Ajman Free Zone Approved Auditors
Ajman Free Zone (AFZ) is the main free zone in Ajman. Located as a portside free zone, they provide great trading routes that can benefit any trade business in industries of Food&Beverage, Automotive, Health & Beauty, Construction, Agriculture and Oil&Gas. WIth great business services & customer care, many businesses in AFZ required Auditing services in AFZ.
| – | Why is Auditing required in FCC? |
| – | Requirements to hire an Auditor in FCC: |
| – | Auditing process in FCC: |
| – | Documents required by a FCC Auditor: |
| – | How can MAKCA help you in Auditing your FCC Company? |
Why is Auditing required in Ajman Free Zone?
All UAE businesses, regardless of size or type—corporate or sole proprietorship—need reliable accounting services. These are services that Mubarak Al Ketbi Chartered Accountants may offer you. It is not required, though, as accounting can be completed internally or externally.
Errors can most definitely occur during the accounting process. Among these errors are;
| – | Potentially inaccurate financial statements. |
| – | Losing track of the receivables and payables. |
| – | Not adhering to accounting protocols. |
And in the UAE, this may be very deadly. The GCC region’s commerce and business are anchored by the UAE. The government will not stand for such errors and will promptly cancel your business licence.
Auditing has the potential to stop that. The process of finding and eliminating errors from the accounting processes of a company.
Requirements to hire an Auditor in Ajman Free Zone:
The process of accounting can be carried out externally by a third-party accounting company or internally by the finance department of a company. However, auditing needs to be carried out by other parties. This is due to the fact that auditing is a sophisticated area of accounting that calls for numer0ous degrees and certifications to be permitted.
The authority of the free zone must approve the auditor. The relevant auditor should have been granted permission by the Fujairah Creative City Authority to examine businesses located within that free zone. Since Mubarak Al Ketbi Chartered Accountants has the FCC Authority’s approval, we would be pleased to audit your business!
Auditing process in Ajman Free Zone:
For the purposes of this piece, the external auditing procedure will be discussed. This is due to the fact that external auditing is the primary service that an auditor offers and the primary purpose that an organization needs an audit for. External auditing consists of
these five steps:
| 1. | Creating an external audit plan: The auditor will review the business’s submitted documentation (see below) to determine the audit’s methodology. Next, an outside strategy is created. This audit plan aids in identifying the primary areas of concern that require additional analysis and error removal. |
| 2. | Knowing the client’s business: The auditor needs to be aware of the characteristics of the client’s business. This can establish the level of difficulty, the timeliness, and whether additional auditing services are required. By posing questions, they might learn more about a business. |
| 3. | Evaluating the possibility of inaccurate financial data: UAE auditors use the information to learn more about their client and the environment in order to identify transactional classes, account balances, and perhaps materially misstated disclosures. On the other hand, risk assessment informs auditors about potential risks to material misstatement. |
| 4. | Knowing the client’s business: The auditor needs to be aware of the characteristics of the client’s business. This can establish the level of difficulty, the timeliness, and whether additional auditing services are required. By posing questions, they might learn more about a business. |
| 5. | Conducting control testing: The business does tests to ascertain whether or not important controls are established correctly. |
| 6. | Finalising the audit and publishing the audit report: After the audit was finished, a number of procedures were carried out again to ensure authenticity. At this stage, choices are taken regarding the disclosures included in the financial statements. The auditor and senior management will meet to discuss the findings.When an examination and its results satisfy the standards, an ordinary unqualified audit report is produced. This report is also revised due to the audit examination’s deviation from the standard. |
Documents required by an Auditor in Ajman Free Zone:
The documents required are:
| 1. | Business Journal |
| 2. | Books of entry |
| 3. | Ledgers |
| 4. | Cashbook & Pettycashbook |
| 5. | Trial Balance |
| 6. | Financial Statements |
| 7. | Business license |
| 8. | Articles of Association |
| 9. | Memorandum |
| 10. | Visas of owners, shareholders & employees |
How can Mubarak Al Ketbi Chartered Accountants help you in Auditing your Ajman Free Zone Company?
As you have read, the auditing process is complex, time-taking & very specialised. This means that you should hire a quality auditor instead of a cheap auditor, as incorrect auditing can possibly lead to the termination of a company’s business licence. One of the top rated audit firms in the UAE is Mubarak Al Ketbi Chartered Accountants. We provide services, like accounting, auditing, corporate tax & more. Contact us today, and we guarantee you excellence!