Businessmen who are interested in making investments in the Sharjah emirate have a strong preference for the Sharjah Airport International Free Zone (SAIF Zone), which was established in 1995. This free zone has a solid reputation throughout the industry. The SAIF-Zone authorities mandate that businesses who are operating within the free zone must have their books of accounts audited by auditing firms that are registered with the SAIF Zone to comply with the regulations.
In order for businesses to be able to renew their trade licence, they are required to have their books of accounts audited. The SAIF Zone authorities have mandated that the audits be carried out by the auditors who have been listed. The obligation of the annual audit must be adhered to by the company in order to prevent any financial irregularities from occurring. However, because of the stringent standards, companies are not allowed to have the books of their accounts audited by auditors who are not on the list of approved auditors for the SAIF Zone. This is because of the severe regulations.
With regards to Sharjah Airport International Free Zone
Due to its quick and easy business setup procedures and convenient location, the SAIF-Zone has been drawing investors for almost 25 years. Sharjah is regarded as the UAE’s industrial hub among the other six emirates. Sharjah is home to almost 40% of the UAE’s total industrial output. Petrochemicals, textiles, leather, food, and other non-metal sectors are among the leading industries in Sharjah.
The good sea, air, and land connection of Sharjah is advantageous to the businesses in the SAIF Zone. Business with the outside world is more effective because to the Sharjah International Airport, Port Khalid, Port Khorfakkan, and Hamriyah Free Zone Port. A benefit for the businesses operating in the SAIF Zone is the simple accessibility of a cost-effective labour force in addition to Sharjah’s inexpensive cost of living.
Contact Approved Auditors in SAIF Zone at @ +971 45 570 204 / Email Us : [email protected]
Why Is An Audit Required From Authorized Auditors In The Saif Zone?
Within 90 days following the end of the fiscal year, businesses operating in the SAIF Zone are required to submit audited books of accounts to the free zone authority. Together with the audited financial accounts, the audit report must be delivered to the SAIF Zone Authority.
The corporations risk legal repercussions, including the suspension of their ability to renew their trade licences, if they don’t comply with the mandated audit obligation. Using the top audit firms in Sharjah, United Arab Emirates, that are registered with the SAIF Zone administration is necessary for businesses to prevent such legal repercussions.
The company’s books of accounts must have been produced in accordance with national and international requirements, and the auditor registered with the SAIF Zone must review them and provide a report. If these accounts were prepared in line with these rules, the auditor’s report should mention so.
If the accounts give a truthful and fair perspective of the company’s financial statements and are free from serious misstatements, such information should be stated in the auditor’s report as well. The only activities that can be carried out by businesses operating in free zones are those that are listed in their trade licences. If any SAIF Zone business carries out any other activities that aren’t covered by the licence, the auditor must note this in his audit report along with any additional qualifications the auditor may have.
Contact Approved Auditors in SAIF Zone at @ +971 45 570 204 / Email Us : [email protected]
Services
- Accounting and Assurance
- Bookkeeping & Accounting VAT Consulting
- Reporting of Economic Substances and AML Consultancy
- Registration of trademarks and company liquidations
What should businesses do to prepare and maintain their accounting records for auditing?
It is a requirement for all businesses operating in the SAIF Zone to keep proper books of accounts that reflect their financial standing. If the books of accounts are kept up to date, the directors can make sure that the balance sheet and profit and loss accounts are created in accordance with IFRS (IFRS).
- A record of must be kept in the books of accounts.
- Assets and obligations of the business
- Daily entries for every dollar earned and spent
Issues that required receipt and expenditure
The company’s registered office, which is located within the SAIF Zone, is required to maintain the books of accounts in accordance with rules. The accounting records should be available at all times for inspection by the shareholders or other corporate representatives. Companies operating in the SAIF Zone may choose their first financial year based on the date of establishment listed on their Certificate of Incorporation.
Contact Approved Auditors in SAIF Zone at @ +971 45 570 204 / Email Us : [email protected]
Saif Zone auditing services
By having their books of accounts audited by the top auditing companies in Sharjah, United Arab Emirates, businesses are able to comply with local and international rules, enhancing their reputation with customers, the government, lenders, and other authorities. The SAIF Zone authorities require that only the auditors approved by the SAIF Zone authority perform audits for the businesses operating within the free zone.
With the SAIF Zone authorities, KGRN Chartered Accountants is a registered auditing firm and has a branch office there. The highly skilled chartered accountants at KGRN would make sure that the SAIF Zone enterprises had kept their records in accordance with national and international laws like the IFRS.
A true and fair opinion on the company’s financial statements will be expressed by KGRN auditors, one of the best external auditors in the UAE, after they have examined the books of accounts and other supporting documentation. A management letter will be sent out if any internal control weaknesses are found by the KGRN auditors so that management may take the appropriate corrective action.
For years, a number of businesses in the SAIF Zone have used KGRN’s services to compile audit reports and deliver them on time to the authority. With years of expertise supporting thousands of clients in complying with the requirements, KGRN’s auditors can help your business expand and help you reach your goals.
Contact Approved Auditors in SAIF Zone at @ +971 45 570 204 / Email Us : [email protected]
Documents Needed for the Audit by the Authorized Auditors in the Saif Zone
- Association Memorandum (MoA)
- Governing documents (AOA)
- Trial balance, balance sheet, and profit and loss statement registration for the most recent trade licence VAT and Excise Tax Information (If Applicable)
- Accounting Books
- Plans for audits (Fixed Assets Register, Ageing of Accounts receivable & payable with provision for bad debts, accruals, etc.)
- Information on closing stock and work-in-progress at the end of the year
- With the appropriate supporting information, details of fixed asset additions and disposals during the year
- Bills and invoice copies
Contact us at @ +971 45 570 204 / Email Us : [email protected], and one of our approved auditors in SAIF Zone will provide you with a free one-hour consultation.
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