The audit of accounts is mandatory in free zones as well. The auditing companies in Dubai are working really hard to carry out the audit of the companies. No matter where the audit firm is situated, you can get help from them. If you think that the auditing firms in Abu Dhabi are better than anywhere else, you can go for them. They will provide you with their services with a happy heart.
If a company is based in a free zone and has completed a year of the services as well, it will have to go through the audit as well. All the companies have a need of maintaining their accounts and so that they may use them when the need arises. So, the need for an audit firm in Dubai is still there for the free zones. Click here for more details.
Free zone companies
The free zone companies and free zone establishments have to carry out the audits but this is not so for the branches and foreign companies. The branches and the foreign companies do not have to carry out the audits necessarily in most of the free zones.
For the purpose of carrying out the audits, it is really important for the company to have all the data mandatory for the audit. If anything is missing, the company might go at steak. So, it is better to have all the necessary data so that the audit may carry out accordingly. Maintenance of the documents and required data is very important for the companies or else they may have to pay penalties which are too much to handle for the small companies.
How much does a company need to maintain the records generally?
Generally, the companies must maintain their records for 5 years. In the mainland, all the companies should maintain their records properly.
Free zones in the northern emirates
The free zones present in the northern side of the Emirates do not require to submit the audited accounts in different companies. Note that the submission of the audit report is waived off but not the preparation of the audit reports. A company needs not to submit the audit reports to the authorities but they must prepare their audit reports so that they may submit them if the need arises.
This shows that the free zone companies need to get the help of auditing firms in Dubai. The audit firms will help them in carrying out the audit of the companies so that all the business transactions and the records may be known.
After the closing of the financial years, the companies will only have a time period of 3 to 6 months to complete their audit report and submit it to the general assembly. In this way, the company’s performance will become known to the company itself will also be able to know how much it needs to work more on the sustainability of the company.
Audit firms in UAE
Hire Farahat & Co, the audit firms in UAE for the composition of your audit reports and know the position and performance of your company in the market.