DAFZA Approved Auditor
Auditing firms in Dubai are the backbone of any organization. A strong audit firm is a critical part of your business’s success.
Dubai Airport Free Zone is one of the most important business hubs in the world. It’s a vibrant, thriving environment that is home to some of the most exciting companies in the world. But with so many businesses situated here and so much activity, it may be challenging for enterprises to manage their finances and make sure they have the resources they need to grow.
Why Are Audits from Approved Auditors Required in DAFZA?
Businesses operating in the Dubai Airport Free Zone must have the DAFZA-approved auditor audit their books of accounts because:
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- It is prohibited for audit companies that are not registered with the Dubai Airport Free Zone Authority (DAFZA) to perform audits, liquidations, or offer any other services to DAFZA-licensed businesses.
- Auditing is required for both Free Zone Establishments (FZE) and Free Zone Companies (FZCO). The purpose of this criterion is to ensure that the registered businesses abide by national and international laws such as the International Financial Reporting Standards (IFRS), Anti Money Laundering (AML), and Combating Financing of Terrorism (CFT).
- The DAFZA-accredited auditor is expected to carry out investigations to determine whether the business has kept the correct and comprehensive records as required by the Federal Tax Authority and the Ministry of Finance (FTA).
DAFZA-approved auditors are knowledgeable about all the laws and norms that apply to your company and can assist you in ensuring that you are abiding by them.
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What are DAFZA Approved Auditors?
DAFZA approved auditors are auditing firms that have been certified by the Dubai Airport Free Zone Authority to carry out statutory audits on behalf of DAFZA firms.
Is there a mandatory annual audit for DAFZA companies?
Yes. All DAFZA-licensed firms must submit annual audited financials by a DAFZA-approved auditor.
What is the deadline for DAFZA audit submission?
Companies have to furnish audited accounts in 90 days of closure of their accounting year.
Why appoint an approved auditor of DAFZA?
DAFZA-approved auditors are solely serving the authority and issue audit reports that will be accepted for license renewal.
Will DAFZA turn down an audit report?
Yes. DAFZA can decline audit reports from non-approved or non-IFRS compliant auditors.
What if submitted late?
Late submission can lead to postponed renewal of the license or administrative penalties.
Do DAFZA-approved auditors employ UAE audit legislation?
Yes. They are IFRS and UAE Commercial Companies Law compliant where applicable.
What assistance can Farahat & Co. provide?
Farahat & Co. provides DAFZA-compliant auditing, report preparation, and submission for hassle-free renewals and no penalties.
