Jebel Ali Free Zone Authority (JAFZA) is one among the oldest free zones in the United Arab Emirates (UAE) catering to the needs of thousands of the business and supporting UAE’s objectives of attracting foreign investments and ensuring sustainable developments. It continuously strives to offer the best services for its members without compromising on quality and compliance of law in the region. Jebel Ali Free Zone Authority ( JAFZA) is an integral part of the DP World UAE, region’s integrated business hub.
Why to choose United Auditing, an approved auditor in JAFZA ?
The practice of auditing by a qualified auditor helps a Company to comply with rules and regulations stipulated by the legal authorities. Auditors will help the Companies to prepare the financial statements in accordance with relevant IFRSs and other applicable standards . Also the management of the Company in JAFZA will be informed the control weaknesses and other deficiencies in the system noticed during the course of audit.
As per the JAFZA regulations, all JAFZA registered Companies /Entities should appoint an approved auditor in JAFZA to make the annual audit and report with audit summary sheet to be submitted to JAFZA within three months from the end of the financial year or within the extended period, if any.
If a company fail to submit the audited financial statements to JAFZA within the time frame, it will face legal consequences including penalty and non-renewal of trade license in JAFZA
A Company in JAFZA should keep proper books of accounts maintained and should be presented it to the auditor in JAFZA for conducting the annual audit. The documents and records required for the audit includes:
a) Trial balance and MIS reports for the year under audit.
b) Memorandum & Articles of Association of the Company in JAFZA
c) Trade license copy, certificate of Incorporation and share certificate.
d) All other relevant support documents like invoices, vouchers, bank statements etc.
Every JAFZA Registered Companies should upload the summary sheet of the financial figure in the prescribed form which has to be signed & stamped by the Approved Auditor in JAFZA along with the Audited Financial Statements on the portal of JAFZA.
As per the provisions of the UAE VAT law, JAFZA 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. Verification of compliance of VAT regulation is an additional task forms part of Statutory Auditing.
The audit begins once the official audit engagement letter is signed by the client in Jebel Ali Free Zone ( Jafza) appointing United Auditing as official auditors of the company.
Next step is to understand more about the client’s business model and volume of business and plan audit procedures according to the specific requirement of each client.
Our auditors will visit the client’s place for the review of the books and records, supporting documents and legal documents in order to express our opinion on the financial statements.
We conduct the audit in accordance with the provisions of the international standards of auditing ( ISAs) and as per International Financial Reporting Standards (IFRS).
Also, we will ensure that the client Company has complied with the provisions of UAE commercial Company law and other laws in force in UAE like UAE VAT Law, Economic Substance Law and CbCR (Country By Country Reporting)also, it is the duty of an approved auditor in Jebel Ali Free Zone ( Jafza) to ensure that the Company has followed the Jebel Ali Free Zone ( Jafza) regulations as well.
If an internal control weakness is noticed during our audit, we issue an additional report called management letter for the management of the company in Jebel Ali Free Zone ( Jafza) to give attention on such weaknesses in order to take necessary action in future. Once the draft audit report is ready it will be distributed to the shareholders for their review and once it is approved, we issue the final report.
We Emirates Chartered Accountants Group is present in the market for the last 15 years with the highest professional quality, real-time service and maintaining ethical values. We are providing Accounting Outsourcing in Dubai, UAE, Onsite and Remote Accounting Services in Dubai, UAE, Part-time Accounting in UAE, Bookkeeping & Accounting Services in Dubai, UAE, and Backlog Accounts Updation in Dubai, UAE.
Q: Is audit is mandatory for the Companies in Jebel Ali Free Zone Authority ( JAFZA) by an approved auditor in Jebel Ali Free Zone Authority ( JAFZA)?
Auditing by a JAFZA listed Auditor is mandatory for the Companies registered within Jafza (Jebel Ali Free Trade Zone. As per the provisions of the JAFZA regulations, every company registered in JAFZA should appoint JAFZA approved auditor and should do the auditing of their books of accounts for every financial year. United Auditing, division of Emirates Chartered Accountants Group is one of the top listed and approved Auditor in JAFZA (Jebel Ali Free Trade Zone). An auditing practice helps a Company to comply with rules and regulations stipulated by the legal authorities.
Q: Are you an approved auditor in Jebel Ali Free Zone Authority ( JAFZA)?
A: We United Auditing is one of the Listed Auditors in Jebel Ali Free Zone Authority ( JAFZA) and we are listed with all other free zones and most of the banks in UAE.
Q: Whether banks will accept the report issued as an approved Jebel Ali Free Zone Authority ( JAFZA)Auditor?
A: Yes, we are one of the approved auditors in JAFZA and we are listed with almost all the banks in UAE. Hence the audit report issued by us will be accepted by almost all the banks in UAE.
Q: Whether value addition can be expected if the audit is done by you being an approved auditor in Jebel Ali Free Zone Authority ( JAFZA)?
A: Yes, our experts will inform the management the control weaknesses and other deficiencies in the system noticed during the course of the audit. As an approved auditor in JAFZA, other free zones and mainland Companies all over UAE, experienced for more than 15 years, we suggest improvement as well to the management.
+971 50 887 3115 | +971 4 2500290