Approved Auditors in DAFZA
Is Audit Mandatory for Companies in DAFZA (Dubai Airport Free Zone Authority)?
Yes, Audit from a DAFZA approved Auditor is mandatory for all the companies registered in DAFZA. As per the regulations of DAFZA, all companies (FZE & FZCO) registered in DAFZA have to conduct their annual audit of financial statements from the auditors which are approved by the authority. Every company must appoint an auditor who must examine and report on the financial accounts of that Company. All companies must submit its balance sheet (financial report) by the end of every financial year, audited by an approved auditor in DAFZA. A copy of the annual audited accounts of each company should be submitted to the DAFZA within three months of the end of the financial year of the Free Zone Establishment or such longer period as the Authority may determine. Bader Saleh Auditing is one of the top listed and approved Auditor in DAFZA.
Rules and Regulations associated with External Audit of companies in DAFZA:
The FZCO shall be required to appoint auditors from among those approved by DAFZA to make a report to the Owner of the FZCO on all annual accounts of the FZCO and state whether, in the auditor’s opinion, such annual accounts have been properly prepared in accordance with the Implementing Regulations and whether a true and fair view is given (a) in the case of the balance sheet of the FZCO of the state of affairs of the FZCO at the end of its financial year, (b) in the case of the profit and loss account of the FZCO, of the profit and loss of the FZCO for the financial year and, (c) in the case of annual accounts of the FZCO prepared on a consolidated basis, of the state of affairs as at the end of the financial year and the profit or loss for the financial year of the undertakings included in the consolidation.
One of the major requirements for providing external audit services within DAFZA is that auditors in DAFZA must hold a professional license approved by the Economic Department of Dubai, UAE. The approved auditor appointed by a company in DAFZA must perform external audit of the company’s annual accounts and submit an external audit report to the company.
How to appoint Auditor in DAFZA
There are some additional rules and regulations associated with the appointment of an auditor in DAFZA and the content of the report of the auditor. The external audit report must contain the auditor’s opinion on whether the financial statements give a true and fair view of the company’s financial position. Auditors in DAFZA are also required to assess the company’s operations and processes to ensure that the company is conducting its business activities in accordance with the implementing regulations applicable in DAFZA.
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Who can be appointed as an auditor?
A Company can only appoint an auditor if:
What if You Do Not Audit Your Books of Accounts for your company registered in DAFZA?
If a company in DAFZA fails to submit the audited financial statements within the time frame to the Authority through the online portal it will be liable to pay penalty for non-compliance of the DAFZA Regulations. The principal hazards that companies bear for failing to submit audited financial reports is the non-renewal of their trade license in DAFZA.
What role does Bader Saleh Auditing play in Audit Services in DAFZA?
Bader Saleh Auditing of Accounts is the listed auditor in DAFZA. Being approved auditors in DAFZA, we assure the quality of professional service and conduct the audit in accordance with the requirement of International Standards on Auditing (ISA).
Why choose Bader Saleh Auditing of Accounts?
We have a team of qualified professionals, such as Chartered Accountants (CA), Chartered Certified Accountants (ACCA), Certified Public Accountants (CPA) etc. with vast experience in the region of leading the Audit with professional skills and knowledge.
Our Auditors conduct the audit procedure in the clients’ premises with the aim of guiding and helping the accountants to design and prepare the financial statements in accordance with the International Financial Reporting Standards (IFRS) without affecting the independency of Audit.
We issue a management letter as well for the management to take corrective measures, if potential internal control weaknesses are noticed by us, being a responsible DAFZA Approved Auditor.
We are also listed with all major banks and free zones in the UAE.
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