JAFZA Freezone
Jebel Ali Free Zone Authority (JAFZA) is one of the oldest free zones in the UAE serving the needs of thousands of businesses and attracting foreign investments. JAFZA continuously strives to offer the best services for its members without compromising compliance with laws and quality in the region. JAFZA is the region’s integrated business hub and an integral part of the DP world UAE.
Auditing is very crucial in the companies that are established under the JAZFA free zone area in UAE. It is important to know the position of the business in the market and also the efficacy of the internal control system. It is most common that most companies are undergoing some errors or having serious financial issues. Therefore, it is better to appoint JAFZA approved auditor to conduct an audit of your company. In this article, we will discuss the importance of hiring JAFZA-approved auditors for mandatory audits and internal audits.
Purpose Of Audit Of A Company In JAFZA By Approved Auditors
The practice of auditing by approved auditors assists a company to comply with rules and regulations imposed by the legal authorities. JAFZA-approved auditors help the firms to prepare financial statements and books of accounts with relevant IFRSs and other national or international standards. JAFZA-approved auditors will inform the management about the control weaknesses and other deficiencies in the system found during the audit process.
jafza approved auditors in UAE
As per the regulations, the JAFZA companies must appoint an approved auditor in JAFZA. The annual audit and audit report with the summary must be submitted to JAFZA within three months from the end of the financial year or within the extended year.
If the company is failed to submit the audit reports within the given time frame, then there will be non-renewal of the trade license and other legal penalties. There are a few documents that are required for the auditing process in JAFZA.
- Trial balance and MIS reports for the year under audit.
- Trade license copy, share certificate, and certificate of incorporation.
- Memorandum and articles of association of the company in JAFZA.
- All the other relevant support documents like invoices, vouchers, bank statements, etc.
All the registered companies in JAFZA should upload the summary sheet of the financial figure in the given form which has to b signed and stamped by the approved auditors in JAFZA with the audited financial statements on the portal of JAFZA.
jafza approved auditors in UAE
How VAT Is Applicable For The Companies Registered In JAFZA?
As per the provisions of the UAE VAT law, JAFZA is the designated zone for tax treatment. Most of the transactions related to the supply of goods are out of scope. The taxability of the supply of services in designated zones is similar to the mainland. During the process of audit, auditors review the compliance of VAT regulations for the transactions of the company on a test basis and advise. Verification of compliance with VAT regulations is an additional task form that is part of statutory auditing.
Review Of Audit Files
Auditors conduct the audit according to the provisions of the international standards of auditing and as per international financial reporting standards. Approved auditors also ensure that the client has complied with the provisions of UAE commercial company law. It is also the duty of an approved auditor in the Jebel Ali Free Zone to ensure the company has followed the JAFZA regulations as well.
If there is an internal control weakness is noticed during the auditing process, approved auditors also issue an additional report called a management letter for the management to attract attention to such flaws. Once the draft audit report is ready it is given to the shareholder for their review. After the approval, the final report is issued and forwarded to the authority.
Expertise Locally And Internationally
We ebs is an accounting and bookkeeping firm in Dubai, UAE. We adhere to the highest professional quality, and real-time services and maintain ethical values. We are providing accounting outsourcing, and onsite and remote accounting services in Dubai, UAE. We are also providing accounting and bookkeeping services, auditing, backlog accounts update in Dubai, UAE, and many more.
In the JAFZA free zone, ebs can help you with all of your accounting and auditing needs. We are approved auditors who have assisted hundreds of businesses with their audits. Our team of professionals goes beyond the basics to bring value and ensure that auditing plays a productive role in your business. ebs is a firm in the UAE having professional accountants who provide you with various accounting services and is also approved in JAFZA.
If want to get your auditing and assurance, ebs is a registered auditor to assist in your auditing process. Feel free to consult the expert teams of ebs about auditing services and any confusion regarding internal or external auditing. If you are looking for approved auditors in UAE, then don’t hesitate to contact ebs.
jafza approved auditors in UAE