Jafza Approved Auditors
We’re a leading firm of chartered accountants & VAT/Tax advisers supporting entrepreneurs, high net worth individuals, family offices and growing businesses in UAE.
JAFZA one of the leading Free Zone of the region that lies at the centre of trade and is part of a unique ecosystem that offers end to end solutions and growth opportunities to businesses that operate locally and globally.With all the right resources in one place, Jafza has the foundation for you to tap into fresh opportunities with suppliers, trade partners and logistics providers to reduce your costs and increase your profits.
In over 3 decades, Jafza grew from 19 companies in 1985 to more than 500 in 1995, and over 7,500 today, which includes nearly 100 Global Fortune 500 enterprises.Most of these companies have set up their regional headquarters in Jafza to serve the wider Middle East region comprising West Asia, the CIS, Africa and Indian Subcontinent.
Today, Jafza proudly stands as a dynamic base for thousands of businesses from over 100 countries, sustains more than 135,000 jobs and attracts 23.9% of Dubai’s foreign direct investment.
Our Auditing Service in JAFZA Includes
Internal Audit
Helps in identification of problems or significant weaknesses in the organization.
Internal Audit
Internal audit is a comprehensive and thorough examination of an organization or one of its components.
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Statutory Audit
A statute is a law enacted by the government of the organisation's legislative branch.
Statutory Audit
A statutory audit is a legally required check of the accuracy of the financial statements and records of a company or government.
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VAT Audit
An audit of your tax return to verify that your income and deductions are accurate.
VAT Audit
It is a formal examination by approved Tax Agent of the company’s VAT Ledgers, Sales & Purchases Ledgers Trial balance reconciliation with standard rated sales.
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Due Diligence Audit
All companies should maintain International Financial Reporting Standards in their books.
Due Diligence Audit
IFRS assessment is conducted when new or revised accounting standard is implemented in any business from a specific date.
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Forensic Audit
Examination of a company's financial records to derive evidence.
Forensic Audit
Audit done at the specific request of the management to detecting or mitigating the chances of fraud or misappropriation of funds.
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Information System Audit
Ensures the system provides accurate information to users and makes sure unauthorized parties do not have access to private data.
Information System Audit
Ensures the system provides accurate information to users and makes sure unauthorized parties do not have access to private data.
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Frequently Asked Questions on Audit in JAFZA
Yes, Auditing is mandatory for all JAFZA Member Companies. In accordance with JAFZA Company regulations, an auditor has to be appointed by every JAFZA member Companies.
Every JAFZA Company has to submit the Audited Financial Statements and Summary Sheet to the JAFZA before the renewal of their trade license.
Submission of Audited Financials is applicable to all JAFZA companies including subsidiaries and branch companies. JAFZA Authority can request additional documents at any stage of the process as well as can request the original documents during inspection.
If a company fails to submit the financial statements audited by the approved auditors in JAFZA, within 90 days from the financial year end, it will attract fine as per the provisions of the JAFZA Company Regulations. Further there is a risk of non-renewal of trade license in JAFZA as well.
The following are the list of documents to be maintained and submitted for auditors.
- Legal documents – Memorandum Of Association (MOA), Articles Of Association (AOA), Trade license copy, Share certificate, certificate of incorporation Tenancy contract etc.
- Bank statements and confirmations from banks
- Balance confirmation from debtors, creditors and third parties (as per the samples given by the auditors).
- Statement of deposits from the JAFZA portal, copies of Ledgers, sales invoices, purchase bills, expenses bills etc.
- Complete set of books of accounts, trail balance etc.
- Such other information as the auditor may consider necessary.
Alya Auditing being the JAFZA approved auditors audit the books of accounts in accordance with the provisions of International Financial Reporting Standards (IFRS). Further we help you to design and prepare your financial statements in accordance with the International Financial Standards (IAS /IFRS) without affecting the in dependency of auditing. We recommend to improve the internal control measures which will enhance the operating efficiency.
Range of audit services in JAFZA includes
Our auditors will perform a comprehensive assessment on your financial statements to see its fairness and accuracy. The financial records will be made certain to be in compliance with international accounting and auditing standards.
There will be a detailed analysis that will be conducted on your business activities to identify what should be done for the further improvement of your business.
Regulatory standards are ensured to be complied to by the internal policies and procedures of your company.
A broad audit that has the combination of financial and operational audits with information technology will be used to assess the quality other compliance materials that are in need of analyzing.