Find DAFZA Approved Auditors for Your Business

Running a business in the buzzing hub of Dubai Airport Freezone (DAFZ) is exciting, but finding the right DAFZA Approved Auditors is key to keeping things smooth. In this blog, we’ll break it all down for you, including a list of top auditors approved by DAFZA.
Established in 1996, the Dubai Airport Freezone (DAFZA) has been a cornerstone of Dubai’s economic landscape. By 2019, DAFZA contributed 12% of Dubai’s total exports, further contributing to Dubai’s foreign trade soaring to AED 164 billion. This impressive growth is mainly due to the array of incentives and business facilitation services DAFZA offers, making it an attractive destination for foreign investors. 

Another reason DAFZA is eye-catching for investors is that it is located right next to Dubai International Airport, making it a perfect spot for businesses. This location means easy access to global markets and top-notch logistics, making it one of the best free zones around.

List of DAFZA Approved Auditors

According to the regulations, all companies registered in the Dubai Airport Freezone (DAFZA), including Free Zone Establishments (FZE) and Free Zone Companies (FZCO), must have their annual financial statements audited by auditors approved by the authority.

If you are unaware of FZE and FZCO, let me give you an overview before proceeding any further.

1. Free Zone Establishments (FZE): These are single-shareholder companies, meaning they have only one owner.
2. Free Zone Companies (FZCO): These have multiple shareholders, making them more complex in structure.

To help you get started, we’ve listed a few auditors from the approved list below. Click here to check complete list.

Here are some of the DAFZA-approved auditors:

S.No.	Name of the Firms	Telephone No.	Email Address	Address
1	MBK Auditing	04-3585133	rajeev@mbkauditing.com	Office No. 1904, Al Moosa Tower 2, Sheikh Zayed Road, PO BOX 233256, Dubai, UAE
2	Youssry & Co. Auditing & Consultancy	04-5588206	info@youssryauditing.com	Dubai – Business Bay, Ontario Tower Office No. 703 beside Metro Station
3	ALBA Auditing & Accounting LLC	06-5645696	info@alba.ae	Sharjah, UAE
4	Al Jeroudy Accounting & Auditing	04-2389721	jeroudy@eim.ae	Office No. 204, Al Shaali Bldg., Horr al anz east, Next to Al Mamzar Center, Deira, Dubai
5	Al Kttbi & Associates Chartered Accountants	04-3215355	reception@alkttbi.com	Office 3401, 34th floor, Saeed Tower 2, Sheikh Zayed Road, P.O Box: 114429, Dubai, UAE
6	MSI Alnoman & Ravi	04-2651383	secretary@msiauditors.com	P.O. BOX 84932, Dubai, UAE
7	Paul and Hassan Chartered Accountants	04-3379966	sibythomas@paulhassan.com	Flat No. 301, Zabeel Business Center, Umm Hurair Road, Dubai
8	Asad Abbas & Co (Chartered Accountants)	04-4329083	info@abbasaccounting.com	Business Bay, Executive Tower D, Aspect Tower Bldg. Zone B, 4th floor, Office no. 405, Dubai
9	Kothari Auditors & Accountants	04-3526330	vipul@vipulkothari.com	502, Business Centre Bldg, Khalid Bin Al Waleed Road, Opp. Burjuman Centre, Bank Street, Post Box 51504, Dubai, UAE
10	International Consultancy & Auditing Center	04-2501521	info@iacdubai.ae	P.O.Box 181127, Deira, Clock Tower, Business Village Block B, office No. 213, Almaktoum Street, Dubai, UAE

DAFZA has 156 approved auditors, ensuring you have plenty of choices to find the right fit for your business needs. Choosing a DAFZA approved auditor is crucial for compliance and maintaining your company’s financial health. 

So, whether you’re a single-shareholder FZE or a multi-shareholder FZCO, select from the approved list to keep your business in good standing. Let’s dive into more details and find the perfect auditor for your needs!

Role of Auditors in DAFZA

Auditors play a crucial role in maintaining the financial integrity of companies operating in the Dubai Airport Freezone (DAFZA). Here’s a rundown of their key responsibilities:

1. Investigating Records: Auditors must ensure that the company keeps adequate accounting records and receives necessary returns from its branches.
2. Checking Accounts: They need to verify that the company’s accounts align with the accounting records and returns.
3. Reviewing Directors’ Remuneration (for PLCs): Auditors must confirm that the Directors’ remuneration report matches the accounting records and returns for public limited companies (PLCs).
4. Reporting Inadequacies: If auditors find the records or returns inadequate, they must state this clearly in their report.
5. Noting Lack of Information: This must be noted in their report if auditors do not receive the necessary information or explanations for the audit.
6. Agreeing on Statements: When there are multiple auditors, they must agree on their statements. If they disagree, the report should include each auditor’s opinions and reasons for disagreement.
7. Compliance: Auditors who fail to comply with these regulations can face fines.
8. Stating Non-compliance: Auditors must mention in their report if the records or returns are inadequate or if the accounts do not comply with accounting standards.
9. Access Rights: Auditors have the right to access all of the company’s records and can require necessary information and explanations from the company’s officers.
10. Attending Meetings: Auditors are entitled to attend and speak at any shareholder meetings concerning their duties.

These responsibilities ensure that companies in DAFZA maintain high standards of financial accuracy and transparency, contributing to the overall integrity and attractiveness of the Freezone.

Documents Required to Conduct Audit in DAFZA

Companies must prepare and provide several essential documents to conduct a thorough audit in the Dubai Airport Freezone (DAFZA). Here’s a checklist of what you’ll need:

1. Bank Statements: Provide all bank statements for the audit period to verify financial transactions and balances.
2. Copies of Bills and Invoices: Submit copies of all bills and invoices related to the company’s expenses and income.
3. Credit/Debit Confirmations: Ensure you have confirmation of all financial transactions, including credits and debits.
4. Articles of Association (AOA): The AOA outlines the company’s purpose and regulations governing its operations.
5. Memorandum of Association (MoA): The MoA details the company’s structure, objectives, and the scope of its operations.
6. Books of Accounts: Maintain and provide all accounting records, such as ledgers, journals, and trial balances.
7. Latest Trade License: The most recent trade license is necessary to confirm the company’s legal standing and business activities.
8. VAT and Excise Tax Registration Details (if applicable): If your company is registered for VAT and/or excise tax, provide the relevant registration details and documentation.
9. Corporate Tax Details: All companies in UAE are Corporate Tax registered except for Small Companies with taxable revenue below AED 187500. The registered companies are required to provide documentation for audits in DAFZA. 

Procedure for Audit in DAFZA

An audit in the Dubai Airport Freezone (DAFZA) involves a systematic process. Here’s a step-by-step guide:

1. Preparation of Financial Statements: The company prepares its financial statements, which include the balance sheet, income statement, cash flow statement, and other relevant documents.
2. Engagement of DAFZA Approved Auditor: These financial statements are then evaluated by an auditor approved by DAFZA, ensuring they meet the specific regulatory requirements.
3. Preparation of Audit Files: The auditors prepare audit files by International Financial Reporting Standards (IFRS). This includes detailed documentation and verification of all financial records.
4. Verification of Accounts: The auditors review the books of accounts to ensure they are complete and accurate. This involves cross-checking entries, verifying transactions, and ensuring all financial activities are properly recorded.
5. Compliance Check: Auditors ensure that the company has not engaged in any activities that are not covered under its trade license. 
6. VAT and Corporate Tax Compliance: The auditors also check the company’s compliance with VAT regulations and Corporate Tax (CT)  documentation to ensure that VAT and CT records are correctly maintained. Learn more about VAT here. 
7. Presentation to DAFZA: Once the audit is complete, the findings and verified financial statements are presented to DAFZA.

How can Bestax Help You?

As a top-rated financial and business consultancy firm in the UAE, Bestax offers expert guidance for your business. With extensive experience in the field, we understand the intricacies of DAFZA audit regulations and ensure your business stays compliant. 

Our team connects you with top DAFZA certified auditors and guides you through every step of the process. Contact Bestax now to avoid penalties and find the best, most cost-effective auditing firms approved by DAFZA.

Disclaimer: The information provided in this blog is for general informational purposes only. For professional assistance and advice, please contact experts.

FAQs

How do I find a DAFZA-approved auditor? 

You can find them in this list or contact experts from Bestax to connect you with top DAFZA auditors.

What services do DAFZA-approved auditors offer? 

DAFZA-approved auditors examine a company’s financial statements and prepare reports based on International Financial Reporting Standards (IFRS). These reports are then submitted to DAFZA, ensuring that the accounts are accurate and complete.

What are the benefits of using a DAFZA-approved auditor? 

Using a DAFZA-approved auditor ensures compliance with regulations, enhances credibility, detects and prevents fraud, improves business operations, and provides better planning and budgeting. It also reassures stakeholders.

Can I change my DAFZA-approved auditor? 

Yes, if an auditor vacates their position, the directors must appoint a replacement within 30 days.

What is the process for getting an audit in DAFZA? 

Companies must prepare financial statements, engage a DAFZA-approved auditor, and follow the audit procedures to ensure compliance with DAFZA regulations.

How often do I need an audit in DAFZA? 

The Dubai Airport Free Zone Authority (DAFZA) requires companies to conduct external audits at the end of each fiscal year. Owners or managers must submit an External Audit Report from an authorized audit firm as part of the business license renewal process. Companies must also upload the audited financial statements and summary sheet to DAFZA authorities within 90 days of the end of the financial year. Failure to do so may result in a fine.