Based on our experience of auditing tens of thousands of tenants, we have established criteria for selecting which tenants to audit to help you maximize your return on investment. If you desire, we can work with your leasing and management personnel to develop criteria and a list of Tenants to audit.

Once you decide which tenants to audit, we will work closely with your designated personnel to accumulate all the information necessary to perform the tenant sales audits.

If you prefer, we can prepare the tenant notification letters on your corporate letterhead and mail them directly, or return them to you for your own mailing.

Once the tenant notification letters have been mailed, we will contact the tenant directly to schedule the sales audit, and confirm the accounting records and documentation required to successfully complete the audit. Any future correspondence and communication regarding the scheduling or information required for the audit will be directed to our firm. Your personnel will only be notified in cases where the Tenant refuses to cooperate, or for some reason the sales audit cannot be scheduled.

An experienced Oseguera & Associates LLP sales auditor using the most thorough and up to date audit programs and internal controls questionnaires will perform the sales audit.

At the conclusion of the field works our findings are reviewed and discussed with the tenant or their representative. When possible an agreement is reached on the reportable gross sales figures, minimum and percentage rent paid, as well as the accounting source for the gross sales figures.

Each sales audit report is completed at our office and mailed to you within 30 days after the field visit. Before the reports are mailed they are thoroughly reviewed for completeness, accuracy, and clarity.

The primary objective of a tenant sales audit is to determine if the tenant is accurately reporting gross sales and paying the correct minimum and annual percentage rent in accordance with the lease agreement. However, our sales audit reports also include detailed analysis of the lease agreements as they relate to the interpretation of reportable gross sales, Tenant’s compliance with the lease agreement requirements for gross sales recordkeeping, radius restrictions and advertising expenditures, if applicable. In addition, our sales audit reports are useful sources of information when renewing leases, identifying potential problem tenants and clarifying or deleting vague or obsolete lease language.

Our report format can also be modified to suit your particular format, or for the specific needs of a particular tenant or lease agreement.

We do not require a retainer fee and we do not invoice until the sales audits have been completed and the report has been mailed to you.

At your request, we will provide a monthly or bi-monthly “Status Report” to inform you of the current status of each tenant sales audit.

If you desire, we provide support services after the sales audits are completed to assist your accounting, legal, and leasing personnel in preparing for and following through on the results of the sales audits. With the exception of court appearances, these support services are part of our regular sales audit program and are provided at no additional cost.

At the completion of all of the Tenant Sales Audits, we will prepare an “Annual Recap Report” for each Tenant and in total, detailing the dollar amount of under reported gross sales, percentage rent due, interest due, audit fee, total due, nature and category of findings and net return to Landlord. Again, these services are part of our regular sales audit program and are provided at no additional cost.

Oseguera & Associates, LLP's financial statement services comprise all three levels of assurance depending on your company's needs.

Audits

Audits offer the highest level of assurance to third parties, and include in-depth examination and confirmation of account balances, inventories, and selected transactions. We perform audits for you to remove errors, ascertaining the validity and reliability of your information.

Reviews

Reviews provide limited assurance to outside interests and involve inquiries and analytical procedures that confirm financial statement matters and identify any items requiring further analysis. We perform reviews to ensure the integrity of your data.

Compilations

Compilations are usually requested for internal purposes and are based upon information provided by a company's management. They do not offer assurance but may involve some adjustment to accounting records.