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Registered Auditors in HFZ

Registered Auditors in Hamriyah Free Zone (HFZ)

Hamriyah Free Zone (HFZ), located in the emirate of Sharjah, is an industrial hub for many manufacturing companies and is regarded as one of the top Free Zones in the UAE due to favorable business policies, connectivity with the other six emirates, and efficient regulatory measures such as financial audit requirements for companies from registered auditors with Hamriyah Free Zone Authority (HFZA).

The Hamriyah Free Zone (HFZ) continues to attract more than USD 3 billion in foreign investments, demonstrating the effectiveness of the free zone authority's regulatory measures. In accordance with these regulations, the HFZA has mandated that free zone establishments in the Free Zone have their books of accounts audited by an independent auditor registered with the Authority, ensuring that the market environment within the HFZ is tightly controlled and controlled. The HFZA's successful regulatory measures have resulted in the smooth operation of the Free Zone's companies.

The Hamriyah Free Zone (HFZ)

The third-largest emirate in the United Arab Emirates after Abu Dhabi and Dubai is Sharjah, where the HFZ is ideally situated. As the UNESCO-designated Cultural Capital of the Arab World, Sharjah is renowned for its educational institutions and vibrant history. Business facilities like offices, warehouses, and top-notch factories are available in the HFZ. Businesses in the HFZ operate in a variety of industries, such as heavy industry, logistics, and transportation, oil & gas, petrochemical, packaging, steel, recycling, food, textiles, perfume & cosmetics, and others. The HFZ also permits services like banking and auditing firms, currency exchanges, conference rooms, staff housing, etc. in addition to the above-mentioned industries.

Why Is an Audit from Approved Auditors Required in HFZ?

Because of the following reasons, the HFZA requires companies operating in the HFZ to have their books of accounts audited by an independent external auditor:

  • Companies licensed by the HFZA must ensure that their operations comply with the rules and regulations of both the Free Zone Authority and the Federal Tax Authority (FTA), as well as the Anti-Money Laundering (AML) regulation.
  • Having the books of accounts audited by an external auditor in the UAE assures the company's top management that no financial wrongdoing is being concealed from the authorities. The audited books of accounts submitted by an external auditor in the UAE are extremely important to the HFZ Authority.
  • The audit report ensures that the company's accounts are prepared in accordance with local and international accounting standards and that no fraud, illegal or financial misconduct has occurred.

 

Companies can hire reputable external auditing firms in the UAE to have their books of accounts audited.

Documents Required by the HFZ Approved Auditors to Conduct the Audits Trial Balance, Balance Sheet, Profit, and Loss Statements

  • Audit schedules (depreciation, credit losses provisions, accruals) (depreciation, bad debt provisions, accruals)
  • Having closed stock and work in progress at the end of the fiscal year
  • Details of fixed asset additions and disposals during the fiscal year, along with supporting documentation
  • Bills and invoices copies
  • Association Memorandum (MoA)
  • Articles of Incorporation (AOA)
  • Latest VAT and Excise Tax Trade License Registration Information (If Applicable)
  • Accounts books

 

Why should you hire Reyson Badger as your Hamriyah Free Zone external auditor?

Reyson Badger has been in the business since 2015, providing efficient and cost-effective audit, assurance, and accounting services throughout the region.

Apart from being an approved auditor in Hamriyah Free Zone, we are also dedicated to providing our clients with services that not only assist but also identify and resolve issues that are preventing them from reaching their full potential.

The audit is carried out by our team of highly skilled auditors in accordance with international financial reporting standards. Our report aids businesses in gaining the respect of the free zone authority, stakeholders, and customers, which is essential in a nation with strict regulatory requirements like the UAE.

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