Approved Auditors in JAFZA
The Jebel Ali Free Zone Authority ( JAFZA) has stipulated that the companies registered in the Free Zone should have their annual audit reports submitted to the Authority so that their licenses can be renewed every year without any regulatory trouble.
Abiding by the requirement of compulsory annual audits would help companies avert the occurrences of any financial anomalies. As per the regulations, the companies are required to appoint Jafza Approved Auditors in UAE.
About Jabel Ali Free Zone Authority(JAFZA)
Jebel Ali Free Zone Authority (JAFZA) was established in 1985 with the primary objectives of promoting trade and enhancing container throughput at Jebel Ali Port. Since its inception, JAFZA has evolved into one of the world’s largest free zones and the most efficient logistics hub in the region. Presently, it accommodates over 7,500 companies, including approximately 100 Global Fortune 500 corporations. Situated in Dubai, strategically positioned between Jebel Ali Port and Al Maktoum International Airport, JAFZA offers exceptional connectivity to businesses. The free zone’s principal business activities span across various sectors, such as:
- Automotive & Spare Parts
- Food & Agricultural Commodities
- Retail & E-commerce
Why Should You Conduct an Audit in Jafza?
While many UAE companies conduct annual audits due to legal requirements or stakeholder requests, it’s essential to recognize the broader benefits of auditing. Below are some compelling reasons to consider conducting an audit with approved auditors in Jafza:
- Ensures Compliance with Free Zone Authority Regulations
- Facilitates Penalty-Free Trade License Renewal
- Provides Insights into the Company’s Financial Health
- Boosts Shareholder Confidence through Audited Financial Statements
- Identifies and Enhances Internal Control Weaknesses
- Enhances Credibility with Banks, Government Authorities, and Investors
- Helps Uncover Employee or Partner Fraud
- Enables Utilization of Free Zone Incentives and Exemptions as per UAE Corporate Tax Law
How should companies prepare and maintain accounting records for auditing?
The audit report must contain the auditor’s assessment of whether the financial statements provide an accurate and truthful representation of the company’s financial status. The auditor’s responsibility includes evaluating the company’s financial practices to ensure compliance with the Implementing Regulations. Additionally, the auditor must submit a signed copy of the audit report to JAFZA, along with the annual business accounts report.
Documents Required by Approved Auditors in JAFZA
- Bank statements
- Credit/debit confirmation slips for all financial transactions
- Copies of bills and invoices
- Statement of deposits from the DMCC portal
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Trade license
- Registration Details for VAT and excise tax
- Books of Accounts
Why Audit Is Mandatory from Approved Auditors In JAFZA?
Companies registered with JAFZA in Dubai are required to appoint an auditor who will examine and report on their financial statements to ensure they are in accordance with local and international regulations, present a true and fair view of the company’s affairs, and do not contain material misstatements. The auditor’s report is also used to verify that the company is only engaging in activities permitted by its trade license. If the auditor finds that the company is undertaking activities not defined in the trade license, this must be stated in the report.
Auditors in JAFZA, while preparing their report, are required to investigate and form an opinion on whether
- Whether the company has kept proper accounting records.
- Whether the company’s accounts are in agreement with the accounting records and returns and are VAT compliant.
Why choose Elevate as Approved Auditors in JAFZA?
Elevate is a reputable audit firm based in Dubai, UAE. As a registered auditing firm with JAFZA approved auditors list, our team of highly qualified auditors assists companies in ensuring the accuracy and reliability of their financial statements.
Our services guarantee that the audit report presents an honest opinion on the company’s financial health, thereby facilitating the license renewal process with JAFZA. Businesses seeking audit services within JAFZA can refer to the list of JAFZA approved auditors to find reliable audit firms. Elevate is among the JAFZA approved auditors in the UAE, providing trusted and professional auditing services.