RAKEZ Approved Auditors| Audit in RAKEZ- United Auditing a Division of Emirates Chartered Accountants Group

Ras Al Khaimah Economic Zone – RAKEZ

Ras Al Khaimah Economic Zone is also known as RAKEZ is a powerhouse business and industrial hub in the UAE situated in the heart of Ras Al Khaimah. RAKEZ offers customizable solutions to Free zone and non-free zone businesses. RAKEZ provides cost-effective setup packages, modern facilities and first-class services to its clients to help them to reach their full potential. By taking advantage of strategic location, RAKEZ connects investors to growing markets in the Middle East, North Africa, Europe as well as South and Central Asia.  

United Auditing, a Division of Emirates Chartered Accountants Group, headquartered in Dubai is an Approved Audit firm in RAKEZ.  

Why Choose United Auditing for Audit in RAKEZ?

We United Auditing, an approved auditor in RAKEZ 

  • Is one of the top leading Audit Firms in Dubai, UAE.  
  • Is an approved auditor in the list of RAKEZ  approved auditors 
  • Will ensure the independency on the Auditing service in UAE
  • Have a highly qualified and experienced team of Auditors in Dubai, UAE 
  • Provides International Standard on Quality of Service
  • Ensure delivery of Audit Service in UAE on time
  • Is an ISO Certified Audit Firms in Dubai, UAE
  • United Auditing is banks approved auditors in Dubai, UAE, and free zones approved auditors in UAE.

How to choose an Auditor for Auditing in RAKEZ?

Auditing is mandatory for all RAKEZ companies registered under RAKEZ to renew their Trade / Activity license. As per the requirements of RAKEZ  Authority, the companies registered under RAKEZ  should appoint only the approved auditors in RAKEZ. Audit of books of accounts in RAKEZ must be conducted by the registered auditors in RAKEZ for every financial year.

When and how an audit report should be submitted to RAKEZ Authority?

As per the RAKEZ rules and regulations, Companies it has to submit the Audited Financial Statements to the RAKEZ  authorities within 90 days from the end of the financial year for Industrial clients. For non- industrial clients filing is not mandatory, but audit report to be prepared from an approved RAKEZ  auditor and to be submitted according to the request from RAKEZ authorities or from UAE federal authorities.  The audit report must be submitted to the authority along with the singed audited financial statements. If a company fails to submit the audited financial statements within the time frame, it will face legal consequences including non-renewal of trade license in RAKEZ and penalty for violation of the RAKEZ regulations..

How United Auditing Conducts an Audit in RAKEZ?

The financial audit begins once the official audit engagement letter is signed by the client appointing United Auditing as official auditors of the company in RAKEZ.

Planning and implementing the audit procedure- The 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.

Implementation of the audit procedures: Our auditors will visit the client’s place for the review of the books and records, supporting documents and legal documents to express our opinion on the financial statements.

Review of audit files: 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 Regulations in UAE, and CbCR (Country By Country Reporting). Also, an approved auditor in RAKEZ must ensure that the Company has followed the RAKEZ regulations as well.   

Review of VAT Compliance: Verification of compliance of VAT regulation is an additional task form part of Statutory Auditing in UAE. As per the provisions of the UAE VAT law, RAKEZ is a designated zone in UAE for the tax treatment hence, most of the transactions related to the supply of goods are out of scope other than the supplies done for consumption. At the same time, the taxability of the supply of services in designated zones is similar to the mainland. During an audit, we review the compliance of VAT Regulations for Designated Zones in UAE  for the transactions of the company on a test basis and advise accordingly.

Issuance of Audit report and management letter: If an internal control weakness is noticed during our audit, we issue an additional report called management letter to the management of the company to give attention to such weaknesses in order to take necessary action in the future. Once the draft audit report is ready it will be submitted to the shareholders for their review and once it is approved, we issue the final audit report.

Why choose United Auditing, the Audit Division of Emirates Chartered Accountants Group for Audit in the RAKEZ?

EXPERTISE LOCALLY & INTERNATIONALLY

We Emirates Chartered Accountants Group is an experienced Accounting & Audit Firm in Dubai, UAE 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. Our qualified chartered accountants at various levels of execution of assignments ensure that requirements as per International Financial Reporting Standards (IFRSs), auditing standards, and relevant legal provisions are properly complied with.

Other Audit & Assurance Services:

 FAQs’

Q: Is audit is mandatory for the Companies in RAKEZ by an approved auditor in RAKEZ?

A: Audit is mandatory all RAKEZ Companies, mainly for trade license renewal by an approved auditor in RAKEZ.

Q: Are you an approved auditor in RAKEZ?       

A: We United Auditing is one of the Listed Auditors in RAKEZ and we are listed with all other free zones and most of the banks in UAE.             

Q: Whether banks will accept the report issued by as an approved RAKEZ Auditor?

A: Yes, we are one of the approved auditors in RAKEZ 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 an audit is done by you being an approved auditor in RAKEZ?

A: Yes, our experts will inform the management of the control weaknesses and other deficiencies in the system noticed during an audit. As an approved auditor in RAKEZ, other free zones, and mainland Companies all over UAE, experienced for more than 15 years, we suggest improvement as well to the management.

 

RAK Freezone

Mr. Praveen

+971 50 887 3115 | +971 4 2500290

praveen@emiratesca.com

Mr. Pradeep

+971 55 653 0001 | +971 4 2500290

sai@emiratesca.com

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