10  Reporting and Audit Requirements

10.1 General

10.1.1 RSLs must maintain accurate and complete records of SHB transactions, both for reporting and audit purposes.  This sections sets out the requirements. 

10.1.2  The RSL must retain on file the following for Compliance Audit purposes - see Procurement and Scheme Issues section 8:

• solicitors’ letter confirming that the purchase has been completed and setting out the sum paid and date of
• a property schedule showing addresses, floor areas, and valuations  for the completed properties, together with actual rents and HB eligible service charges. This is populated by valuation and rents so is useful.

10.2 Monitoring

10.2.1  Social HomeBuy sales monitoring is an additional stage in the capital funding process and applies to all properties sold under this programme. As RSLs funded through the 2006-08 programme are participating in a two–year pilot programme we will be asking for additional information to be collected and retained for programme evaluation purposes. Details of the specific monitoring reports are to follow but we are looking to build on the information that RSL would normally collect within good governance. The main area of information collection will focus on providing the Agency with:

• information on the RSL’s marketing performance, e.g. actual against target, levels of pent up but unrealised demand amongst the participants’ tenants to provide data on the level of sales, shares purchased and discounts etc. 
• rent and service charge data at the point of sale
• the data collection required for the DPF returns and in particular, the use made of the receipts.

10.2.2  Following legal completion of the initial purchase and to initiate payment approval the RSL will input initial Social HomeBuy sales data into PIMS.
 
10.2.3  IMS will not facilitate action for payment approval where Social HomeBuy records are incomplete or incorrect.

 
10.3  Certifications 

10.3.1  The information provided by the RSL on the annual DPF return is the means by which the outputs will be monitored. Therefore the Agency is reliant on RSLs certifying compliance with the SHB procedural requirements and ensuring that a print off of the annual DPF return is shown to the RSL's external qualified auditor and signed by the RSL's authorised signatory.

 
10.4  CORE 

10.4.1 RSLs are required to complete CORE sales logs in respect of all homes sold through Social HomeBuy.