Auditors in JAFZA, Dubai – UAE

External Audit Services – Jebel Ali Free Zone (JAFZA)

farhan
Farhan Aqil
Audit Partner – NUF Chartered Accountants
Managing Partner – Push Digits
+971 50 395 8931 | farhan@nufca.ae | farhan@pushdigits.ae

“Free Zones established in UAE, including the JAFZA 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 JAFZA, other Free Zones of UAE and all leading banks and financial institutions. Our Audit Reports are well accepted by all Free Zones including JAFZA facilitating the Companies registered for various purposes including annual license renewal.”

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Jebel Ali Free Zone Authority (JAFZA) is one of several independently governed business areas in the UAE. Each of these zones offer very business-friendly environments and actively promote new business formation inside the zone’s managed area. Each free zone is governed by a specific authority issuing and enforcing business operations within the zone. Additional rules will apply to businesses doing business outside the zones but within the UAE. All free zone authority regulations are intended to protect UAE citizens from improper business activities; to assure all businesses operating within the zone adhere to common rules of interaction with each other and with the world businesses; and to protect shareholders from fraudulent business practices. One of these regulations is the external audit requirement. Businesses operating in JAFZA must renew their business license annually. As part of the renewal process every business must present the results of an independent external audit. This audit will assure the authorities that the business’s financial statements are true and accurate and that no fraudulent activities are being disguised by false financial reports.

Official Rules Concerning External Audits

The official rules concerning External Audits are found in the Implementing regulations Number 1/99. In clause 51 of this regulation all Companies in Jebel Ali Free Zone are required to appoint auditors from a list of approved auditors. In practice, audit firms holding valid professional license from the Economic Department are considered eligible to perform the required audit. The appointed auditor must produce an audit report of the company’s annual accounts and deliver the report to the shareholders of the company.

In clause 49 of the regulation the annual financial report of the company must be signed by the directors or on behalf of the directors. At least on director must sign the balance sheet making the balance sheet the official financial position of the company.

Clause 50 requires a copy of the annual accounts (accompanied by the auditors report) to be delivered to FZCO Department within three months of the end of the financial year. It is possible to extend that time with permission from the authority in special circumstances.

Additional Regulations Concerning Approved Auditors

Additional rules describe the appointment of an approved auditor and the required content of the auditors’ report. The audit report must state the auditor’s opinion whether the statements reflect an honest and true description of the company’s finances. The auditor must evaluate the company’s financial practices to be sure the accounts meet Implementing Regulations. It also indicates a signed copy of the report must be delivered to the Free Zone Establishment authority along with the annual business accounts report.


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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

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.

Additional Description of Approved Auditors

As stated above, only JAFZA approved audit firms are allowed to perform audits in Jebel Ali Free Zone Authority. Firms will hold a valid professional license from the UAE Economic Department in Dubai. To remain approved, audit firms must provide proof of continuing education in the changing standards of auditing and professional development.

Who benefits from The External Audit?

The independent audit report for a JAFZA registered company provides valuable information for several “stakeholders” beyond the authorities and the business management. Shareholders in the company will view external audit reports as “lie detectors” for the company’s public financial statements. The value and safety of their investment depends on accurate information. Customers doing business with a JAFZA registered company need to know they are dealing with a honest company and not some fraudulent entity. The audit report gives them confidence in the business. Bankers providing financing for company operations need to know their money is being used properly and is not being exposed to excessive risk. Employees need to know their paychecks will continue and that those checks will be valid. All citizens where the company does business need to know that the company is not operating in some way harmful to the environment. There are some smaller government departments that can use financial reports to find evidence a company is ignoring regulations about labor practices or import/export…etc

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