A commercial real estate investment trust, which owns and manages retail, industrial, office, student housing, and hotel properties sought to review certain operational and financial policies, procedures, and controls.
We analyzed the controls surrounding the pre-rental, ongoing operational, safety and security, and tenant renewal activities for a sample of student housing properties and walked through process and controls at select properties.
Specifically, Baker Tilly assessed the control design and operational effectiveness of:
We also gained an understanding of safety and security measures and agreements for housing properties by reviewing documentation, interviewing stakeholders, and walking through processes, and comparing the housing property’s practices to leading industry activities.
The real estate investment trust strengthened its financial, operational, and compliance related controls with Baker Tilly’s assistance. It allowed them to demonstrate to the university community in which it operated how certain process improvements helped to improve student safety as well as reduce fraud risk related to pre-, ongoing, and termination activities.
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.