Audit & Assurance
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.
According to the provisions of the JAFZA regulations, every company must have their books of accounts audited by approved auditors in JAFZA within three months of the end of the fiscal year, or within the extended period if any.
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.
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.
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.
Every company registered under JAFZA must keep proper books of accounts and provide them to 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:
When necessary, the company should provide supporting documents for transactions, such as invoices, vouchers, contracts, and so on, to the auditors for verification.
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.