Companies operating in the free zone are required by the SAIF-Zone authorities to have the auditing firms registered with the SAIF Zone to audit their books of accounts. It is necessary in order to renew their trade licence.
Why SAIF Zone?
Sharjah Airport Free Zone (SAIF Zone) was established in 1996 which is located next to Sharjah International Airport, and one of the most reputed and well – established Freezone in UAE. It is an ideal place to setup a company in Sharjah, UAE, for all type of businesses, which require fast, efficient and a trouble-free working environment. It provides state-of-the-art facilities with air-conditioned and furnished executive suites with reception, pre-built warehouses in four sizes with adjacent office space and lease land for unrestricted private development, bunkers, container parking area and temporary storage space. The good sea, air, and land connection of Sharjah is advantageous to the businesses in the SAIF Zone.
Why Is An Audit Required From Authorized Auditors In the SAIF Zone?
Businesses operating in the SAIF Zone are required to submit their audited books of accounts within 90 days following the end of the fiscal year to the free zone authority. If they fail to submit the audit report, then there is a suspension of their ability to renew their trade licences. To prevent such problems, selecting the top audit firms in UAE like YUGA who is registered with the SAIF Zone administration is necessary.
The company’s books of accounts must have been produced in accordance with national and international requirements, and the auditor registered with the SAIF Zone must review them and provide a report. If the accounts give a truthful and fair perspective of the company’s financial statements and are free from serious misstatements, such information should be stated in the auditor’s report as well. If any SAIF Zone business carries out any other activities that aren’t covered by the licence, the auditor must note this in his audit report along with any additional qualifications the auditor may have.
Services
- Internal Auditing
- External Auditing
- Due Diligence
- Assurance
- ESR Compliance
How to prepare and maintain their accounting records for auditing?
It is a requirement for all businesses operating in the SAIF Zone to keep proper books of accounts that fully explain the company’s financial situation. If the books of accounts are kept up to date, the directors can make sure that the balance sheet and profit and loss accounts are created in accordance with International Financial Reporting Standards (IFRS).
- A record of must be kept in the books of accounts.
- Assets and obligations of the business
- Daily entries for every money earned and spent
The company’s registered office in the SAIF Zone must maintain the accounting records. The company’s shareholders or their representatives must always be able to see the books of accounts. The initial financial year should be determined by the businesses operating in the SAIF Zone based on the date of establishment as stated on the Certificate of Incorporation.
Documents Requirements
- Trade license, VAT and Excise Tax Information (If Applicable) of the Company
- Memorandum of association (MOA)
- Governing documents (AOA)
- Balance sheet, profit and loss statements, and trial balance
- Bills and invoice copies
- Plans for audits (depreciation, bad debt provisions, accruals)
- Information on closing stock and work in progress at year’s end
- With the appropriate supporting information, details of fixed asset additions and disposals during the year
Services for Books of Accounts Auditing in SAIF Zone
The SAIF Zone authorities require that only the auditors approved by the SAIF Zone authority perform audits for the businesses operating within the free zone. The SAIF Zone Authority has approved YUGA Accounting & Tax Consultancy. International Financial Reporting Standards are followed by the audit, which is carried out by our team.
With years of experience helping customers comply with rules, a number of businesses in the SAIF Zone have used our services to compile audit reports and deliver them on time to the authority. YUGA can ensure the expansion and stability of our clients’ enterprises.
FOR MORE INFORMATION, CONTACT US :
Phone : +971 52 1952 532 / +971 4 240 1110
Mail-Id : info@yugaaccounting.com
Website : www.yugaaccounting.com