SAIF Zone 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.
Sharjah Airport International Free Zone provides some of the most enticing business incentives in the region, including speed of service and simplicity of process. Versatility has always been one of SAIF-ZONE’s prime objectives. From a single office space to entire manufacturing facilities and everything in between, the options are designed to accommodate every business and every scenario.
SAIF-Zone’s customer base is among the largest in the world from one central hub, with access to more than 2 billion people within a four-hour flight and as one of the most dynamic Emirates in the UAE, Sharjah accounts for over a third of the country’s industrial activity.
Warehouses, storage areas, container parking, bunkers and labour housing are all available at the lowest costs and highest quality. SAIF-ZONE offers an unlimited workforce to support your business along with sponsorship and visas for in-house staff to make the transition to a new workplace as smooth as possible.
SAIF – Zone requires annual audits to be conducted by approved auditors in SIAF Zone in order to renew the license of the company.
Our Auditing Service in SAIF Zone Includes
Frequently Asked Questions on Audit in SAIF Zone
Yes, Auditing is mandatory for all Sharjah Airport Free Zone (SAIF Zone) Member Companies. In accordance with SAIF Zone Company regulations, an auditor has to be appointed by every SAIF Zone member Companies. Each SAIF Zone companies should ensure that the appointed auditor is registered as an Approved Auditor in DMCC and is listed in the Approved Auditors List.
As per the Memorandum of Association of SAIF Zone Companies it has to the Audited Financial Statements to the SAIF Zone authorities within 90 days from the end of the financial year. The audit report has to be submitted to the authority along with the singed audited final statements. If a company fail to submit the audited financial statements within the time frame, it will face legal consequences including non-renewal of trade license in SAIF Zone.
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 DMCC 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 SAIF Zone 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.
Our Audit Procedure
Out of all our auditing services, we need to find a suitable one for you. Depending upon the industry, we select the audit cycles which are required to be implemented on your business. This helps us to prepare an accurate quotation for you.
After the approval of services and quotation, we need the company to provide us information required to conduct the audit. The data is based on the type of audit we perform. Generally, the financial data (credit notes, debit notes, invoices, purchases, etc.) is required for the Statutory Audit. The forensic audit requires information about employees as well.
Our tailor made plan depends upon the necessity of the client. For different audit types, such as balance sheet audit, cash flow statement audit, fraud audit inventory audit, cash audit, stock audit, etc., different methodologies have been developed. Alya Auditors has created its own techniques which are efficient enough to perform a precise audit.
Auditing is done for various sections, and different auditing reports are generated. We review the generated document to make sure it is with respect to the federal law of UAE. It is further merged into one before presenting in front of the board of directors and shareholders.
The audit report contains all the information required to know the complete picture of your company. Based on that, if you need further assistance in making any changes, we will be available for you.