Auditors in DAFZA, Dubai – UAE

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Farhan Aqil
Audit Partner – NUF Chartered Accountants

“Free Zones established in UAE, including the DAFZA stipulate the requirement to the Companies registered in these Free Zones to have their annual audit performed and audit reports submitted to the Free Zone Authorities to enable them having their licenses renewed every year. The primary purpose for having the requirement of annual audit in place is to avoid any financial irregularities and so that the market operates without lost confidence. Our Audit Firm, NUF Chartered Accountants is registered with DAFZA, other Free Zones of UAE and all leading banks and financial institutions. Our Audit Reports are well accepted by all Free Zones including DAFZA facilitating the Companies registered for various purposes including annual license renewal.”

External Audit Services – Dubai Airport Free Zone (DAFZA)

Dubai Airport Free Zone was established by decree in 1996. It occupies land adjacent to the Dubai Airport but is not technically part of the airport. This one of several independent free zones in and around Dubai and in the UAE. Each free zone is independently governed by a local authority and is designed to provide business-friendly environments for new businesses. Most of these free zones are guaranteed tax-free for up to 50 years with many additional benefits for companies doing business inside the free zones. There are minimal restrictions on funds transfers into and out of the free zones and very few limitations on business activities within the free zones and with companies outside the UAE. There are some special requirements for doing business in the UAE outside the free zones. These free zones have exhibited significant growth rates for years and are internationally recognized as attractive places for new business formation.

The Dubai Airport Free Zone is regulated by the Dubai Airport Free Zone Authority (DAFZA). DAFZA establishes the requirements for creating businesses in the free zone. It also administers the licensing, license renewals, and business financial activities and reporting. The requirements are not burdensome but businesses do need to be aware of the requirements to avoid conflict.

DAFZA External Audit Requirements

One of the requirements imposed by DAFZA is regular External Audits. At the end of each business’s fiscal year, the business is required to renew the business license. As part of the renewal process the business’s owners/managers must submit an External Audit Report from an authorized audit firm. DAFZA uses the information in the business’s financial reports along with the audit report to assure the business is operating ethically, legally and within the limits established by both the free zone authority and the UAE (where applicable). This assures the authority that the business’s reports can be trusted and that the business is not acting fraudulently or inappropriately.

Why is an External Audit Required?

The Free Zone Authority has several reasons for the audit requirement:

• Independent audits provide information the authorities need to assure the commercial environment is well regulated.
• An independent audit assures the financial statements are complete and nothing is being hidden.
• The audit report assures the authorities that the business’s financial reports are accurate and reliable.
• An independent auditor is required by international auditing standards to disclose any fraud or misconduct uncovered by the audit.

CLIENTS

Our expertise and experience in professional accounting and consultancy equips us to provide our services to a wide range of clients ranging from service providers, traders to manufacturers. Our clients have every reason to say that we are the best professionals in the town in terms of our quality work and competitive prices.

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TESTIMONIALS


Outsourcing is not necessarily an external option when Professional Accounting Services are rendered with intimacy and high level of commitment. That truly speaks for our experience with Push Digits.
George Yiasemides
COO – Middle East / UFC Gym
Push Digits has helped Mapto Media professionalize our accounting and have so far been a great choice to outsource this function to. It is a pleasure to work with Push Digits and we can only highly recommend them to anyone else who considers the same.
Anders Kargaard
Managing Director / Mapto Media
Farhan is a very responsive business partner to Climax. No matter when we have questions, he always follows up quickly. This is very important when we operate on time zones that are 11 hours apart. Push Digits use of Xero technology is very helpful, providing immediate visibility into our financial information so that we can work together to ensure the financials are complete and accurate. Push Digits works closely with it’s clients to ensure that they deliver timely and accurate information. While our relationship is only a couple of months old, we have been very pleased thus far with the support we receive from Farhan and his team.
Michael T. Love
Chief Financial Officer, Vice President / CLIMAX Portable Machining & Welding Systems
I have started dealing with Push Digits 3 months ago and I have a startup trading business where it has quite complicated transactions internally and externally e.g. expenses, reimbursements, receivables, cash on hand and many others. Push Digits Team knows how to categorize and deal with each single transaction in a professional way. They are always there to answer my questions (morning to late evening) when I make new transactions or advise on how to do effective accounting for my business. Moreover, they also suggested a brilliant clouds based online accounting software called Xero that turns all our accounting work online in a simple friendly way. I would highly recommend Push Digits and their services.
Musab Allahwany
General Manager / Tamara Foodstuff Trading
Push Digits are very efficient and provide a very high quality accounting service. They are very prompt and organized which keeps us very happy. We would very much recommend their services to anyone looking for top notch accountants.
Steven M Curbelo
Managing Director / Brooklyn General Maintenance
“Push Digits team is very professional and responsive. Their work representation is up to the mark. We wish the team good luck.”
Affan Zuberi
Director / Fruitful
We had assign the Inventory data entry work in Tally.ERP 9 Accounting Software of our Company to the team of Push Digits. We feel that Push Digits is very good and capable enough to deliver the results in decided time frame and cost with accuracy in results.
Shriram Gaud
Finance Manager / GME Aviation Services DWC LLC
Push digits is our first choice to receive diversified management services with pronounced flexibility and eminent expertise.
Atif Abrar
Finance and Accounts Manager / Atlas Foundations Company L.L.C.
Push Digits has been very helpful in getting my bookkeeping processes set-up. The staff is very flexible and have been able to provide me with the exact support that I need. I am very grateful for their contributions to my company.
Husni Al Bayari
Managing Partner / Davie & Bay Real Estate

Approved Auditors
DAFZA maintains a list of approved auditing firms authorized to perform the required external audits. Businesses in the free zone are required to select a firm from the approved list to perform the annual audit of their accounts. The firms on the list are all UAE licensed financial service providers and must meet several standards to maintain approval. For continued approval audit firms must provide proof that their employees are maintaining knowledge of the changing standards of auditing and are regularly provided with professional development education.

Additional benefits of an External Audit?
An external audit provides additional benefits beyond business license renewal. The business management will have the comfort of knowing the financial reports are accurate and that authorities are not likely pursuing legal actions for fraud…etc. Authorities will know the business is operating within the laws and is not posed to threaten citizens. Citizens where the business operates will know the business is a good steward of resources and the environment and is a good corporate neighbor. Banks and investors will know the business is not putting their investment at excessive risk. Employees will view the external audit report and the financial statements as indicators of job security and financial stability. Some smaller government agencies can look to the audit report and financial statements for evidence that the company is following specific regulations such as import/export or labor practices.

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