Fujairah Free Zone (FFZA)
Fujairah Free Zone presents a promising opportunity for business setup in the UAE due to its strategic advantages, including its position along major shipping routes, excellent connectivity to ports and airports, strategic geographic location, and streamlined legal procedures.
Situated on the East Coast of the UAE, Fujairah Free Zone operates with the goal of offering a triple advantage to its investors, known as ACE – Accessibility, Connectivity, and Economy. Companies established here benefit from convenient access to Arabian Gulf ports, the Red Sea, Iran, India, and Pakistan via weekly feeder vessels.
Moreover, Fujairah Free Zone is renowned for its business-friendly regulations. State policies exempt companies in the free zone from import or export duties on raw materials, production equipment, and finished products, further enhancing its appeal to investors.
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. What sets us apart?
- Only an Approved Auditor is authorized to conduct audits for companies established and registered in the Fujairah free zone, following the country’s regulations. Approval is granted by the free zone management, ensuring that services provided by such auditors are of the highest quality.
2. What are the external audit requirements for companies registered in Fujairah Free Zone?
- Companies registered with Fujairah Free Zone Authority (FFZA) are required to have their annual financial statements audited by approved auditors for several reasons:
Compliance with applicable regulations and laws.
Assurance that the company’s financial statements adhere to accounting standards and are free from illegal activities.
Audit reports from FFZA-approved auditors instill confidence in stakeholders regarding the reliability of financial information for critical business decisions.
3. What is audit risk?
- Audit risk refers to the potential for auditors to issue incorrect opinions due to misstatements or inaccurate records maintained by clients.
