How do you determine the scope and objectives of your lease audit?

2 Define your audit objectives

The next step is to define your audit objectives and expectations. What are the main issues or concerns that you want to address in your audit? What are the potential savings or benefits that you hope to achieve? How will you measure and report your audit results? Your audit objectives should be clear, specific, and realistic, and aligned with your overall lease strategy and goals.

3 Choose your audit scope

The third step is to choose your audit scope and approach. Your audit scope determines the extent and depth of your audit review, and the areas and items that you will focus on. Your audit scope may vary depending on your lease type, terms, and issues, but some common areas to include are rent, operating expenses, taxes, utilities, maintenance, security deposits, and insurance. Your audit approach determines the methods and tools that you will use to conduct your audit, such as desk audits, field audits, or hybrid audits.

4 Hire a lease auditor

The fourth step is to hire a lease auditor to assist you with your audit. A lease auditor is a professional who has the expertise and experience in lease accounting, auditing, and negotiation. A lease auditor can help you perform a thorough and accurate audit, identify and quantify any errors or overcharges, and negotiate with your landlord to resolve any disputes and recover any amounts owed. A lease auditor can also help you save time, money, and resources, and avoid any legal or contractual risks.

5 Communicate with your landlord

The fifth step is to communicate with your landlord and inform them of your intent to conduct a lease audit. You should follow the procedures and requirements specified in your lease agreement regarding the notice period, the audit period, the access to records, and the dispute resolution process. You should also maintain a respectful and cooperative relationship with your landlord throughout the audit process, and try to resolve any issues amicably and fairly.

6 Review and finalize your audit report

The final step is to review and finalize your audit report and recommendations. Your audit report should summarize your audit findings, analysis, and conclusions, and provide evidence and documentation to support your claims. Your recommendations should outline the actions and steps that you propose to take to address the issues and achieve your objectives, such as requesting a refund, adjusting the rent, modifying the lease terms, or terminating the lease. You should also follow up with your landlord and monitor the implementation and outcome of your recommendations.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?