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DAFZA Approved Auditors

DAFZA-approved auditors are certified firms that audit financial records for companies in the Dubai Airport Free Zone, ensuring regulatory compliance.

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DAFZA-Approved Auditors in the UAE

Businesses operating within the Dubai Airport Free Zone (DAFZA) must have their financial records audited by firms that are officially recognized as DAFZA-approved auditors. These auditors are the only entities permitted to conduct audits, manage liquidations, and offer services to companies licensed by DAFZA. This requirement extends to both Free Zone Establishments (FZE) and Free Zone Companies (FZCO) and is aimed at ensuring adherence to local and international financial standards, including the International Financial Reporting Standards (IFRS), as well as regulations pertaining to Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT).

The Significance of DAFZA Approved Auditors

Regulatory Compliance

DAFZA approved auditors ensure that companies adhere to local and international regulations, including IFRS and anti-money laundering standards.

Credibility and Trust

Engaging approved auditors enhances the credibility of financial statements, fostering trust among stakeholders, including investors and regulatory authorities.

Accurate Financial Reporting

They provide accurate assessments of a company's financial position, helping businesses identify strengths and weaknesses in their financial management.

Support for Trade License Renewal

Audit reports from approved auditors are often essential for renewing trade licenses, ensuring companies can continue their operations without interruption.

About Dubai Airport Free Zone Authority (DAFZA)

Located next to Dubai International Airport, DAFZA was established by the Government of Dubai in 1996 under Law No. 2. Its vision supports the UAE Government’s strategy for fostering an investment-driven economy. DAFZA hosts around 1,600 companies across diverse sectors, including aviation, engineering, and telecommunications. In the first nine months of 2019, it accounted for 12% of Dubai’s foreign trade. Its prime location near the airport makes it an attractive hub for global investors, with over 150 airlines servicing more than 220 destinations worldwide.

Mandatory Audit Requirements with DAFZA Approved Auditors

  • Engagement of Approved Auditors: Companies registered with DAFZA must engage auditors who are specifically approved by DAFZA to ensure compliance with regulatory standards.
  • Financial Examination and Reporting: Approved auditors are responsible for examining the company's financial accounts, confirming adherence to International Financial Reporting Standards (IFRS), and verifying the absence of money laundering activities.
  • Audit Report Requirements: The auditor's report must affirm that the company's accounting records are comprehensive, free from material misstatements, and provide an accurate depiction of its financial status at the fiscal year’s end. It must also indicate that the company operates within the confines of its trade license.
  • Impact on Trade License Renewal: Audit reports are essential for the renewal of a company’s trade license, as they provide critical insights for regulatory authorities.
  • Compliance with Regulatory Bodies: DAFZA-approved auditors assess whether companies maintain adequate records as per the Ministry of Finance and the Federal Tax Authority (FTA) requirements, ensuring that accounting practices align with tax obligations and VAT compliance.
  • Selection of Auditors: Companies within DAFZA have the flexibility to choose from a list of reputable DAFZA-approved auditing firms, considering factors such as reputation and industry experience.

Preparation and Maintenance of Accounting Records for Audit

  • Comprehensive Record-Keeping: Companies are required to maintain detailed accounting records, including supporting documents that clarify financial transactions.
  • Regulatory Compliance: These records must accurately represent the company’s financial position and adhere to IFRS and FTA regulations, providing a clear overview of profit and loss for the fiscal year.

Documents Requested by DAFZA-Approved Auditors for the Audit

To perform a comprehensive audit and provide assurance, approved auditors at the Dubai Airport Freezone typically request relevant documents from companies for the applicable financial year. These documents help auditors assess the company’s financial position by analyzing year-end statements in accordance with regulations. Commonly requested documents include:

  • Bank Statements
  • Confirmation of credit and debit 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

Our Audit Services Include The Followings:

External Audit
Due Diligence
Statutory Audit
Recovery audit
Forensic Audit
Internal Audit
ADGM Approved Auditors
Business Valuation Assurance
DSO Approved Auditors
DIFC Approved Auditors
Audit and Assurance
Operational Audit
Stock Audit

FAQS

What is DAFZA?

DAFZA, or the Dubai Airport Free Zone Authority, is a designated free zone established by the Government of Dubai in 1996 to promote economic growth and investment. It is strategically located adjacent to Dubai International Airport.

What are the key benefits of operating in DAFZA?

DAFZA offers several advantages, including 100% foreign ownership, zero corporate tax for up to 50 years, no personal income taxes, and easy repatriation of profits.

Which industries are represented in DAFZA?

DAFZA is home to approximately 1,600 companies across various sectors, including aviation, engineering, telecommunications, and logistics.

How does DAFZA contribute to Dubai's economy?

DAFZA plays a significant role in Dubai’s foreign trade, accounting for a substantial percentage of the city’s total trade, thereby supporting the UAE's economic diversification efforts.

What facilities and services does DAFZA offer?

DAFZA provides state-of-the-art facilities, including office spaces, warehouses, and logistics support, along with a range of services to assist businesses in setting up and operating smoothly.

What is the duration of the DAFZA trade license?

The DAFZA trade license is typically issued for a period of one year, with options for renewal based on compliance with regulations.

If You Are Interested?

Contact us today for a consultation, and let’s get your business up and running in just a few days. Together, we can turn your vision into reality!

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