Approved Auditors in SAIF Zone
Sharjah Airport International Free Zone (SAIF Zone), which was established in 1995, maintains a good reputation of being a preferred free zone among businessmen who wish to invest in the emirate of Sharjah.
The SAIF-Zone authority has stipulated the requirement that companies operating within the free zone must get their books of accounts audited by auditing firms registered with the SAIF Zone. Getting the books of accounts audited is mandatory for companies to renew their Trade licenses. The SAIF Zone authority mandates that the auditing should be performed by the SAIF Zone Approved Auditors listed in the official SAIF Zone approved auditors list. It is crucial for companies to engage with Auditors in SAIF Zone who are recognized and approved by the SAIF-Zone authority to ensure compliance with the auditing requirements and successfully renew their Trade licenses.
Documents Required for the Audit by SAIF Zone Approved Auditors
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Trade License
- Trial Balance, Balance Sheet, Profit & Loss Statement
- Registration Details for VAT and Excise Tax (If Applicable)
- Books of Accounts
- Audit schedules (Fixed Assets Register, Ageing of Accounts receivable & payable with provision for bad debts, accruals, etc
- Details of closing stock and work-in-progress at the year-end
- Details of fixed asset additions and disposals during the year with proper supporting
- Copies of bills and invoices
About the Sharjah Airport International Free Zone (SAIF-Zone)
For nearly a quarter of a century, the SAIF-Zone has been a magnet for investors, thanks to its streamlined business setup procedures and strategic location. Sharjah, among the seven emirates, is renowned as the industrial heart of the UAE, housing approximately 40% of the nation’s total industries. Key industries in Sharjah encompass petrochemicals, textiles, leather, food, and various non-metal sectors. Companies operating within the SAIF Zone enjoy the benefits of Sharjah’s exceptional connectivity via sea, air, and land, facilitated by the Sharjah International Airport, Port Khalid, Port Khorfakkan, and Hamriyah Free Zone Port, thus enhancing efficient global business transactions. Furthermore, the cost-effective living environment in Sharjah, coupled with the ready availability of affordable labor, proves advantageous for businesses operating within the SAIF Zone.
Accounting Record Preparation and Maintenance for Auditing in SAIF-Zone
All companies operating within the SAIF Zone are legally obligated to maintain accurate accounting records that provide a comprehensive view of the company’s financial status. By maintaining well-kept accounting records, company directors can ensure the preparation of balance sheets and profit and loss accounts in accordance with International Financial Reporting Standards (IFRS).
These accounting records must include information on:
- Assets and liabilities of the company.
- Detailed daily entries of all monetary receipts and expenditures.
- Documentation of the reasons underlying each receipt and expenditure.
In accordance with regulations, these accounting records must be stored at the registered office of the company within the SAIF Zone. Shareholders or company representatives must have access to these records for inspection at any given time. The initial financial year for companies operating within the SAIF Zone can be determined based on the date of incorporation as indicated on the Certificate of Incorporation.
Why Audit Is Mandatory From Approved Auditors In SAIF Zone?
Companies in the SAIF Zone are required to have their books of accounts audited and submitted to the free zone authority within 90 days of the end of the fiscal year. The audit report, along with the audited financial statements, must be submitted to the SAIF Zone Authority. Failure to comply with the mandatory audit requirement will result in legal action, including the loss of a trade license. To avoid such legal ramifications, businesses should hire the best audit firms in Sharjah, UAE that are registered with the SAIF Zone authority.
An auditor registered with the SAIF Zone must report on whether a company’s financial statements have been prepared in accordance with local and international regulations, and present a true and fair picture. The auditor must also report on any activities the company has carried out that are not specified in its trade license. Any qualifications of the auditor must also be included in the report.
Why choose Elevate as Approved Auditors in SAIF Zone?
For companies operating within the free zone, such as SAIF Zone, it is mandatory to use only auditors authorized by the SAIF Zone administration. Elevate is among the SAIF Zone Approved Auditors who are recognized and authorized to conduct audits within the SAIF Zone.
Elevate’s team of experienced and skilled Chartered Accountants can help ensure that SAIF Zone companies have maintained their records in accordance with local and international regulations, including the International Financial Reporting Standards (IFRS). By engaging with auditors in SAIF Zone from the SAIF Zone approved auditors list, businesses can fulfill their auditing requirements and meet the necessary compliance standards set by the SAIF Zone administration.