An audit report is a professional declaration regarding the entity's financial activity, assets, balance etc. that is to be prepared by an assigned audit company. The report is usually written in a standard form, according to commonly accepted auditing standards in UAE.
Vast of the Free Zones in UAE vail the necessity of an auditor’s report when applying for license renewal, however some freezones in UAE such as Hamriya Free Zone, DMCC and some other require their member companies to submit an audit report in order to renew the company’s license. The report shall be submitted prior to your license expiration date.
Not any auditor’s company can issue such a report. The auditors must be attested by the Free Zone and be permitted to perform such activity for companies registered in this certain Free Zone. Our company has reputed partner auditors that will professionally assess your company’s financial activity and prepare all the necessary papers for license renewal.
These documents are necessary to submit to your auditor:
An auditor has the right to ask for other clearing documents like invoices or contracts for clarification of unusual or large transactions. Failure to submit or provision of false documentation may result in wrong report data, which may cause additional actions from the side of the registering authority, penalties and/or termination of the company’s license.
The best time to start preparing the audit is about 2-3 weeks before the license expiration, because an auditor may require 2-10 working days for the report preparation, basing on complexity of each case.
Do let us know if you need assistance in this matter, and your audit will be taken care of!