Approved Auditors in Sharjah HealthCare City
Sharjah HealthCare City (SHCC) was formed with the objective of transforming and enhancing the regional healthcare service industry and establishing Sharjah as the most sought after destination for healthcare services. They offer services, such as a Strategic location, 100% ownership & Hassle free licensing.
| – | Why is SHCCC Auditing required? |
| – | How should companies prepare & maintain accounting records for Auditing in SHCCC? |
| – | Requirements to hire an Auditor in SHCCC |
| – | Services provided by a SHCCC Auditor |
| – | Documents needed by an Auditing Company in SHCCC |
| – | How can Mubarak Al Ketbi Chartered Accountants help you in SHCCC Auditing? |
Why is Sharjah HealthCare City Auditing required?
In the UAE, accounting is mandated for all businesses. This is due to the fact that they enable the organisation to document its financial data, monitor trade receivables and payables, and assist in producing accurate business records that must be submitted to the government.
But it’s quite possible that mistakes will be made when doing accounting. Here’s when auditing becomes useful. The practice of locating and eliminating flaws from accounting procedures and files is known as auditing. This keeps the business out of a lot of problems because in the event that the accounting is off.
| – | Then the financial data reported will be incorrect. This means that the company will have a distorted view of their financial position. |
| They will lose track of who to pay and who to receive. Trade receivables can get away with not paying and trade payables will unexpectedly appear to demand money. | |
| – | Then the corporate documents issued will be incorrect. This will lead to hefty fines and even the termination of the business licence in some cases! |
How should companies prepare & maintain accounting records for Auditing in Sharjah HealthCare City?
All businesses operating inside the SHCCC Free Zone must keep up-to-date, accurate accounting documents that accurately represent their financial status. The board of the company must have unobstructed access to documentation proving that the profit and loss and balance sheet were prepared in accordance with International Financial Reporting Standards (IFRS) and anti-money laundering (AML) laws.
There should be:
| – | Books of entry & ledgers. |
| – | Income Statement, Balance sheet & other financial statements used. |
| – | Accounts of trade payables & receivables. |
Requirements to hire an Auditor in Sharjah HealthCare City:
These two conditions must be fulfilled by a SHCCC Auditing Company:
| 1. | An external audit is required. Accounting may be done both inside and outside the organisation, but auditing needs to be done by an outside auditor. |
| 2. | The authorities of the free zone must authorise this auditor. The auditor must have authorization from the Sharjah HealthCare City Authority to audit SHCCC companies. We are pleased to help, since Mubarak Al Ketbi has the approval of the SHCCC Authority! |
Services provided by a Sharjah HealthCare City Auditor:
There are several forms of auditing, such as:
| – | Financial auditing is the process of checking the correctness and compliance with regulations of a company’s financial statements. |
| – | External Audit: We look at the business from the outside. |
| – | Internal Audit: We assess the effectiveness of the organisation’s accounting procedures, internal controls, and protocols. |
| – | Risk Management Audit: We evaluate protocols’ efficacy and safety as well as their potential to reduce risks in the future. |
| – | Stock Audit: We determine the value of the inventory and contrast it with the accounting data. |
| – | Liquidation Audit: To ensure appropriate liquidation during a company’s dissolution process, we inspect all assets and liabilities. And much more! |
Documents required by an Auditing Company in Sharjah HealthCare City:
The documents required are:
| 1. | All transactions & their records |
| 2. | Books of prime entry |
| 3. | All ledgers |
| 4. | invoices for sales and purchases |
| 5. | CashBook & PettyCashBook |
| 6. | Bank Statement |
| 7. | Trial Balance |
| 8. | Financial Statements |
| 9. | Licence for Business |
| 10. | Memorandum of Association |
| 11. | The letter of approval issued by the auditor |
| 12. | Visas and passports of shareholders |
How can Mubarak Al Ketbi Chartered Accountants help you in Sharjah HealthCare City Company:
The process of auditing can be challenging, time-consuming, and must be done externally. This is why hiring a professional auditor is better than utilising a cheap one. Mubarak Al Ketbi Chartered Accountants is one of Sharjah’s top auditing companies. We are authorised to audit SHCC held enterprises by the SHCC Authority and the Ministry of Economy. In addition to other services, we offer corporation tax, accounting, auditing, and business dissolution. With over two decades of expertise, we have served over 2,000 satisfied clients. Contact us right now, and we guarantee an amazing experience!