SAIF Zone Approved Auditors
SAIF ZoneApproved
Auditors
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Approved Auditors
In UAE
Sharjah Airport International Free Zone (SAIF Zone) offers business-friendly environments for international businesses. SAIF was established in 1995 and hosts over 5,500 companies operating in industries like trading, manufacturing, IT, media, and many more. SAIF Zone provides a wide range of supportive regulations and resources making it a great option for new business formation. This is best for those branches of international companies which want access to the Middle East and other world markets.
As some of the other free zones in UAE are self-governing, so is Sharjah Airport Free Zone. The business under SAIF Zone only deals with local regulations and local agencies. There are few restrictions on business activities within the free zone, but the administrative agencies focus on developing a business-friendly environment as possible.
Business Licensing
Setting up a business in SAIF Zone with minimal red tape and interaction with a limited number of government agencies is straightforward.
Once the business is operational, the license is renewed on an annual basis. SAIF Zone only requires some paperwork and a renewal fee.
An external audit of a company’s financial reports is required in most free zones including SAIF Zone. The external audit must be carried out by a UAE-based Audit Firm approved by SAIF Zone. It is mandatory to appoint SAIF Zone-approved auditors in UAE for auditing.
External Audit
Process
During the process of external audit in the SAIF Zone, a SAIF Zone-approved auditing firm investigates the financial records and business operations. It is done to make sure that the financial statements of the company are complete and accurate and not hidden.
Under international auditing standards, the approved auditors must be independent of the company being audited and have no changes in the audit. After an external audit, an audit report will be formed following an established format.
If the results of the audit report are favorable, then there are no problems in the company’s financial statements. If the results of the audit report are not favorable, then it indicates errors in the company’s financial statements which is not trustworthy.
Documents Required For An External Audit
Trail balance
Copies of bills and invoices
General ledgers
Audit schedules
Registration details for excise tax and VAT
Balance sheet and profit and loss statements
Latest trade license
Details of closing stock including working in progress at the year-end
Top SAIF Zone-Approved Auditing Firm
An external audit is only carried out by one of the top SAIF Zone-approved auditing firms. ebs is one of the best SAIF Zone-approved auditors in UAE. You can trust our vigilant team for carefully performing your audit in SAIF Zone. As part of a Group of Firms in the UAE, ebs is a qualified professional company to help you meet your external audit requirements.
We make sure that every Audit we perform is of excellent quality and that there is no error in the process. We have assisted many start-up businesses to carry out their external auditing in Free Zones. Our clients always get the best quality External AUDIT services from our expert team, and we are proud to have the highest auditing standards.
FAQ’s
Sharjah Airport Free Zone offers a business-oriented environment for international business. During the process of auditing in the SAIF Zone-approved auditing, the auditor investigates the financial records and business operations. It is important to make sure that the business financial statements are accurate and complete and not confiscated.
Checking, collating and analyzing spreadsheet data.
Examining financial controls and company accounts.
Checking that financial reports are reliable and accurate.
Determining the financial risk in a company.
Ensuring that the company’s assets are protected.
There are great benefits to operating from the SIAF Zone. It allows 100 percent of ownership exemption for corporate income tax and personal income tax with 25-year contract remedies for final rent. Licenses are issued on the same day of the application to companies.
Auditors must have an accounting degree to be able to conduct auditing. However, they must have relative experience in the accounting and finance field to know how to conduct an external or internal audit.
All companies registered in SAIF Zone Sharjah must have an audit from an auditor certified by SAIF Zone. All businesses are required to submit their balance sheets before the end of each fiscal year. The businesses are required to select an independent auditor from the list of authorized audit firms in the UAE.
The audit report usually consists of the following elements as scope and objectives, results, action plans and recommendations, conclusions, opinion, and acknowledgment of satisfactory performance.
Yes, a SAIF Zone-approved auditor can approve the accuracy of the financial reporting because the auditor’s main responsibility is to check that financial reports are reliable and accurate.
If you want to reach out to our accountants for a meaningful discussion on auditing services in SAIF Zone in UAE, connect with us.