17 JUL DAFZA Approved Auditors – Everything You Need To Know!
Dafza Approved Auditors is one of Dubai’s most rapidly expanding economic zones the Dubai Airport Free Zone Authority (DAFZA). DAFZA was the right basis for conducting business in a business-friendly climate because of its strategic approach to its investors and partners. Global investors from all over the globe are concentrated in DAFZA because of the region’s many advantages, including 100% tax exemption and foreign ownership. The benefits of DAFZA include its proximity to the airport, world-class facilities and infrastructure, investor-oriented administration, 24/7 customs services, security, and speedy cargo clearance with the logistic center. Registered DAFZA companies must appoint Approved Auditors to review and report on the accounts. All FZE and FZCO firms registered in DAFZA are required by law to undertake an audit by authorized auditors in the UAE.
DAFZA Regulations for Dafza Approved Auditors
- Only audit companies authorized by the Dubai Airport Free Zone Authority (DAFZA) may perform the audit.
- Audits must be performed by both Free Zone Establishment (FZE) and Free Zone Companies (FZCO)
- The registered businesses adhere to national and international laws such the Anti-Money Laundering (AML), International Financial Reporting Standards (IFRS), and Combating Financing of Terrorism (CFT)
How External Audit Conduted in DAFZA?
- To review the financial statements prepared in compliance with standards, DAFZA appoints an authorized auditor.
- The creation of the auditors’ report is based on the International Financial Reporting Standards (IFRS)
- The audit report is given to DAFZA to confirm that the books of accounts are comprehensive and that the accounts accurately depict the company’s business.
- The DMCC Auditors must ensure the company hasn’t engaged in any other behavior that isn’t authorized by its trade license.
- The Ministry of Finance and Federal Tax Authority (FTA) depend on auditors’ findings to renew commercial licenses.
- The auditor examines the company’s compliance with VAT laws and the preservation of financial documents.
Why Does DAFZA Need an External Audit?
Auditors certified by DAFZA must audit business financial accounts. All businesses registered with DAFZA are subject to annual external audits that must be conducted regularly. Given the situation:
- If the company’s business license has to be renewed
- To guarantee that the firm complies with the law and morality
- To verify that no improper or fraudulent behavior is taking place inside the company
Maintain Your Business Records From the Start through Dafza Approved Auditors
Immediately upon their incorporation into the UAE, businesses should retain their records. They are urged to do this because it has many advantages. First, for the organization throughout the audit periods, recording all the transaction and business facts is crucial. Since these documents essentially depict how the business operates, failing to keep them up to date might damage its reputation. Additionally, maintaining the proper records might aid the business in completing its yearly audit on time.
To Conclude
Youssry & Co. Auditing & Consultancy is one of the best Auditing Companies and Dafza Approved Auditors in Dubai, UAE, with expertise in several areas. Contact us today and make your business better than before with our qualified DIFC Auditors and Liquidators.