Approved Auditors in RAKEZ
Is Audit Mandatory for Companies in RAKEZ (Ras Al Khaimah Economic Zone)?
Yes, Audit from a RAKEZ Approved Auditor is mandatory for all the companies registered in RAKEZ. As per the RAKEZ Companies Regulations of 2017, every Company shall keep accounting records including underlying documents which are sufficient to show and explain its transactions. Also, all companies must submit its balance sheet (financial report) within six months of the end of every financial year, audited by an approved auditor in RAKEZ. Bader Saleh Auditing is one of the top listed and Approved Auditor in RAKEZ.
Rules and Regulations associated with External Audit of companies in RAKEZ:
The implementing regulations states that companies registered in RAKEZ must appoint independent auditor from a list of approved audit firms in RAKEZ.
A Company’s accounts shall be approved by the Shareholders or Directors and signed on their behalf by at least one (1) of them.
As directed by the Registrar, the Company shall file with the Registrar, a copy of the accounts and auditors report within seven (7) days from such directive.
As per the RAKEZ Companies Regulations, it is the responsibility of each company to ensure that their appointed auditor is registered as an Approved Auditor with RAKEZ and is listed in the RAKEZ Approved Auditors List.
One of the major requirements for providing external audit services within RAKEZ is that auditors in RAKEZ must hold a professional license approved by the Economic Department of Dubai, UAE. The approved auditor appointed by a company in RAKEZ must perform external audit of the company’s annual accounts and submit an external audit report to the company.
What is the period to submit Audit Report for companies registered in RAKEZ?
According to the regulations a company is required to submit a copy of its annual accounts along with the Audit Report issued by the listed auditors in RAKEZ to the Free Zone Department within six months of the end of its fiscal year.
How to appoint approved auditors in RAKEZ:
A Company shall appoint a firm of auditors approved by RAKEZ, who shall examine and report in accordance with the Companies Regulations upon the accounts prepared. The appointment of a firm as an auditor of a Company is taken to be an appointment of all persons who are partners of the firm and are registered as an auditor in RAKEZ. A Company shall at each annual General Meeting appoint an auditor to hold office from the conclusion of that meeting to the conclusion of the next annual General Meeting.
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What if You Do Not Audit Your Books of Accounts for your company registered in RAKEZ?
If a company in RAKEZ 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 RAKEZ Regulations. Failure to submit the required audited financial statements will result in a fine of AED 2,500 and may lead to suspension of services. The principal hazards that companies bear for failing to submit audited financial reports is the non-renewal of their trade license in RAKEZ.
What role does Bader Saleh Auditing play in Audit Services in RAKEZ?
Bader Saleh Auditing of Accounts is the listed auditor in RAKEZ. Being approved auditors in RAKEZ, 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 RAKEZ Approved Auditor.
We are also listed with all major banks and free zones in the UAE.
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