DAFZA Approved Auditors
DAFZA ApprovedAuditors
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DAFZA Approved
Auditors
Dubai Airport Free Zone Authority (DAFZA) is one of the most vigilant economic zones in Dubai. The approach of DAFZA has made its partners and investors made it ideal to do business with. There is a great number of global investors in DFZA globally as the region offers a lot of benefits like 100% tax exemption. The best advantage of DFZA is that it is located near the airport. It gives world-class infrastructure, and investor-oriented management.
It also facilitates quick cargo clearance and 24/7 customs services. All those companies which are DAFZA registered to require assistance from DAFZA approved auditor for inspection and accounts reporting
DAFZA
Regulations
- Those companies which are registered with the Dubai Airport Free Zone Authority are only allowed to conduct the audit.
- Auditing is compulsory for Free Zine Companies (FZCO) as well as Free Zone Establishments (FZE).
- The registered companies must suit international and local regulations like Anti-Money Laundering (AML) & Combating Financing of Terrorism (CFT), and International Financial Reporting Standards (IFRS).
- Proof of Address.
- Details of ultimate beneficial owners.
- Company profile, Bank Reference Letter, if applicable.
- Audited financial statements are not required.
Documents Required To Conduct The
Audit
For the audit and assurance, the auditors are required to get the furnished documents. It helps the auditors to draw good opinions on the financial position. Auditors analyze the financial statements at the year-end for compliance.
The companies require to prepare these documents:
Bank Statements
Copies of bills and invoices
Credit/debit confirmation for all the financial transactions
Articles of Association (AOA)
Memorandum of Association (MoA)
Books of accounts
Latest trade license
Details of registration for VAT and excise Tax (if applicable)
Books of accounts
The Procedure Of External Audit
In DAFZA
- An approved auditor in DAFZA examines the financial statements prepared.
- The auditors make the report based on the International Reporting Standards (IFRS).
- The report of the audit is submitted to DAFZA and make ensures the books of accounts are complete and accurate.
- The auditors need to make sure that the corporate has not been involved in other activities, not under its trade license.
- The auditors check the VAT compliance of the company also to maintain accurate financial records.
How ebs Can
Help You?
We are one of the top DAFZA-approved auditing firms and provide auditing solutions. Financial statements must be audited by DAFZA-approved auditors. It is crucial for you to hire DAFZA-registered auditors to complete all the financial dealings. DAFZA needs regular external audits for all the companies registered under it.
DAFZA requires external auditing under these circumstances:
- If the business needs to renew the business license.
- To make sure the business complies ethically and legally.
- To make sure that the business is free from inappropriate activities.
FAQ’s
The approved auditors in DAFZA examine the financial statements of the company being prepared. The auditors make the report of the company on the basis of the International Reporting Standards. This report is submitted later to DAFZA and ensures accurate and complete accounts and only the approved auditors can conduct the auditing.
This auditing is required to ensure that the registered companies comply with international and local regulations such as international financial reporting standards. It gives the overall picture of the finances and transactions of the company.
The auditor must have the accounting decree or related qualification to apply for auditing in DAFZA. They must also demonstrate their knowledge and their experience to be able to conduct audits.
In DAFZA, an approved auditor examines the financial statements prepared and makes the report based on the IRFS. The reliability of the auditing evidence depends on the source and nature and the auditors analyze the company’s position by analyzing the reports and evidence.
DAFZA-approved auditors help by examining the financial statements prepared. The auditors also make the reports to keep as evidence for further requirements. This report is also submitted to DAFZA and ensures the books of accounts are accurate.
The process of auditing includes planning, fieldwork in the company, audit reports, and follow-review. Auditors maintain a record of all the financials of the company and ensure accuracy.
There are some of the few major benefits that an audit provides such as compliance, credibility, detection and prevent fraud, business improvements, and better planning and budgeting.
If you want to reach out to our accountants for a meaningful discussion on DAFZA-approved auditors in UAE, connect with us.
