Approved Auditors in Sharjah Media City
Sharjah Media City (Shams) is a free zone that offers affordable company setup options to startups, SMEs, enterprises, freelancers, and creative entrepreneurs. Founded in 2017 with the goal of fostering innovation, Shams is a top-tier media centre featuring extensive services and 100 percent foreign ownership. It is the UAE’s fastest growing media free zone. This article will discuss:
Why is Sharjah Media City Auditing required?
Accounting is necessary for any firm in the United Arab Emirates. This is because it helps in three major functions of a business’s finance. Firstly, it keeps track of the company’s finances. Accounting is able to determine the company’s annual profit or loss, if it can pay off obligations, and who has to pay what. Secondly, it records the trade receivables & payables. Accounting is able to keep track of each trade receivable and payable separate account, the amount owed, and the due date for each. Thirdly, it helps to create accurate corporate documents. Accounting provides reliable financial information, which helps develop current and accurate company documentation. These documents comprise the recently completed Corporate Tax registration, Company Liquidation, and VAT filings.
How should companies prepare & maintain accounting records for Auditing in Sharjah Media City?
All companies that operate inside the Shams are required to maintain accurate and proper accounting records that reflect their financial situation. The company’s directors must have access to a well-kept account that allows them to confirm that the balance sheet and profit and loss were prepared in compliance with anti-money laundering (AML) regulations and International Financial Reporting Standards (IFRS).
There should be:
| – | Books of entry & ledgers. |
| – | Income Statement, Balance sheet & other financial statements used. |
| – | Accounts of trade payables & recievables. |
Requirements to hire an Auditor in Sharjah Media City:
A Shams Auditing Company needs to fulfil two requirements:
Requirements to hire an Auditor in Hamriyah Free Zone:
| 1. | External auditing must be carried out. While auditing must be completed externally by a third-party auditor, accounting can be completed both internally and outside. |
| 2. | This auditor has to be approved by the free zone authorities. To audit Shams firms, the auditor has to get the Hamriyah Free Zone Authority’s approval. Since Mubarak Al Ketbi has the Shams Authority’s approval, we are happy to assist! |
Services provided by a Sharjah Media City Auditor:
There are several types 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 do an external audit of the business. |
| – | Internal Audit: We assess the internal controls, procedures, and accounting effectiveness of the organisation. |
| – | Risk Management Audit: We evaluate methods’ efficacy and dangers, as well as ways to reduce any possible hazards that may arise in the future. |
| – | Stock Audit: We compute the value of the inventory and contrast it with the accounting numbers. |
| – | Liquidation Audit: In order to ensure appropriate liquidation during a company’s dissolution process, we inspect all assets and obligations. |
And a ton more!