Audit firms in SAIF:
The audit firm comes into the frame when the Saifzone license renewal becomes mandatory. The audit firms should mandatorily have qualified and professional auditors. The particular audit firm should be approved by the SAIF. After the approval, the audit firm can send external auditors to the companies. The audit firm examines the company and delivers a detailed report about the company’s financial statements. Later, the company pays the audit firm.
In the year 2014, the UAE laws were revised so that the listed auditors of saifzone become stricter and the auditing becomes transparent and honest. After every four years, the company must change its appointment to the audit firms.
When should the audit reports be submitted?
As per the MOA- Memorandum of Association, 90 days before the end of the financial year, all the final reports along with the signed statements should be submitted. Later, the company needs to submit its financial statements.
Why is auditing important in the Saif free zone?
It is common knowledge that the Saifzone is a zone that holds great potential for all businesspeople and entrepreneurs. For the purpose of preserving a clean profile, the SAIF is required to choose qualified auditors for their individual company. Because of the significance of this procedure, it is necessary to pick listed auditors in Saifzone who have a great deal of experience.
A potential cancellation of the Saifzone licence renewal is a possibility in the event that the statements are not submitted. In order for the organisation to avoid all of these drawbacks, it is necessary for them to hire the most reputable auditing firms in the country.
What are the duties of the auditors?
- The listed auditors of saifzone need to examine and verify the account books of the company in compliance with local and international regulations
- The saifzone approved auditors will need to see if the accounts are prepared in accordance with all regulations
- The saifzone approved auditors must make sure if the company’s statements are fair
- The listed auditors of saifzone should check if the company is performing the activities which are stated in the trade license only. If not, the auditor must report it.
Documentations required by the auditors to conduct auditing in Saifzone:
- Trade license (recent)
- Account book
- Bills and invoices (copies)
- MOA- Memorandum of Association
- AOA-Articles of Association
- Profit and loss statement sheet, balance sheet and the trial balance statement
- VAT registration details along with excise tax, if any.
- Schedules of audits including the accruals, accounts received and payable, assets registered, etc
- Year-end financial statements and stock details
How should the company be prepared for an audit?
The companies in the Saifzone must have valid and accurate financial books or account books. This will make the directors appear knowledgeable about the company’s financial situation. Furthermore, it aids in ensuring that all reports, statements, and details adhere to the International Financial Reporting Standards (IFRS).
The audit record must include the following:
- The company’s liabilities and assets
- All receipts and expenditures list
- Every day’s entries of all the investments and money received.
The company must maintain all its records in the registered office within the Saifzone campus. Furthermore, representatives must have access to them so that lister auditors in saifzone can audit them anytime. The companies in the Saifzone can decide the first financial year based on the incorporation date mentioned in the Certificate of Incorporation.
Why KGRN?
- Firstly, in Dubai, KGRN serves as a multi-purpose accounting firm connected all over the world.
- Secondly, KGRN is a common and trustworthy platform for all taxation services and accounting services
- Registered and duly licensed
- Also, all the experts of the bes t-outsourced accounting services in Dubai are a part of the KGRN
- Furthermore, we will guide you throughout the process
- Additionally, there are no hidden charges
- In fact, we have thousands of happy and satisfied customers
- Furthermore, we promise on-time delivery
- We also provide instant updates about the process and guide you throughout the process
- Lastly, KGRN will help you assist with transparent communication with the best monthly accounting services in Dubai
FAQs:
1. How long can the Saifzone visa be valid?
Saifzone visa is valid for 3 years for the owner. Whereas, the employers can hold their Saifzone visa for 2 years.
2. What is DAFZA?
The DAFZA is nothing but the Dubai Airport Free Zone Authority. It is one of the supreme free zones in the world.
For more info, please contact us at Email: [email protected]
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