About Jebel Ali Free Zone Authority
Jebel Ali Free Zone Authority (JAFZA) is one of the oldest free zones within the United Arab Emirates (UAE) catering to the requirements of thousands of the business and supporting UAE’s objectives of attracting foreign investments and ensuring sustainable developments. It continuously strives to supply the simplest services for its members without compromising on quality and compliance of law within the region.
The key business activities in JAFZA are spread across various sectors like:
- Automotive & Spare Parts
- Food & Agricultural Commodities
- Retail & E-commerce
Why Does JAFZA Require Audits From Approved Auditors?
Auditing by a JAFZA listed Auditor is mandatory for the registered Companies within Jafza (Jebel Ali Trade Zone). As per the regulations of the free zone all JAFZA registered Companies should have JAFZA approved and an auditor to make the annual audit report.
The auditor’s report must provide details on whether the accounts present a real and fair view of the company’s affairs at the top of the fiscal year and accounts are free from material misstatements. the businesses operating in JAFZA aren’t permitted to try to to business on the other activities that aren’t defined as per the trade license. If the auditor finds that a corporation is undertaking any such activities, it should be stated within the report.
During the preparation of their report, the auditors must investigate and form an opinion on whether:
- Whether or if the corporation has kept accurate financial records.
- Whether the company’s financial statements are according to its accounting records and returns, and whether it’s VAT compliant.
The authorities place a high value on an auditor’s report since they rely substantially thereon for information a few company’s financial status. Companies operating in JAFZA can select the foremost qualified JAFZA approved auditing firms in Dubai, UAE supported their reputation and knowledge .
What is the audit period for JAFZA-registered companies?
According to JAFZA laws, every firm must have their books of accounts audited by approved JAFZA auditors within three months of the end of the financial year, or within the extended term if applicable.
Documents Required for the Audit by the JAFZA Approved Auditors
During auditing, organizations licensed by JAFZA must produce the subsequent documents:
- Memorandum of Association (MoA)
- Articles of Association (AOA)
- Latest Trade License
- Bank Statements
- Credit/ debit confirmation for all financial transactions
- Copies of bills and invoices
- Registration Details for VAT and Excise Tax (If Applicable)
- Books of Accounts
Parker Russell UAE Audit Service in JAFZA
Parker Russell UAE services will make sure that the company’s audit report reflects an honest assessment of the company’s financial health, making the JAFZA license renewal procedure easy.