Approved Auditors in JAFZA
Is Audit Mandatory for Companies in JAFZA (Jebel Ali Free Zone)?
Yes, an Audit from a JAFZA approved Auditor is mandatory for all the companies registered in JAFZA. As per the regulations of JAFZA, all companies must submit their balance sheet (financial reports) by the end of every financial year, audited by an approved auditor in JAFZA. A copy of the annual audited accounts of each company should be delivered to the FZE Department within three months of the end of the financial year of the Free Zone Establishment or such a long period as the Authority may determine. Bader Saleh Auditing is one of the top listed and approved Auditors in JAFZA (Jebel Ali Free Trade Zone).
Rules and Regulations associated with External Audit of companies in JAFZA
The implementing regulations No. 1/99, clause 51, states that companies registered in JAFZA must appoint an independent auditor from a list of approved audit firms in JAFZA. One of the major requirements for providing external audit services within JAFZA is that auditors in JAFZA must hold a professional license approved by the Economic Department of Dubai, UAE. The approved auditor appointed by a company in JAFZA must perform an external audit of the company’s annual accounts and submit an external audit report to the company.
As per clause 49 of the regulation the annual accounts of the company must be approved by the directors and signed by the manager of the company. At least one director is required to sign the balance sheet of the company making it the official representation of the company’s financial position.
What is the period to submit Audit Report for companies registered in JAFZA?
According to clause 50 of the regulation a company is required to submit a copy of its annual accounts along with the Audit Report issued by the approved auditors in JAFZA to the Free Zone Department within three months of the end of its fiscal year. The time can be extended subject to permission from the free zone authority.
How to appoint approved auditors in JAFZA
There are some additional rules and regulations associated with the appointment of an auditor in JAFZA 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 JAFZA 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 JAFZA.
The JAFZA company regulation states that each Free Zone Establishment shall be required to appoint auditors from among those approved by the Authority to make a report to the Owner of the Free Zone Establishment on all annual accounts of the Free Zone Establishment on all 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:
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What if You Do Not Audit Your Books of Accounts for your company registered in JAFZA?
If a company in JAFZA fails to submit the audited financial statements within the time frame to the Authority through the online portal it will be liable to pay a penalty for non-compliance with the JAFZA Regulations. The principal hazards that companies bear for failing to submit audited financial reports are the non-renewal of their trade license in JAFZA. Companies can however request to the Free Zone Authority for an extension of the deadline for the submission of the audit reports from the approved auditors in JAFZA.
What role does Bader Saleh Auditing play in Audit Services in JAFZA?
Bader Saleh Auditing of Accounts is the listed auditor in Jebel Ali Free Trade Zone, JAFZA. Being approved auditors in JAFZA, 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 independence 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 JAFZA Approved Auditor.
We are also listed with all major banks and free zones in the UAE.
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