Registered Auditors in SAIF Zone

The SAIF Zone is known for its efficient operations and is one of the top choices for commercial ventures in the UAE and beyond. The SAIF-Zone is located next to the Sharjah International Airport and is conveniently close to seaports in the Arabian Gulf (Port Khalid) and the Indian Ocean (Port Khor Fakkan).

The SAIF Zone authority requires that the auditing be performed by the listed auditors. Businesses must comply with the annual audit requirement to meet regulatory obligations and maintain financial transparency. However, due to strict regulations, companies are not permitted to have their books of accounts audited by auditors who are not on the SAIF Zone-approved auditors list.

Are Audits Required for Businesses in SAIF Zone Sharjah?

Yes, all companies registered in SAIF Zone Sharjah must obtain an audit from an auditor certified by SAIF Zone. All businesses are required by SAIF Zone laws to submit their financial statements for audit by an authorized auditor after the end of each fiscal year. When renewing a trade license, within three months after the conclusion of the Free Zone Establishment's fiscal year, or within such longer period as the Authority may specify, each company must send a copy of its yearly audited financial statements to the FZE Department.

They will be subject to a fine for noncompliance under the SAIF Zone Company Regulations if they don't comply.

Rules and Regulations for Companies in the SAIF Zone's External Audit:

According to SAIF Zone regulations, companies must appoint an independent auditor from the list of approved firms registered with the Authority. An external audit of the firm's annual accounts must be conducted by the approved auditor chosen by a company in the SAIF Zone, and the company must receive a report on the results.

According to the SAIF Zone Memorandum of Association, companies must submit their Audited Financial Statements to the SAIF Zone authorities within 90 days of the end of the fiscal year. The audit report, along with the signed audited final statements, must be submitted to the authority.

What if you do not Audit your Company's Books of Accounts if it is Registered in the SAIF Zone?

If a company in the SAIF Zone 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 SAIF Zone Regulations. The primary risk that companies face for not submitting audited financial reports issued by the Approved Auditor on the SAIF ZONE Auditors List is the loss of their SAIF Zone trade license.

Documents Required for the Audit Memorandum of Association by the Saif Zone Approved Auditors (MoA)  
 

• Articles of Incorporation (AOA)
• The most recent Trade License
• Trial balance, balance sheet, and profit and loss statement
• Registration VAT and Excise Tax Information (If Applicable)
• Audit schedules and Books of Accounts (Fixed Assets Register, ageing of accounts receivable and payable, provisions for bad debts, accruals, etc.)
• Details on year-end closing stock and work-in-progress
• Details of fixed asset additions and disposals during the fiscal year, along with supporting documentation
• Bills and invoice copies

Concerning the Sharjah Airport International Free Zone

Due to its efficient business setup procedures and strategic location, the SAIF Zone has been attracting investors for nearly 25 years. Sharjah is known as the UAE's industrial backbone among the seven emirates. Sharjah is home to roughly 40% of the UAE's total industries. Petrochemicals, textiles, leather, food, and other non-metal industries are among the top industries in Sharjah. The SAIF Zone's companies benefit from Sharjah's excellent connectivity by sea, air, and land. The Sharjah International Airport, Port Khalid, Port Khorfakkan, and Hamriyah Free Zone Port facilitate international trade.

What role does Reyson Badger play?

Reyson Badger is a listed and approved auditor in the Sharjah Airport International Free Zone (SAIF Zone). As SAIF Zone-approved auditors, we ensure the quality of professional service and conduct the audit in accordance with International Standards on Auditing (ISA).

Why Should you Hire Reyson Badger?

As one of the leading auditors in the UAE, we thoroughly verify financial records and supporting documents to express a true and fair opinion on the company’s financial statements. If Reyson Badger discovers a weakness in the internal controls, a management letter will be issued so that management can address the issue. For years, a number of companies in the SAIF Zone have used our services to prepare audit reports and submit them on time to the authorities.

Our team has years of experience assisting thousands of clients in complying with regulations, allowing them to achieve their goals and grow their businesses.

We have a team of qualified professionals with vast experience in the area of leading the Audit with professional skills and knowledge, such as Chartered Accountants (CA), Chartered Certified Accountants (ACCA), Certified Public Accountants (CPA), and so on.

Our auditors conduct audits on the client's premises to guide and assist accountants in designing and preparing financial statements in accordance with International Financial Reporting Standards (IFRS) without jeopardizing audit independence.

As a responsible SAIF Zone Approved Auditor, we also issue a management letter directing management to take corrective action if potential internal control weaknesses are discovered.

Contact us today to learn more about our auditing services in SAIF Zone.