SAIF Zone Auditors| Audit in SAIF Zone- A & A Associate
A & A Associate is an Approved Auditor in SAIF ZONE Auditors List Sharjah Airport International Free zone 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 thousands of companies incorporated under SAIF Zone Authority
How to choose an Auditor for Auditing your company in Saif Zone?
Auditing is mandatory for all SAIF Zone companies registered under SAIF Zone in order to renew their Trade / Activity license. As per the requirements of SAIF Zone Authority the companies registered under SAIF Zone should appoint only the listed of auditors in SAIF Zone. Audit has to be conducted by the listed auditors 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 the Audited Financial Statements to the SAIF Zone authorities within 90 days from the end of the financial year. The audit report has to be submitted to the authority along with the singed audited final statements. If a company fail 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 A&A Associate Conducts an Audit in SAIF Zone?
Once the official engagement letter is signed by the company as appointing A&A Associate as official auditors of the company, the audit begins. Getting a detailed trail balance from the company will be the starting point of the auditing procedure. Our auditors will visit to the companies office for verifying the books of accounts, supporting documents and the legal documents in order to express an opinion on the financial statements. We make sure that the books of accounts are maintained as per International Financial Reporting Standards (IFRS). If an internal control weakness is noticed during our audit we issue an additional report called management letter for the management of the company to give attention on such weaknesses in order to take necessary action in future. Wherever necessary we recommend the company to appoint an Internal Auditor to conduct the internal audit periodically. Once the draft report is ready it will be distributed to the shareholders for their review and once it is approved, we issue the final report.
Review of Statutory Compliance: Verification of compliance of VAT regulation is an additional task forms part of Statutory Auditing. As per the provisions of the UAE VAT law, SAIF Zone 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.
Why Choose A&A Associate for Audit in SAIF Zone?
We A&A Associate, Head Quartered in Dubai:
- Is a leading Auditing Firm in Dubai, UAE
- Is an approved auditor in the list of SAIF Zone auditors
- Will ensure the independency on the service
- Provides International Standard on Quality of Service
- Ensure delivery of Service on time
- Is an ISO Certified Chartered Accountants Firm
- Is listed with all major banks and free zones in the UAE.