Dubai Airport Free Zone (DAFZA)
Established in 1996 as part of the Dubai Government’s strategic plan to transform Dubai into an investment-driven economy, Dubai Airport Free Zone (DAFZ) has evolved into one of the region’s fastest-growing and pioneering free zones. Currently contributing to 4.7 percent of Dubai’s GDP, DAFZ spans an impressive 696,000 square meters, encompassing 18 buildings and 256 warehouses. Hosting over 2000 registered businesses across 20+ sectors and various industries, with a workforce exceeding 20,000 professionals, DAFZ has become a thriving business hub.
Strategically positioned adjacent to the Dubai International Airport, DAFZA facilitates rapid clearance and efficient paperwork processing, aiming to enhance business activity and overall operational efficiency.
Our Audit Approach
Requirement Assessment
We’ll determine the most suitable audit service for you based on your industry, selecting the
necessary audit cycles to prepare an accurate quotation.
Data Collection
Once services and quotations are approved, we’ll need specific data from the company for the
audit.
Developing and organizing the audit procedure
We create a personalized plan tailored to the client’s specific requirements, employing distinct methodologies for various audit types such as balance sheet audit, cash flow statement audit, fraud audit, inventory audit, cash audit, stock audit, and others.
Preparation of Audit Report
Audits are conducted across different sections, producing various reports. We scrutinize these documents to ensure alignment with the federal laws of the UAE. Following this, the reports are consolidated before being presented to the board of directors and shareholders.
Post Audit Assistance
The audit report provides comprehensive information for a thorough understanding of your company. Should you require additional support in implementing any changes based on the findings, we are at your disposal.
FAQ
1. Is Auditing Compulsory for Companies in DAFZA?
- Companies affiliated with DAFZA must designate an approved auditor tasked with scrutinizing and reporting on the accounts prepared in adherence to both local and international regulations. The auditor’s report should confirm the company’s compliance with the International Financial Reporting Standards (IFRS) and verify that the company is not involved in money laundering activities.
2. Which Documents are Necessary for DAFZA Approved Auditors to Perform the Audit?
- Companies must furnish the following documents:
Bank Statements
Credit/debit confirmation for all financial transactions.
Copies of bills and invoices
Memorandum of Association (MoA)
Articles of Association (AOA)
Latest Trade License
Registration Details for VAT and Excise Tax (If Applicable)
Books of Accounts
3. What are the repercussions if businesses in DAFZA go without auditing?
- Failure to submit audited financials by an approved auditor within 90 days from the financial year-end in DAFZA may result in fines, as stipulated by DAFZA regulations. Moreover, there is a potential risk of the suspension or revocation of the trade license in DAFZA.
