Approved Auditors in RAKEZ
Ras Al Khaimah Economic Zone (RAKEZ), established by the government of Ras Al Khaimah, has made auditing mandatory for companies operating in the RAKEZ from 2020 as per a new announcement from RAKEZ Authority.
The companies need to submit a copy of the audited financial statements for the financial year of 2019, and for a subsequent year, within 6 months from the end of the company’s financial year. The companies operating in the RAKEZ need to get their books of accounts audited by the Approved Auditors in RAKEZ.
Audit firms that lack registration with RAKEZ are prohibited from conducting audits, liquidations, or offering services to companies licensed by RAKEZ. These new regulations are implemented to ensure that registered companies adhere to both local and international standards, including International Financial Reporting Standards (IFRS), as well as regulations concerning Anti-Money Laundering (AML) and the Combating of Financing of Terrorism (CFT).
About Ras Al Khaimah Economic Zone (RAKEZ)
Situated in the northernmost emirate, Ras al Khaimah, RAKEZ stands as one of the largest economic zones in the UAE, hosting a thriving community of over 14,500 companies. Its strategic location in Ras al Khaimah offers companies a significant advantage, granting access to markets spanning South Africa, Europe, Southern and Central Asia, and various Middle Eastern nations. Ras Al Khaimah further attracts investors with its competitive real estate prices and the availability of leased properties. Notably, the emirate imposes no restrictions on currency exchange or labor recruitment, making it an appealing destination for businesses.
Documents Required by the RAKEZ Approved Auditors to Conduct the Audit
- Bank statements
- Credit/debit confirmation slips for all financial transactions
- Copies of bills and invoices
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Trade license
- Registration Details for VAT and excise tax (If Applicable)
- Books of Accounts
Why Audit Is Mandatory from Approved Auditors In RAKEZ?
Companies registered with RAKEZ (Ras Al Khaimah Economic Zone) in Dubai South Free Zone are mandated to appoint an auditor from RAKEZ Approved Auditors list. These auditors are responsible for examining and reporting on the financial statements of the company.
Their role is to ensure that the financial statements comply with local and international regulations, provide an accurate and unbiased representation of the company’s affairs, and are free from material misstatements. The auditor’s report serves as a verification tool to confirm that the company is engaging only in activities permitted by its trade license. Moreover, the audit report plays a crucial role in the renewal process of the company’s trade license.
Why choose Elevate as an Approved Auditor in RAKEZ?
Elevate is recognized as one of the top auditing and accounting firms in the UAE and is an approved service provider registered with the Ras Al Khaimah Economic Zone (RAKEZ) Authority. As one of the RAKEZ Approved Auditors, Elevate’s team of skilled auditors meticulously examines the financial accounts of companies operating within RAKEZ.
Their expertise ensures that the financial records of these companies are accurately assessed and reported on. By being listed among the RAKEZ approved auditors, Elevate contributes to maintaining the reliability and precision of financial information in the RAKEZ business community. Additionally, businesses seeking audit services can refer to the RAKEZ approved auditors list to find suitable audit firms in RAKEZ.