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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

  • 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

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