Lease Audit Outsourcing
Lease Audit is a systematic process consisting of the examination of all documents associated with the lease, the measurement of space and the interpretation of lease language. Normally, it is the landlord who overcharges a tenant and therefore needs to perform a lease audit. Landlords, on the other hand, may also perform a lease audit against a tenant; this is mainly because of the percentage rent charged.
Lease Audit in Integrand Analytics
Integrand Analytics will perform the Lease Audit based on the client provided Source documents vs Lease Abstracts or in Client's Retail Software's Lease Profiles such as Yardi, JDE, MRI and Siterra.
We will perform Lease Audit between client provided lease documents, rent roll and lease profile or lease abstract and capture the financial impact on our standard audit template or client provided template. In our standard audit template, we will capture financial information related to base rent and fixed additional rent. Also, we will do the Lease Audit for non-financial information including option and clauses.
We will summarize the Lease Audit financial information property wise.
Process Flow for Lease Audit
Below are the key steps for proceeding with the Lease Audit in Integrand Analytics.
- Input provided by client based on source documents, rent roll, lease profile or lease abstracts and additional information.
- Validating the source documents, rent roll, lease profile or lease abstract and prepare the assignment tracker.
- If we need additional documents, then we need to raise the query to client.
- Once clarified by client, then we will start the audit at our analyst level and capture financial and non-financial information in our standard audit template or client provided template.
- Once the first level audit is completed, the senior level will conduct the review process.
- Once the review is completed, our team lead level FTE will do the QC and deliver to the client.
- If we have received any update or feedback from client, then we need to update the leases and re-deliver to the client.
For information on other Lease Administration related services, please click on the individual description of the services.