Sales Audit / Gross Turnover Audit (GTO Audit)

A Sales Audit or Gross Turnover Audit is a mandatory requirement for retailers operating in shopping malls. The tenancy agreements between landlords and retail tenants typically stipulate that tenants must annually submit a Statement of Monthly Gross Turnover audited by a Public Accountant. This requirement is in place because a portion of the rental is calculated based on a certain percentage of the gross turnover.

Gross turnover represents the total sales generated by retailers during a specific period. It is crucial to audit these figures to ensure the accuracy of the information presented in the Statement of Gross Turnover submitted to the landlord. This financial data is essential for landlords, as it constitutes a component of the rental agreement.

Auditors are responsible for verifying the total sales for the relevant period and providing landlords with a certified report. This report serves as conclusive evidence that the monthly gross turnover stated in the Statement of Monthly Gross Turnover is accurate and fair.

Benefits of a Sales Audit

Internal Control

Evaluate the sales and receipts process to identify potential internal control deficiencies.

Tenancy Agreement

Ensuring that the tenant adheres to the terms outlined in the tenancy agreement, specifically those pertaining to gross turnover.

Audited Statement of Gross Turnover

Provide assurance to the landlord regarding the accuracy of reported gross turnover/sales for the designated period.

Our Sales Audit Services Include:

  • Examine the daily and monthly sales reports, along with their supporting documents.
  • Prepare and issue the sales audit report, along with the certified Statement of Monthly Gross Turnover.
  • Provide consultation to address any questions or concerns you may have regarding reporting requirements.

What documents are required for Sales Audit / GTO Audit?

System-generated daily and monthly sales reports (e.g. POS)

Bank statements

Monthly sales reports submitted to the landlord

Tenancy agreement

The Expertise of Audits at ZE Global

Our charges for Sales Audit / Gross Turnover Audit vary between $799 and $1,200 nett. We strive to finalise the audit within 5 working days upon the receipt of all necessary supporting documents.

Feel free to reach out to us at (+65) 6667 3158 or via email at info@zeglobal.com.sg to discuss your specific needs. Our team of professionals is ready to provide assistance.

ZE Global Is The One Step Ahead Audit Service Provider!


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