The Dubai Silicon Oasis Free Zone is a significant economic Free Zone that promotes advanced technology-based industries. As part of the Dubai Silicon Oasis Free Zone’s commitment to ensure the highest standards of corporate governance, all companies operating in the Free Zone are required to have their financial statements audited by approved Audit Firms in Dubai. Approved Audit Firms in Dubai Silicon Oasis Free Zone are responsible for auditing the financial statements of companies operating in the free zone. They play a key role in ensuring compliance to the financial regulations of the Dubai Silicon Oasis Free Zone.
Who Are the Approved Auditors in Dubai Silicon Oasis?
The approved auditors in Dubai Silicon Oasis are registered Audit Firms in Dubai that have been approved by the Dubai Silicon Oasis Authority (DSOA). These firms are responsible for auditing the accounts of companies in the free zone and issuing audit reports. The approved auditors are also responsible for assessing the financial health of companies in Dubai Silicon Oasis and ensuring that they comply with the regulations of the free zone. They also provide advice on financial and accounting matters to companies in Dubai Silicon Oasis.
What Are the Responsibilities of the Auditors in Dubai Silicon Oasis?
Auditors in Dubai Silicon Oasis are responsible for a variety of tasks:
- Primarily they ensure that the businesses in the free zone are compliant with all applicable laws and regulations.
- They conduct periodic reviews of businesses to identify any areas of improvement.
- In addition, the auditors in Dubai Silicon Oasis play a key role in the annual audit process. They work with the free zone authorities to prepare the financial statements for submission to the Dubai Silicon Oasis Authority.
- Finally, they provide advice and guidance to businesses on all matters related to accounting and auditing.
What Are the Benefits of Having an Approved Auditor in DSO?
Top Audit Firms in Dubai ensure that their clients' accounts contain the required essentials that include, including timely filing of annual returns with tax authorities, and providing the correct information about their businesses or companies' assets (both tangible and intangible) at regular intervals during the year; ensuring proper recording/tracking of transactions within each specific department as well as between departments within an organization; keeping backup copies of all documents related to these activities so as not to lose any valuable data if any problem could be incurred during processing.
The financial statements must be turned in within 4 months of the end of the financial year. The Registered auditors in Dubai Silicon Oasis also provide permission to the organizations to reinstate their operating permits. Additionally, registered Audit Firms in Dubai Silicon Oasis offer innovative solutions to all corporate accounting and auditing issues.
The main benefit of auditors is that the auditing will confirm the free zone services that the organizations accepted for the free zone to adhere to the values and standards established. The audit report obtained from an accredited audit firm will also aid in the growth of the company and will also license the firm's services to optimize its various processes.
What Is the Process of Financial Auditing in Dubai Silicon Oasis?
- The first step is to appoint an auditor.
- All registered Audit firms in Dubai Silicon Oasis are approved to provide financial auditing services in the free zone.
- Once you have appointed an auditor, they will review your company's financial statements and assess your risk exposure. They will also recommend courses of action to mitigate any risks that are identified.
What Are the Benefits of External Audit?
- When you outsource your audit services, you are entrusting a third party with the task of ensuring that your company is meeting all the requirements and standards. An external auditor will have a fresh set of eyes and can provide an objective assessment of your company's financial situation.
- They will also be able to help you identify any areas of weakness and recommend ways to improve your operations.
- By working with an external auditor, you can be assured that your company is meeting all the required regulatory standards.
Documentation Required by Dubai Silicon Oasis Approved Auditors to Conduct Financial Audits
The auditors request essential documentation from corporations to perform the external audit. This makes it easier for the auditor to formulate an assessment of the financial condition by examining the financial statements from the relevant year to ensure compliance with legislation. The following are the required documents:
- Banking Records
- Copies of the invoices and bills
- Confirmation of credit/debit for all banking transactions
- Memorandum of Association
- VAT and Excise Tax Registration Details
- Articles of Association
- Or any other necessary documents
How to Choose the Right Auditor for Your Business in Dubai Silicon Oasis?
To conduct business audits in Dubai Silicon Oasis, it is important to choose approved and efficient auditors. Farahat & Co is an approved auditor in Dubai Silicon Oasis, we provide excellent auditing services in Dubai. We comply with clients’ specified requirements and manage financial statements effectively.
We have over 30 years of experience in providing premier auditing services, in compliance with the rules and regulations enforced by the UAE government.