JAFZA Approved Auditors
JAFZA ApprovedAuditors
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JAFZA Approved Auditors
JAFZA Approved Auditors
In UAE
Auditing by an approved auditor of JAFZA is mandatory for the companies registered within Jebel Ali Free Trade Zone. As per the terms of JAFZA, every registered company must appoint a JAFZA-approved auditor in UAE to audit their books of accounts. Accurate auditing helps companies to comply with the regulations imposed by the legal authorities.
JAFZA as Jebel Ali Free Zone Authority provides global connectivity by making the business operation simple. It also offers end-to-end solutions to businesses operating in this zone. JAFZA has the best trade partners to enhance supply activities with vigilant sea-air hubs. JAFZA offers the following business activities.
- It conducts trading activities
- It conducts manufacturing activities with new product developments.
- It also carries out service activities.
- It conducts buying and selling of goods via any electronic means.
- It also carries out offshore businesses.
Benefits Of JAFZA-Approved
Auditors
- We always associate with our clients to know about their needs.
- We ensure high-quality audit reports that comply with standards.
- We ensure the audit service in UAE is timely.
- We help you to get a good overview of your business and then make more informed decisions.
- We ensure transparent and seamless transactions.
How External Audit Is ConductedIn JAFZA?
It is mandatory for all registered companies to appoint a top JAFZA-approved auditing firm for auditing. If companies want to renew their license without any failure, auditors conduct external audits.
These documents are required for conducting auditing:
Bank statements
VAT certificate
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)
Responsibility Of Approved Auditor Of JAFZA
- Trading activities of the firm as in the trade license.
- Accuracy of records and financial statements.
- VAT compliance and record maintenance.
- Financial abnormalities like money laundering, fraud, creative accounting, etc.
If a company fails to submit the audited financial statements:
- The company will pay a penalty for non-compliance with the JAFZA regulations.
- The non-renewal of their trade license occurs.
- Companies can also send a request for an extension of the deadlines for audit reports submission from the approved auditors in JAFZA.
How ebs Can Help?
As a registered company under the JAFZA, it is mandatory to appoint an approved auditor in JAFZA for compliance. If you do not concern with the approved auditor, then there are more chances for non-compliance which will bring penalties. We provide these essential auditing services.
- 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
JAFZA-approved auditors are authorized by law to do audits on the companies that corporate with Jebel Ali Free Zone Authority. JAFZA is one of the free zones in the UAE that have attracted thousands of foreign companies.
The approved auditor is required to evaluate the company’s financial practices to ensure that the accounts meet rules and regulations. The auditors are also required to submit a signed copy of the report with the annual business accounts reports.
JAFZA approved auditor’s responsibility is to obtain assurance whether the financial statements as a whole are free from malformation, and misstatement. The auditor ensures that the company finances are free from fraud and embezzlement.
Approved auditors in JAFZA determine the adequacy of internal controls, promote best practices for controls and ensure compliance with regulations and policies. Auditing will help the company to detect any kind of fraud or error.
An auditor is required to have an accounting degree or a similar qualification. The auditor must demonstrate experience and knowledge through practical implications as well.
Companies can look for the best JAFZA-approved auditors and also have a look at their services and experience in providing audits. A company can also check the feedback given by the clients to know their auditing services.
The main task of the auditor is to ensure that the company has clear records of financial activities. There are a few main steps that auditors follow such as selection, planning, reporting, fieldwork, and follow-up.
If you want to reach out to our accountants for a meaningful discussion on JAFZA-approved auditors in UAE, connect with us.
