Approved Auditors in Umm Al Quwain Free Trade Zone
Umm Al Quwain Free Trade Zone (UAQFTZ) is a transformative government Business Licencing Authority in UAE that empowers entrepreneurs, investors, professionals, freelancers and dreamers to pursue their growth goals. Strategically located in the Emirate of Umm Al Quwain, we are home to businesses of all sizes – micro, small, mid-sized enterprises and corporates – spread across 150+ nationalities. They provide offices, coworking spaces, warehouses & land.
| – | Why is UAQFTZ Auditing required? |
| – | How should companies prepare and maintain accounting records for an UAQFTZ Auditor? |
| – | Requirements to hire an Auditor in UAQFTZ |
| – | Benefits of Auditing with MAKCA in UAQFTZ |
| – | How can MAKCA help you in Auditing your UAQFTZ Company? |
Why is Umm Al Quwain Free Trade Zone Auditing required?
Every business in the UAE requires a form of accounting. This is because accounting helps to fulfil many financial roles of a company. Accounting allows a business to make correct financial statements, keep track of payables & receivables and helps to detect fraud in the accounting practices. Without proper accounting:
| – | The financial statements may give an inaccurate view of the financial data of a company. |
| – | You may lose track of the payables & receivables of a company. |
| – | There may be fraud in the accounting practices that remain undetected. |
The GCC may see this as disastrous given how important the UAE is to trade and business. As a result, any errors committed throughout the accounting process may be considered fraudulent conduct, which might result in steep fines or even the revocation of the business’s government license!
Auditing can assist in preventing that. Finding and eliminating mistakes from books and accounting records is the primary objective of auditing. You might be able to avoid paying the fine that the government imposes for giving false information by doing this.
How should companies prepare & maintain accounting records for an Umm Al Quwain Free Trade Zone Auditor?
All companies operating inside the UAQFTZ are required to maintain accurate, thorough, and up-to-date accounting records that appropriately reflect their financial status. The trial balance, income statement, and balance sheet must be completed in accordance with several UAE-specific regulations, such as the Anti Money Laundering (AML) rules and International Financial Reporting Standards (IFRS). The auditor cannot start the auditing process if they do not have all required financial records.
Requirements to hire an Auditor in Umm Al Quwain Free Trade Zone:
The UAQFTZ Auditing Company has to fulfil two conditions.
| 1. | There must be an external audit. While accounting can be completed both internally and externally, an independent auditing firm is required to complete the audit. This is due to the fact that auditing is a sophisticated area of accounting that requires multiple degrees and certificates to pursue. |
| 2. | The free zone must give its approval to the auditor. The UAQFTZ Authority should give the auditing firm authorization to audit UAQFTZ companies. The UAQFTZ authorities have given Mubarak Al Ketbi Chartered Accountants permission to audit UAQFTZ companies. |
Benefits of Auditing with Mubarak Al Ketbi Chartered Accountants in Umm Al Quwain Free Trade Zone:
Working with us on an audit has the following advantages:
| 1. | Excellent services for audits. |
| 2. | Outstanding customer service. |
| 3. | Reports that are submitted on schedule. |
| 4. | Complete guarantee of client satisfaction. |
| 5. | Removes every error committed during the accounting process. |
| 6. | And more |
How can Mubarak Al Ketbi Chartered Accountants help you in Auditing your Umm Al Quwain Free Trade Zone Company
It takes a long time to finish the tedious external auditing process. Working with a qualified auditor is therefore better than using a cheap one. The top auditing firm in Abu Dhabi is Mubarak Al Ketbi Chartered Accountants. We are authorised to audit UAQFTZ-owned enterprises by the UAQFTZ Authority and the Ministry of Economy. In addition to other services, we offer corporation tax, accounting, auditing, and business dissolution. We have over 20 years of experience and over 2,000 satisfied clients under our belt. Contact us right now, and we guarantee an amazing experience!