For businesses registered in the Jebel Ali Free Trade Zone, financial auditing annually done by an auditor who has been approved by JAFZA is required. According to JAFZA regulations, any company that has registered with them must engage JAFZA approved auditors to review their books of accounts for each fiscal year. Correct auditing procedures assist a company in adhering to the legal authorities’ set norms and regulations.
The JAFZA (Jebel Ali Free Zone Authority)
JAFZA – Jebel Ali Free Zone Authority facilitates your commercial operations in the thriving Dubai market by providing global connectivity. It serves as the region’s commercial core, offering full-service choices to enterprises doing business there. It employs the greatest business colleagues and logisticians to enhance supply activities through efficient sea-air hubs. JAFZA provides the following business activity permits:
- in order to engage in trading to conduct manufacturing operations involving new product developments
- to do service-related activities
- to engage in the electronic purchase and sale of goods and services
- to engage in offshore business
For the challenges that businesses in JAFZA are facing, our JAFZA approved auditors offer affordable and effective solutions.
We make sure that all services and transactions are seamless and transparent.
For enterprises, we provide customized business services that are appropriate for their operations.
We assist you in understanding your business and market trends so that you may make more intelligent decisions.
What is JAFZA’s procedure for external auditing?
The registered businesses inside the Jebel Ali Free Zone Authority must undergo audits by auditors who have received approval from JAFZA. There are specific enterprises that must be registered with the Jebel Ali Free Zone Authority. External audits are carried out to ensure that licence renewals go off without a hitch.
The following paperwork is needed while conducting an audit:
- Financial records
- All financial transactions in the Books of Accounts receive credit or debit confirmation.
- All invoices, including those for purchases and sales, a trade licence, and an association’s articles of association (AOA)
- Certificate for VAT
- A registered JAFZA member who has been approved as an auditor is appointed in accordance with JAFZA regulations.
The JAFZA approved auditor investigates:
- Company trading activity as stated in the trade licence
- Financial records and statements accuracy
- Financial statements that are in compliance with the standards
- Unusual financial practises include fraud, money laundering, inventive accounting, etc.
- Maintaining records and adhering to VAT
The JAFZA approved auditor’s report must make note of any discrepancies between the company’s accounts and its accounting records. The regulators demand a fair and accurate representation of the companies’ internal financial processes. Annual accounts reports and the auditor’s conclusion are submitted by a JAFZA approved auditor.
If a business located in JAFZA neglects to provide the audited financial statements:
- If the JAFZA rules are not followed, it will be required to pay a fine.
- Their business licence is not renewed
- Businesses can ask the JAFZA-approved auditors for an extension of the deadline for submitting audit reports.
In Dubai, United Arab Emirates, KGRN Chartered Accountants in JAFZA is a renowned audit company. The following services are provided by KGRN as an auditing company:
Your financial statements are guaranteed to be accurate and true by us. We look at the audit report to see if it provides an accurate assessment of the business’s financial situation.
We guarantee that the accounting records adhere to all applicable international requirements.
We employ very accurate data analytics and cutting-edge audit procedures.
We pinpoint areas of internal control procedures that need improvement and make suggestions.
According to the needs of the client, we promptly create and present the audit job.
We provide JAFZA-compliant, high-quality audit reports.Internal/External Audit for Businesses, Business Advisory Services, Tax Consulting Services, Management Consulting Services, VAT Registration, VAT Deregistration, etc. are just a few of the services provided by KGRN, an authorized auditor in JAFZA.
We provide the best services to the management as a JAFZA approved auditor. Contact us at @ +971 45 570 204 / Email Us : [email protected], and one of our auditors in JAFZA will provide you with a free one-hour consultation.
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