Audit Services in Sharjah Oasis for Technology & Innovation
Sharjah Oasis for Technology and Innovation (SOTI) is a free zone entity wholly owned by the University of Sharjah. It aims to conduct applied scientific research to produce new technologies and innovations by providing an appropriate environment for creativity and innovation. They have science labs, working spaces and a nearby major Sharjah university.
| – | Why is SOTI Auditing required? |
| – | How should companies prepare & maintain accounting records for Auditing in SOTI? |
| – | Requirements to hire an Auditor in SOTI |
| – | Services provided by a SOTI Auditor |
| – | Documents needed by an Auditing Company in SOTI |
| – | How can Mubarak Al Ketbi Chartered Accountants help you in SOTI Auditing? |
Why is Sharjah Oasis for Technology & Innovation Auditing required?
Accounting required by all companies in the UAE. This is because they allow the company to record the financial information of a business, keep track of trade receivables & payables and helps to create correct company documents that need to be issued to the government.
However, it is very likely that errors can occur during accounting. This is where auditing comes into play. Auditing is the process of finding & removing errors from the accounting files & processes. This saves the company from a lot of trouble, because if the accounting is incorrect:
| – | Then the financial data reported will be incorrect. This means that the company will have a distorted view of their financial position. |
| They will lose track of who to pay and who to receive. Trade receivables can get away with not paying and trade payables will unexpectedly appear to demand money. | |
| – | Then the corporate documents issued will be incorrect. This will lead to hefty fines and even the termination of the business licence in some cases! |
How should companies prepare & maintain accounting records for an Auditor in Sharjah Oasis for Technology & Innovation?
Every company that operates inside the SOTI Free Zone is required to maintain accurate, current accounting records that appropriately reflect their financial situation. The company’s directors have to have access to a clear record 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 & receivables. |
Requirements to hire an Auditor in Sharjah Oasis for Technology & Innovation:
A SOTI Auditing Company must meet these two requirements:
| 1. | There has to be an outside examination. While accounting may be done both inside and outside the company, an outside auditor is required for auditing. |
| 2. | This auditor has to be approved by the free zone authorities. Permission to audit SOTI firms must be granted by the Hamriyah Free Zone Authority to the auditor. Since Mubarak Al Ketbi has the SOTI Authority’s clearance, we are happy to assist! |
Services provided by a Sharjah Oasis for Technology & Innovation Auditor:
There are several forms 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 look at the business from the outside. |
| – | Internal Audit: We assess the effectiveness of the organisation’s accounting procedures, internal controls, and protocols. |
| – | Risk Management Audit: We evaluate protocols’ efficacy and safety as well as their potential to reduce risks in the future. |
| – | Stock Audit: We determine the value of the inventory and contrast it with the accounting data. |
| – | Liquidation Audit: To ensure appropriate liquidation during a company’s dissolution process, we inspect all assets and liabilities. |
Documents needed by an Auditing Company in Sharjah Oasis for Technology & Innovation
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 Sharjah Oasis for Technology & Innovation Company?
The process of auditing can be challenging, time-consuming, and must be done externally. This is why hiring a professional auditor is better than utilising a cheap one. Mubarak Al Ketbi Chartered Accountants is one of Sharjah’s top auditing companies. We are authorised to audit SOTI held enterprises by the SOTI Authority and the Ministry of Economy. In addition to other services, we offer corporation tax, accounting, auditing, and business dissolution. With over two decades of expertise, we have served over 2,000 satisfied clients. Contact us right now, and we guarantee an amazing experience!