Ras Al Khaimah Maritime City Approved Auditors
Ras Al Khaimah Maritime City (RAKMC) is one of the Middle East’s leading centres of maritime and industrial commerce. Strategically located near the Strait of Hormuz, it is one of the major hubs in the regional industrial supply chain, supplying construction materials for the majority of world-renowned real estate projects in UAE, GCC and beyond.
| – | Why is RAKMC Auditing required? |
| – | How should companies prepare & maintain accounting records for Auditing in RAKMC? |
| – | Requirements to hire an Auditor in RAKMC |
| – | Services provided by a RAKMC Auditor |
| – | Documents needed by an Auditing Company in RAKMC |
| – | How can Mubarak Al Ketbi Chartered Accountants help you in RAKMC Auditing? |
Why is Ras Al Khaimah Maritime City Auditing required?
In the United Arab Emirates, every business must use accounting. This is due to the fact that they enable the firm to document its financial data, monitor its accounts payable and receivable, and assist in producing accurate business records that must be submitted to the government.
Nonetheless, it’s quite probable that mistakes will be made during accounting. This is when auditing is useful. Finding and eliminating mistakes from accounting files and processes is the process of auditing. This helps the business avoid a lot of problems because if the accounting is off:
| – | The reported financial statistics will thereafter be inaccurate. This suggests that there will be bias in the company’s assessment of its financial status. |
| – | They won’t be aware of who should and shouldn’t be compensated. Trade receivables may afford to default, but trade payables will occasionally appear and demand payment. |
| – | After then, the corporate paperwork that was issued will be false. Serious fines and, in some cases, the termination of the business licence might come from this! |
How should companies prepare and maintain accounting records for Auditing in Ras Al Khaimah Maritime City:
It is mandatory for all businesses operating inside the RAKMC Free Zone to have up-to-date, accurate accounting documents that accurately depict their financial status. The board of the firm must have free access to documentation proving that the balance sheet and profit and loss were prepared in accordance with International Financial Reporting Standards (IFRS) and anti-money laundering (AML) laws.
The accounting files should contain:
| – | Books and ledgers at the entry level. |
| – | Accounts for trade payables and receivables. |
| – | The balance sheet, income statement, and other relevant financial records. |
Requirements to hire an Auditor in Ras Al Khaimah Maritime City:
The RAKMC Auditing Company needs to meet these two requirements
| 1. | It is necessary to conduct an external audit. While accounting may be done both inside and outside the company, an external auditor is required for auditing. |
| 2. | This auditor has to be approved by the free zone authorities. To audit RAKMC enterprises, the auditor needs permission from the Ras Al Khaimah Maritime City Authority. Since Mubarak Al Ketbi has the RAKMC Authority’s clearance, we are happy to assist! |
Services provided by a Ras Al Khaimah Maritime City Auditor:
There are several types of auditing, including:
| – | The practice of verifying that a company’s financial statements are accurate and compliant with rules is known as financial auditing. |
| – | External Audit: We do our own audit of the company |
| – | Stock Audit: We calculate the inventory’s worth and compare it to the accounting information. |
| – | Liquidation Audit: We examine all assets and liabilities to guarantee proper liquidation throughout a company’s dissolution procedure. |
| – | Internal Audit: We evaluate how well the organisation’s internal controls, protocols, and accounting practices work. |
| – | Risk Management Audit: We assess the safety and effectiveness of protocols as well as their capacity to lower risks in the future. And a whole lot more! |
Documents required by an Auditing Company in Ras Al Khaimah Maritime City:
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. |
How can Mubarak Al Ketbi Chartered Accountants help you in Auditing your Ras Al Khaimah Maritime City Company?
Auditing is a laborious, time-consuming procedure that needs to be completed outside. For this reason, it is preferable to work with a competent auditor rather than a cheap one. One of the leading auditing firms in Ras Al Khaimah is Mubarak Al Ketbi Chartered Accountants. The RAKMC Authority and the Ministry of Economy have given us permission to audit RAKMC-held businesses. We provide corporate tax, accounting, auditing, and business dissolution in addition to other services. We have more than 2,000 happy clients under our belt and have over 20 years of experience. Get in touch with us right now, and we promise a fantastic experience!