Auditors in HFZA (Hamriyah Free Zone)- United Auditing a Division of Emirates Chartered Accountants Group
United Auditing Division of Emirates Chartered Accountants Group are the Approved Auditors in HAFZA (Hamriyah Free Zone). Hamriyah Free Zone (HFZA) is the second largest free zone in the United Arab Emirates (UAE). It provides world-class facilities including offices, warehouses, factories, and executive office suites. HFZA also has over provides key business services and more.
Who can be the Auditor in HFZA?
In order to audit the companies registered under HFZA, they have to appoint the approved auditors in HFZA. Auditors licensed under ministry of economy in the UAE can get approval as approved auditors in HFZA. Auditing is mandatory for the Companies registered in accordance with HFZA Zone Rules and Regulations.
What are the regulatory requirements in the HFZA?
Every company registered in the HFZA should follow the rules and regulations of the Free Zone. It is possible for an expatriate to have 100% ownership in a Hamriya Free Zone registered company. There are special rules for companies to follow in the free zone in relation to the export, import, doing business with the companies registered in the mainland. As far as VAT rule is concerned HFZA is a designated zone. Hence, the import they make from outside the UAE or purchase within HFZA are treated as out of scope for VAT purpose. Further, if they supply goods from HFZA to the mainland importer on record will be taxable. They have to account under Reverse Charge Mechanism. If a company in the HFZA is selling goods for consumption in such cases the supply will be a taxable supply. For the companies which are in service industry every service in the Free Zone will be taxable. Applicable tax has to be charged in such cases. For example: Export of services will be zero rated, import of services has to recorded under RCM. In addition to the Vat related requirements, auditors in HFZA look into the other regulatory requirements of the free zone as well which are having impact on expressing opinion on the financial audit.
What are the benefits of conducting an Audit?
Financial Audit will help an organization to identify the weakness in its operation.
- It will improve the efficiency and proficiency of the organization.
- Regulatory requirement: as per the provisions of the HFZA every companies registered with the Authority should conduct Audit at the end of every financial year and submit to the Authority.
- To review the compliance of different regulations including compliance review on UAE VAT law.
To give confidence to the management that the organization performance is in accordance with the management expectation.
What are the Audit procedures done by an Auditor in HFZA?
Objectives of an audit is to express an opinion on the financial statement. Audit procedures are the techniques used by the auditor during his audit to obtain evidence in order to express his opinion. The Audit procedures vary from clients to clients. Some of the audit techniques used by United Auditing during our Audit in HFZA:
- Analytical Review
- Physical Examination
We conducted the audit with multiple field visits to the client location in order to complete the audit procedures.
Why Choose United Auditing for Audit in HFZA?
We United Auditing, a Group Company of Emirates Chartered Accountants Group, Head Quartered in Dubai:
- Conducts audit in accordance with the provisions of International Standards on Auditing (ISA).
- Listed auditor as per the Approved list of auditors under HFZA
- Focusing to provide quality service on a time-bound manner to our clients.
- Members firm in the IECNet, an international association of accountants, auditors and tax professionals
- Our vision is to ensure clients progress financially and socially.
- ISO Certified Chartered Accountants Firm
- Listed with all major banks and free zones in the UAE.
Audit in HFZA
+971 50 887 3115 | +971 4 2500290
+971 55 653 0001 | +971 4 2500290