Overall, it is mandatory to do an annual audit of the firms’ financial statements. It is particularly for registered ones in the Free Zone. Presently, FreeZone Audits companies that cannot comply with regulations face penalties.
Validity to Financial Records
Freezones Audits need the firms to submit reports to the authority. Free zones, especially Dubai South, demanded that they present information as part of the trade license renewal procedure. Therefore, they must submit it within 90 days of the company’s financial year-end.
Companies operating, especially in free zones may select their financial year. However, the year they choose must be started from incorporation and should not be less than six months. Further, it must not be over 18 months. Therefore, approved audit firms in UAE can assist free zone firms in accomplishing the requirements effectively
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If you fail to submit on time?
Each month, freezone Audits companies might be subject to an AED 5000 financial fine. However, organizations can send an application for an extension of the deadline to comply with these reports. Therefore, the company’s significant risk for failing to submit audited financial statements is the non-renewal of its trade license
How do we assist?
Firstly, A E Y Auditing provides approved auditing in Dubai free zone. It can significantly avoid fines and penalties and the non-renewal of trade licenses.
At present, we are among the top audit companies in Dubai. In fact, we have the best auditors in Dubai. We are registered with all the major free zones in UAE hence, delivering the annual report. It is in the same manner demanded by the free zone.
Secondly, we effectively handle the Audit according to regulations and compliance requirements of the freezones Audits.
Besides, we offer the best auditing services and deliver bookkeeping and accounting services to firms. Overall, we help manage the accounts correctly and timely.
Book a free online consultation of
30 minutes and start with us today
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FAQs Of Auditing
The general requirement of a business in the UAE is to maintain its records for not less than (5) years. The Commercial Company Law makes it mandatory for all companies in the mainland.
According to UAE Commercial Company Law, every company needs to have auditors to audit their book of accounts. Under Federal Law no. 2 of 2015, Article 27, a licensed auditor is mandatory. Ministry of Economy in the UAE must approve it.
Dubai Financial Services Authority registers well-known auditors. Therefore, it may appoint them to examine and report accounts of regulated DIFC entities.
However, if your company is usually free from an audit, you need an audit if your shareholders ask so. The shareholders must own at least 10% of the shares. Shares can be particularly on an individual or group level.
If you are an entrepreneur in Dubai, it is essential to get an audit. It’s significant because it assures that your company records are reliable and in order. Auditors in Dubai, while conducting audits, examine internal controls of a company. All of the sudden, they also inspect the existing system, coupled with the financial statement.
Yes! IFRS standards are mandatory by the UAE Commercial Company Law No 2 of 2015. Listing rules of NASDAQ Dubai, Dubai Financial Market PJSC, Abu Dhabi Securities Exchange, and especially Dubai Financial Services also demand it.
You can notably become an FCCA once you have a continuous membership of 5 years with ACCA. Further, you must meet CPD requirements of paying annual subscriptions every year.
Once you file the return, the IRS usually starts these audits within a year. Within particularly six months, they lead to completion. However, expect a delay if you do not deliver the complete information. In fact, we also expected the delay if the auditor finds issues and wants to expand in other years or areas.
The mandatory documents by management are as below:
- Firstly, accounting reports with trial balance, balance sheet, ledgers, income statement, and relevant schedules
- Secondly, copies of vouchers, invoices, receipts, and bills
- Thirdly, a list of bank accounts used for transactions and forgeries of bank statements
- Moreover, maintained reports of all the payroll functions of a business.
- Further, copies of legal documents of the business
- Verifications from clients, suppliers, associated entities, etc.
- Above all, evaluate related parties and transaction examinations with related parties.
- Firstly, it helps accomplish business objectives. It will fix company weakness in all ways.
- Secondly, auditors in Dubai significantly facilitate identifying loopholes and risks in the financial report of your company.
- Thirdly, it boosts credit rating and valuation. You open doors for foreign investors and get the best financial position by calling an audit service.
- Moreover, it reveals the overall picture of your business. You can further focus more on your company’s strengths, weaknesses, opportunities, and threats once you have a clear vision.
- Firstly, we follow our services’ highest professional ethics and quality level.
- Secondly, our company has a fast-growing team of qualified & dedicated professionals.
- Thirdly, you get new opinions to look at your business through Business Analysis, Creative Insight & Industry Benchmarking.
- We act as a Sounding board for crucial financial decisions and significantly provide dependable strategic leadership through our experience and knowledge.
- A E Y Auditing LLC is a UAE-registered auditing firm providing cost-effective value-added solutions to meet all your business needs.
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Small steps taken today in the right direction can produce great results tomorrow.
I’ll be happy to schedule a call with you to discuss further.