Auditors in Saif Zone – UAE

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Farhan Aqil
Audit Partner – NUF Chartered Accountants

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

SAIF Zone – Background Information
Sharjah Airport International Free Zone (SAIF Zone) is one of several free zones within the United Arab Emirates offering business-friendly environments for international businesses. SAIF was established in 1995 and today hosts over 5,500 companies operating in industries such as manufacturing, trading, IT, media and many others. SAIF Zone delivers a wide range of resources and supportive regulations making it an attractive option for new business formation and for branches of international companies wanting access to Middle East and other world markets.

Like most UAE free zones, Sharjah Airport Free Zone is self-governing. This means businesses within SAIF Zone only have to deal with local regulations and local agencies. These administrative agencies are, by design, focused on making the regulatory environment as business-friendly as possible. There are few restrictions on business activities within the free zone.

Business Licensing

Setting up a business in SAIF is straight-forward with very minimal red-tape and interaction with a limited number of government agencies. There are several organizations offering business services for new startups to make the process even easier and quicker. Once the business is operational, the license must be renewed on an annual basis. The renewal process is relatively easy, requiring some paperwork and a renewal fee. An External Audit of a Company’s financial reports is required in most of the Free Zones in UAE, including SAIF Zone, for license renewal of the Company. The External Audit must be performed by a UAE based Audit Firm approved by SAIF Zone.

External Audit – Defining the Process

During the process of external audit, an independent audit firm investigates the company’s financial records and business operation to determine if the Financial Statements of the company are accurate, complete and with no hidden or obscured information. Under international auditing standards the auditors must be completely independent from the company being audited and have no stake in the result of the audit. The result of an external audit will be an audit report following an established format. The primary information in the audit report is a simple statement of the auditor’s conclusion. There can be a favorable result indicating no problems were found in the audit process. An unfavorable result indicates the company’s Financial Statements contain errors or omissions that make the statements less than trustworthy. International auditing standards limit the information and opinions provided by the auditors in their report. The report is limited to the auditor’s opinion of the company’s Financial Statements.

Approved Audit Firms

As part of license renewal of a Company registered in SAIF Zone, an external audit is required to be performed. The Audit Firm must be approved by SAIF Zone for providing the external audit service to Companies registered there. The company being audited contracts with the Audit Firm and pays an audit fee for this process. The Audit Firm then performs the required investigations and presents the report to the management of the company being audited. After a discussion of the report with the management, it is then finalized and issued representing true and fair view of the Company’s Financial Statements.

To make the audit process more transparent and unbiased, the UAE laws pertaining to audit were revised in 2014, making the requirements much stricter for registered Auditors. Ongoing Professional Development is required for an Audit Firm to remain certified. Every four years, the Companies should change their appointment of Audit Firm to maintain independence. Audit Firms must be managed and staffed by certified and qualified Auditors.

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

Value Addition from an External Audit Process
Businesses reap significant benefits from external audits in addition to license renewal process. Establishing public trust in a company’s Financial Statements makes getting financial support from banks and other investors much easier. With presence of trustworthy audit reports of a Company, investors have confidence that their investments are safe. This can lead to more favorable loan conditions for the company. A favorable external audit report helps regulatory agencies determine if a company is operating within regulations and reduces the possibility of regulatory investigation into a company’s operations. The general public can use a company’s external audit reports as part of assurance that it is being a good corporate citizen and protector of the local environment. Company’s employees will feel more secure in their jobs when the Audit Report presents unbiased true and fair view of the Company’s financial condition. In larger organizations, an external audit report gives the owners confidence in the management team and helps the top management feel motivated to work towards achieving the Company’s key objectives. In fact, regular external audits are a valuable tool for any company even when the audits are not a regulatory requirement.

Our Audit Services

As part of a Group of Firms in UAE, Push Digits is a qualified professional company to help you meet your external audit requirement through our approved Audit Firm NUF Chartered Accountants, whether it is required by SAIF Zone, any other UAE Free Zone, bankers, lenders or investors. Farhan Aqil, an experienced and qualified Chartered Accountant, is Managing Partner at Push Digits and an Audit Partner at NUF Chartered Accountants. Through his commitment of quality work and his team’s capabilities, we make sure that every Audit we perform is of an excellent quality. Our clients always achieve the best quality External Audit service from our team and we are proud to uphold the highest standards of Audit and Accounting Profession.

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