Approved Auditors in JAFZA

Approved Auditors in JAFZA

Approved Auditors in JAFZA

Jebel Ali Free Zone is known as the flagship free zone of DP World, and is an integral part of the DP World UAE Region’s integrated business hub. The free zone has evolved into a trade catalyst and a smart business community that offers unprecedented growth opportunities and market access to all businesses who operate in JAFZ. To make sure your business grows well, auditing measures need to be applied. This article will discuss Auditing in JAFZA, as well as:

Why is Auditing needed in JAFZA?
How to set up accounting records for auditors?
Auditing Services in JAFZA:
Documents required for Auditing Services in JAFZA:
How can Mubarak Al Ketbi Chartered Accountants help you in Auditing?

Why is Auditing needed in JAFZA?

Accounting records are a mandatory requirement for any company to grow in the UAE. Without them, the company wouldn’t be able to effectively monitor and document its financial data. Without completely accurate financial data about the firm, VAT filings, financial statements, and the recently established corporate tax filings would all become erroneous.

During the accounting process, a lot of mistakes might be made. This is where auditing comes in. It corrects mistakes in the financial accounts, books of entry, and other areas of an accounting practice.

How to set up accounting records for auditors?

The company’s accounting records ought to be current as of this writing. Additionally, invoices and receipts serving as verification of the transactions are required. JAFZA’s accounting practices are required to adhere to FTA regulations and legislation as well as IFRS. The company’s profit/loss for the year as well as its financial condition should be fairly represented in the financial statements.

Auditing Services in JAFZA:

Employing an auditor or auditing firm that has been approved by the JAFZA Authority is a requirement for all enterprises operating in the Jebel Ali Free Zone. The Ministry of Economy should also have acknowledged them as auditors. Mubarak Al Ketbi Chartered Accountants (MAKCA) is one of them. The MAKCA team provides a report on the financial accounts and books of entry for FZE & FZCO companies that operate in JAFZA. In order to ensure that the accounting records in JAFZA are accurate, MAKCA conforms to both local and international requirements, such as IFRS and Anti Money Laundering (AML).

How can Mubarak Al Ketbi Chartered Accountants help you in Auditing?

As you’ve read, it is far better to hire the right auditor than to hire an untrained one in order to save money. Mubarak Al Ketbi Chartered Accountants are qualified to provide excellent services in Accounting, Liquidation, Corporate Tax, and Auditing. With more than 2000 happy clients and 20 years of work experience in the UAE, our crew is experienced in JAFZA audits. If you have any questions, you can reach out to us by email, phone or book an online meeting. Contact us today, and we guarantee you excellent service

Documents required for Auditing Services in JAFZA:

The documents required are:

1.Financial Statements
2.Bank Statements.
3.Credit/ debit confirmation for all transactions.
4.Proof of bills and invoices.
5.Memorandum of Association (MoA).
6.Articles of Association (AOA).
7.Trade License.
8.Registration Details for VAT and Excise Tax.
9.Books of Accounts.
Do I need to follow transfer pricing rules if I only do business in the UAE?
Yes! The rules apply to both domestic and international deals between related or connected parties.
What’s the arm’s length principle?
It means you must set prices for deals with related parties the same way you would with an unrelated company.
Related parties can be family members, companies with common ownership, or entities controlled by the same group.
What if I pay my director more than market value?
You must prove that the payment is fair and matches market standards, or it might not be tax-deductible.
Can Mubarak Al Ketbi (MAK) Auditing help with transfer pricing compliance?
Yes! MAK Auditing can guide you in understanding, documenting, and following all transfer pricing and corporate tax rules.

Know more Our Related Services

How to Get Tax Residency Certificate in UAE

Getting a tax residency certificate in UAE has become important for people and businesses who

Manpower vs Visa Facilitation UAE VAT Guide

Manpower Services vs Visa Facilitation in UAE VAT UAE brings simple tax policies for people

How to Avoid Payroll Fraud in Business Guide

How Can You Avoid Payroll Fraud in Your Firm? Payroll fraud can hurt every company,

Comparable Search UAE – Compliance Guide

Comparables Search UAE – Compliance Guide Comparables search UAE helps companies meet transfer pricing rules.

Clawback in Business Restructuring Relief UAE CT

Clawback Explained: Business Restructuring Relief in UAE CT UAE has set new rules for corporate

UAE goAML Platform Explained

Introduction to UAE goAML Platform The UAE government takes action against money laundering and terrorist