JAFZA Listed Auditors | Auditors in All Free Trade Zone – A & A Associate
Is Audit Mandatory for Companies in JAFZA?
Auditing by a JAFZA listed Auditor is mandatory for the registered Companies within Jafza (Jebel Ali Free 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. A & A Associate is one of the leading and approved Auditor in JAFZA (Jebel Ali Free Trade Zone). An auditing practice helps a Company to comply with rules and regulations stipulated by the legal authorities.
Introduction to JAFZA
Jebel Ali Free Zone Authority (JAFZA) is one among the oldest free zones in the United Arab Emirates (UAE) catering to the needs of thousands of the business and supporting UAE’s objectives of attracting foreign investments and ensuring sustainable developments. It continuously strives to offer the best services for its members without compromising on quality and compliance of law in the region.
What is the period of Audit for companies registered in JAFZA?
As per the provisions of the JAFZA regulations every company should do the auditing of their books of accounts from the approved auditors in JAFZA within three months from the end of the financial year or within the extended period if any.
How to submit the Audited Financial Statement?
Every JAFZA Registered Companies should upload the summary sheet of the financial figure in the prescribed form which has to be signed & stamped by the Approved Auditor in JAFZA along with the Audited Financial Statements on the portal of JAFZA .
What if You Do Not Audit Your Books of Accounts for your company registered in JAFZA?
If a company in JAFZA fails to submit the audited financial statements within the time frame to the Authority through the online portal it will be liable to pay penalty for non-compliance of the JAFZA Regulations. Companies can however request to the Free Zone Authority for an extension of the deadline for the submission of the audit reports from the approved auditors in JAFZA. The principal hazards that companies bear for failing to submit audited financial reports is the non-renewal of their trade license in JAFZA .
How VAT is applicable for transactions in JAFZA?
VAT was implemented in the UAE & KSA form 1st January 2018. Some of the Free zones are considered as designated zones for VAT purpose. Designated Zones means free zones which are fenced where in entry and exit of humans and goods are monitored & restricted. In such cases most of the supplies of goods in the designated zones are out of scope for VAT. Wherever the goods are supplied for consumption it will be taxable at applicable rate. JAFZA is a designated zone as per the UAE VAT law. In the case of services it will be taxed similar to the services done the mainland. Export of services from the designated zones / JAFZA free zone will be zero percentage.
What role does A &A Associate Auditing play in JAFZA?
Qualified professionals, such as Chartered Accountants, Certified Public Accountants, etc. with more than ten years’ experience in the region lead the Audit with impeccable mastery skills and knowledge. They guide the accountants to design and prepare the financial statements in accordance with the International Financial Reporting Standards (IFRS) without affecting the independency of Audit, wherever necessary. If potential internal control weakness is noticed by us, being a responsible JAFZA Approved Auditor, we issue a management letter as well for the management to take corrective measures. It is always recommended to have an internal auditor in order to take corrective measures as and when it occurs.
What are the documents to be maintained for JAFZA Audit?
Every company registered under JAFZA should maintain proper books of accounts and shall provide the same to the JAFZA Approved Auditors for conducting Auditing. In addition to the trial balance, financial statement and relevant MIS reports, the company should provide different legal documents for the auditor to verify during the audit. Such legal documents include the following:
- Memorandum Of Association (MOA)
- Articles Of Association (AOA)
- Trade license copy
- Share certificate
- Certificate of Incorporation
As and when required the company should provide supporting documents of transactions such as invoices, vouchers, contracts, etc. to the Auditors for their verification.
Why Choose A & A Associate for JAFZA Audit?
- Conduct audit in accordance with the provisions of International Standards on Auditing (ISA).
- Focusing to provide quality service on a time-bound manner to our clients.
- Members firm in the IECNet, an international association of accountants, auditors and tax professionals
- Our vision is to ensure clients progress financially and socially.
- ISO Certified Chartered Accountants Firm
- Listed with all major banks and free zones in the UAE.
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