Registered Auditors in JAFZA

Auditing by a JAFZA-listed auditor is required for all registered companies in JAFZA (Jebel Ali Free Trade Zone). According to free zone regulations, all JAFZA-registered companies must have JAFZA approval and an auditor to complete the annual audit report. Reyson Badger is a well-known and trusted auditor in JAFZA (Jebel Ali Free Trade Zone). An auditing practice assists a company in complying with legal authorities' rules and regulations.

Jebel Ali Free Zone Authority (JAFZA) is one of the oldest free zones in the United Arab Emirates (UAE), catering to the needs of thousands of businesses while supporting the UAE's goals of attracting foreign investment and ensuring long-term development. It is constantly striving to provide the best services to its members while maintaining quality and compliance with regional laws.

Audit Period for JAFZA-Registered Companies

According to the provisions of the JAFZA regulations, every company must have its books of accounts audited by approved auditors in JAFZA and submitted within six months (180 days) of the end of the fiscal year, or within the extended period if any.

Why JAFZA Approved Auditors?

• Actively engage with clients to better understand their needs
• Give standards-compliant audit reports
• Time Audit Services
• Better understanding of business and making educated decisions.
• Ensures Transparency and Seamlessness

Responsibilities of a JAFZA Approved Auditor

• To check whether a firm's trading activities are in compliance with the trade license.
• To check whether financial statements and records must be accurate.
• To check whether you maintain VAT records and comply with VAT laws.
• Money laundering, fraud, creative accounting, and other financial abnormalities.
• In case a company fails to submit audited financial statements:
• The company will face penalties for non-compliance with JAFZA laws
• The trade license will not be renewed.
• Companies can request an extension to submit audit reports to JAFZA-approved
  auditors.

How Should the Audited Financial Statement be Submitted?

Every JAFZA Registered Company must upload the summary sheet of financial figures in the prescribed form, which must be signed and stamped by the JAFZA Approved Auditors, along with the Audited Financial Statements, to the JAFZA portal.

How does VAT apply to transactions in JAFZA?

Qualified professionals with more than ten years of experience in the region, such as Chartered Accountants, Certified Public Accountants, and others, lead the Audit with impeccable mastery skills and knowledge. They advise accountants on how to design and prepare financial statements in accordance with International Financial Reporting Standards (IFRS) while maintaining audit independence where necessary. As a responsible JAFZA Approved Auditor, if we identify a potential internal control weakness, we issue a management letter directing management to take corrective action. It is always recommended to have an internal auditor take corrective action as soon as it occurs.

What is the Purpose of Mandatory Audits from JAFZA-approved auditors?

JAFZA-registered enterprises must employ an auditor to analyze and report on their accounts, in accordance with local and international requirements. Auditors' reports assess whether the accounts were prepared in compliance with regulations and provide an accurate and fair assessment of the company's financial statements. If a company in JAFZA fails to submit audited financial statements to the Authority within the time frame specified, it will be subject to a penalty for non-compliance with the JAFZA Regulations. Companies may, however, request an extension of the deadline for submitting audit reports from approved auditors in JAFZA to the Free Zone Authority. The primary risk that companies face for failing to submit audited financial reports is the loss of their JAFZA trade license.

What documents must be kept for JAFZA audits?

Every company registered under JAFZA must keep proper books of accounts and provide them to JAFZA JAFZA-approved auditors for auditing. In addition to the trial balance, financial statement, and relevant MIS reports, the company should provide the auditor with various legal documents to verify during the audit. The following are examples of legal documents:

• Articles of Association (MOA) Memorandum of Association (MOA) (AOA)
• Copies of trade licenses
• Certificate of ownership
• Incorporation Certificate

When necessary, the company should provide supporting documents for transactions, such as invoices, vouchers, contracts, and so on, to the auditors for verification.

Why Should You Hire Reyson Badger for JAFZA Audit?

Reyson Badger's highly qualified audit team will assist businesses in ensuring that their financial statements are true and accurate. Our services will ensure that the company's audit report reflects an honest opinion on the company's financial health, easing the license renewal process with the JAFZA.

• Conduct the audit in accordance with the International Standards on Auditing (ISA).
• We are committed to providing our clients with high-quality services in a timely manner.
• Members of the IECNet, an international association of accountants, auditors, and tax professionals, maintain their positions.
• Our goal is to help clients advance financially and socially.
• A firm of ISO-Certified Chartered Accountants
• Listed with all of the major free zones and banks in the UAE.
   

Reyson Badger is your reliable partner, guaranteeing integrity, precision, and compliance in financial reporting. Our commitment and experience enable us to provide businesses in JAFZA with complete solutions that instill trust in their financial operations.