Approved Auditors in JAFZA
Jebel Ali Free Zone Authority established in 1985, which is popular as JAFZA is ranked among one of the firstborn free zones in the UAE. Over the years, JAFZA has added more than 7,500 companies which including 100 Global Fortune 500 enterprises and has been recognized as one of the largest free zones globally as well as the region’s most proficient logistics hub.
JAFZA regulations for audits
According to the Jebel Ali Free Zone regulations, an audit is compulsory for the Free Zone Organizations enrolled under JAFZA Authority. The Implementing regulations No. 1/99, clause (51) stipulate that all organizations should delegate JAFZA approved auditors to conduct their annual external audit, who are sanctioned by the authority. These registered auditors in JAFZA will provide an audit report of the fiscal year of such Free Zone listed bodies and they are to be submitted to the investors and stakeholders of JAFZA companies.
SNR Associates, a division of Vertex Auditing group is one of the accounting companies in JAFZA that has been endorsed as a JAFZA approved audit firm in Dubai. We are with unmatched Talents and practical experiences will conduct statutory audits for compliance required by JAFZA, in accordance with international financial reporting standards (IFRS). As one of the Auditors in JAFZA, we are offering a wide range of services including but not limited to all types of accounting services, auditing, and assurance, taxation services, advisory, and consultation.
Is Audit Mandatory for Companies in JAFZA?
All JAFZA companies including branches and subsidiaries should submit the annual audited financials and the audited summary sheet to JAFZA authorities, before the annual renewal of their trade license. The authority has all rights to request additional information which including original documents, while the financial statements review process is on.
What are the legal consequences if JAFZA companies are not audited?
Failure to submit the financial statements audited by the listed auditors in Jabel Ali Free Zone in each year within the stipulated 90 days period, will be subjected to a fine and/or non-renewal of trade license in JAFZA.
Documents that need to be maintained for Auditing in Jabeli Ali Free Zone
- Books of Accounts
- Creditors/ debtors balance confirmations for all financial transactions
- Bank Statements and bank balance confirmations from the banks
- Copies of bills and invoices
- Memorandum of Association (MoA)
- Articles of Association (AOA)
- Latest Trade License
- Registration Details for VAT and Excise Tax (If Applicable)