SAIF Zone-Approved Auditors
SAIF Zone : Brief
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.
Why & How Should Companies in SAIF Zone Appoint an Approved Audit Firm to Conduct Their Annual Audit ?
As part of license renewal of a Company registered in SAIF Zone, an external audit is required to be performed. The Audit Firm must be approved by SAIF Zone for providing the external audit service to Companies registered there. The company being audited contracts with the Audit Firm and pays an audit fee for this process. The Audit Firm then performs the required investigations and presents the report to the management of the company being audited. After a discussion of the report with the management, it is then finalized and issued representing true and fair view of the Company’s Financial Statements.
Auditing is mandatory for all SAIF Zone companies registered under SAIF Zone in order to renew their Trade / Activity license. As per the requirements of SAIF Zone Authority the companies registered under SAIF Zone should appoint only the listed of auditors in SAIF Zone. Audit has to be conducted by the listed auditors for every financial year.
To make the audit process more transparent and unbiased, the UAE laws pertaining to audit were revised in 2014, making the requirements much stricter for registered Auditors. Ongoing Professional Development is required for an Audit Firm to remain certified. Every four years, the Companies should change their appointment of Audit Firm to maintain independence. Audit Firms must be managed and staffed by certified and qualified Auditors.
When and how an audit report should be submitted to SAIF Zone Authority?
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.
How Alya Auditors Conducts an Audit in SAIF Zone?
Once the official engagement letter is signed by the company as appointing Alya Auditors as official auditors of the company, the audit begins. Getting a detailed trail balance from the company will be the starting point of the auditing procedure. Our auditors will visit to the companies office for verifying the books of accounts, supporting documents and the legal documents in order to express an opinion on the financial statements. We conduct the audit in accordance with the provisions of the international standards of auditing (IFRS). We make sure that the books of accounts are maintained as per International Financial Reporting Standards (IFRS). If an internal control weakness is noticed during our audit we issue an additional report called management letter for the management of the company to give attention on such weaknesses in order to take necessary action in future. Wherever necessary we recommend the company to appoint an Internal Auditor to conduct the internal audit periodically. Once the draft report is ready it will be distributed to the shareholders for their review and once it is approved, we issue the final report.
Verification of compliance of VAT regulation is an additional task forms part of Statutory Auditing. As per the provisions of the UAE VAT law, SAIF Zone is the designated zone for the tax treatment hence, most of the transactions related to supply of goods are out of scope other than the supplies done for consumption. At the same time the taxability of supply of services in designated zones are similar to mainland. During the course of an audit we review the compliance of VAT Regulations for the transactions of the company on test basis and advise accordingly.
SAIF Zone Approved auditors
Alya Almarzooqi Auditing (Chartered Accountants) offer financial auditing service in SAIF-Zone companies.
Our Services Exclusively For SAIF Zone Companies Includes:
- SAIF Zone Audit & Accounting Services
- SAIF Zone VAT/TAX Consultation Services
- SAIF Zone Business Setup/Company Formation Services