the gross sales is accurate and can thereby complete and fix rental charges under the agreement between the parties.
Kudos PRS can assist you with sales certification auditing and related services based on your needs and requirements. We will also provide value added advice to help you make smarter decisions.