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

Sharjah International Airport Free Zone – SAIF-Zone 

Sharjah Airport International Free zone is also known as SAIF Zone runs attractive business facilities in the region, which includes the swiftness and simplicity of their work processes. There are more than 8000 companies incorporated under SAIF Zone Authority. SAIF ZONE is the first ISO 9001 certified airport free zone in the world which was established in 1995. Fully structured and robust service support to its clients is one of the most peculiarities of SAIF Zone. SAIF Zone gives core values and priorities to convenience, connection, and community. Below are some of the benefits enjoyed by the Companies in SAIF ZONE.

  • State of the art facilities tailored according to the individual company needs.
  • A well-connected network of highways, airports, and seaports 
  • On side custom for rapid clearance of goods.

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

Why Choose United Auditing for Audit in SAIF Zone?

We United Auditing, an approved auditor in SAIF ZONE 

  • Is one of the top leading Audit Firms in Dubai, UAE.  
  • Is an approved auditor in the list of SAIF Zone 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 SAIF Zone?

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

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

As per the Memorandum of Association of SAIF Zone Companies it has to submit the Audited Financial Statements to the SAIF Zone authorities within 90 days from the end of the financial year. 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 SAIF Zone.

How United Auditing Conducts an Audit in SAIF Zone?

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 SAIF Zone.

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 SAIF zone must ensure that the Company has followed the SAIF zone 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, SAIF Zone 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 SAIF ZONE?  

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 SAIF Zone by an approved auditor in SAIF Zone?

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

Q: Are you an approved auditor in SAIF ZONE?       

A: We United Auditing is one of the Listed Auditors in SAIF ZONE 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 SAIF ZONE Auditor?

A: Yes, we are one of the approved auditors in SAIF Zone 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 SAIF Zone?

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 SAIF Zone, other free zones, and mainland Companies all over UAE, experienced for more than 15 years, we suggest improvement as well to the management.

 

Audit in SAIF Zone

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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