Name: KGRN Chartered Accountants
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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.

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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?

The Saifzone, as we all know, is a promising zone for all entrepreneurs and businessmen. The SAIF must appoint qualified auditors for their company in order to maintain a clean profile. Due to the importance of this process, well-experienced listed auditors in saifzone must be appointed. If the statements are not submitted, the renewal of the Saifzone licence may be cancelled. To avoid all of these disadvantages, the company must hire the best 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