For all companies registered within the expanse of Jebel Ali Free Trade Zone (JAFZA), it is mandatory that all financial audits for the company be conducted by a JAFZA approved auditor. This means that you should identify and go for one of the Auditing Services in the JAFZA free zone and have an external audit in JAFZA look into your books of accounts for every financial year as stipulated by the regulations of the JAFZA.
With a JAFZA approved auditor, you are assured of correct, timely, and accurate auditing targeted at helping your company remain compliant with the rules stated by the region’s legal authorities. With Jebel Ali Free Zone Authority offering Auditing Services in JAFZA, your business benefits from worldwide connectivity through the simplification of business activities within Dubai’s most dynamic business market.
JAFZA serves as the trading hub offering complete business solutions to companies operating within the zone. It features the best trading partners as well as auditors to enhance compliance and adherence to the rules and regulations set by the authorities. With Auditing Services in JAFZA free zone, you achieve a totally compliant business operation.
At the core of Jebel Ali Free Zone operation is to provide services of excellence. To this end, the team of professionals offering auditing Services in the JAFZA free zone works side by side with the finance and accounting departments of your organization to conduct an unbiased and thorough financial audit for your company.
The experts offering auditing services in JAFZA free zone have the right skills, knowledge, and expertise in matters of financial auditing. With over a decade’s worth of experience, you couldn’t be in better hands. The option to customize and the strategy for pricing are both competitive strategies that position Jebel Ali Free Zone Authority – JAFZA for excellence and as the surefire solution for companies that want to have a perfectly compliant operation.
Why do JAFZA companies require Audits??
For all registered companies within Jafza, auditing by a JAFZA-approved auditor is required (Jebel Ali Free Trade Zone). All JAFZA registered companies must obtain JAFZA approval and an auditor who will prepare an annual audit report, according to the free zone’s regulations. Intellect Chartered Accountants is one of JAFZA’s most well-known and well-respected auditors (Jebel Ali Free Trade Zone). An auditing process assists a company in adhering to legal requirements.
JAFZA: An Overview
Jebel Ali Free Zone Authority (JAFZA) is one of the UAE’s oldest free zones, serving the needs of thousands of businesses and contributing to the UAE’s goals of attracting foreign investment and assuring long-term development. It is constantly striving to provide the greatest services to its members while maintaining high quality and adhering to regional laws.
What is the audit period for JAFZA-registered companies?
According to JAFZA laws, every firm must have their books of accounts audited by approved JAFZA auditors within three months of the end of the financial year, or within the extended term if applicable.
What is the procedure for submitting an audited financial statement?
Each JAFZA Registered Company must upload a summary sheet of financial figures in the required form, which must be signed and stamped by an Approved Auditor in JAFZA, together with the Audited Financial Statements, to the JAFZA portal.
What Happens If You Don’t Audit Your JAFZA-Registered Company’s Books of Accounts?
If a JAFZA company fails to submit audited financial statements to the Authority via the online portal within the time term, it will be subject to a penalty for non-compliance with the JAFZA Regulations. Companies can, however, request a deadline extension from the JAFZA Free Zone Authority for the filing of audit reports from qualified auditors. Non-renewal of a company’s JAFZA trading license is one of the most serious consequences of failing to provide audited financial reports.
How is VAT applied to transactions in JAFZA?
Qualified specialists with more than ten years of experience in the region, such as Chartered Accountants, Certified Public Accountants, and others, lead the Audit with flawless mastery skills and expertise. They instruct accountants on how to develop and prepare financial statements in conformity with the International Financial Reporting Standards (IFRS) without jeopardizing the Auditor’s independence when needed. As a responsible JAFZA Approved Auditor, if we detect a potential internal control vulnerability, we send a management letter to the company’s management, requesting that they take corrective action. Internal auditors are usually suggested in order to take corrective action as soon as a problem arises.
What records must be kept for the JAFZA audit?
Every company registered with JAFZA is required to keep accurate books of accounts and submit them to JAFZA Approved Auditors for auditing. The company should present various legal papers for the auditor to review throughout the audit, in addition to the trial balance, financial statement, and applicable MIS data. The following are examples of legal documents:
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Trade license copy
- Share certificate
The corporation should supply the Auditors with supporting papers of transactions, such as invoices, vouchers, contracts, and so on, as needed.
Advantages of using JAFZA approved auditors
Auditing services in JAFZA free zone are affordable while offering results-driven solutions to the issues of your JAFZA free zone-based business. Despite being cost-effective the quality of service remains top-tier with a guarantee of a report that perfectly reflects the current situation in your business as defined by your books of account.
Other than cost-friendliness, you also benefit from highly efficient JAFZA approved auditors. This is an enabler for seamless and transparent services as well as transactions so you and your company can continue in perfect compliance without fearing the law or the authorities.
There is also the element of business services tailored to the individual needs of your company. This means that the auditing services in JAFZA free zone are customized to meet the individual needs of the client depending on the situation the client company presents.
JAFZA approved auditors also help you comprehend the workings of your business better, opening your eyes to some of the most promising and future-oriented trends within the JAFZA free zone so you can make decisions from an informed point of view and it’s all thanks to these auditing services in JAFZA.
It does not matter whether your business operates locally or internationally, for as long as it is based within the JAFZA free zone then you are sure of expert service from JCG JAFZA approved auditors on the metrics of quality as well as service under the auditing services in JAFZA.
Getting served by a JAFZA approved auditor is crucial when it comes to performing a company’s financial auditing. This is because only auditors that have been approved are allowed to perform auditing services in JAFZA free zone for an organization within the free zone. Other auditing companies that do not have any approval from the concerned authorities within the free zone are not allowed to perform a financial audit within the free zone.
Why choose Intellect Chartered Accountants?
At Intellect Chartered Accountants, the margin has been set on quality, making it their bare minimum and ultimate goal. Their services and staff alike are all geared towards excellence for their clients, making it easy to trust them and their transformative abilities when your business is concerned.
Get in touch with Registered and Approved Auditors in Jebel Ali Free Zone (JAFZA)