DAFZA Approved Auditors
Auditing Services in Dubai Airport Free Zone (DAFZA)
Companies operating in the Dubai Airport Free Zone (DAFZA) are required to get their books of accounts audited by audit firms registered and approved by the Dubai Airport Free Zone Authority. Audit firms or licensed auditors who are not listed as DAFZA-approved auditors are not authorized to conduct audits, liquidations, or provide any audit-related services to companies licensed in DAFZA.
This audit requirement applies to both Free Zone Establishments (FZE) and Free Zone Companies (FZCO), ensuring that all registered entities are fully compliant with:
International Financial Reporting Standards (IFRS)
Anti-Money Laundering (AML)
Combating Financing of Terrorism (CFT)
Al Fakher Accounting & Tax Consultancy is an approved auditor in DAFZA and has extensive experience in conducting statutory audits for companies within the Free Zone. Our team ensures that all financial reports reflect the true financial health of your business and meet the strict requirements of DAFZA and other regulatory bodies.
About Dubai Airport Free Zone Authority (DAFZA)
Established under Law No. 2 of 1996 by the Government of Dubai, the Dubai Airport Free Zone Authority (DAFZA) is strategically located next to Dubai International Airport. DAFZA plays a vital role in supporting the UAE’s vision for a diversified, investment-driven economy. It is home to over 1,600 multinational companies from key sectors such as aviation, engineering, IT, telecommunications, and more.
DAFZA is a major contributor to Dubai’s global trade performance, accounting for 12% of the emirate’s foreign trade during the first nine months of 2019. Its proximity to one of the world’s busiest airports with over 150 airlines connecting to more than 220 global destinations makes DAFZA an ideal hub for international business operations.
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Why Audit Is Mandatory From Approved Auditors In DAFZA?
The companies registered with DAFZA are required to appoint an approved accounting firm such as Al Fakher Accounting, who will examine and report on the accounts prepared in accordance with local and international regulations. The auditor’s report must state whether the company’s accounts comply with the International Financial Reporting Standards (IFRS) and make sure the companies are not indulging in money laundering.
The report submitted by Al Fakher Accounting must ensure that books of accounts are complete and no transaction is left unrecorded and the accounts present a true and fair view of the company’s affairs at the end of the financial year and books of accounts are free from material misstatements. The auditor also needs to state in his report that the company has not indulged any other activity except as permitted under its trade license. The authorities rely heavily on the auditor’s report before renewing the trade license.
The Dubai Airport Freezone auditors, such as Al Fakher Accounting, are required to conduct investigations to decide if the company has maintained the proper and complete records as required by the Ministry of Finance and Federal Tax Authority (FTA). The auditor must also ensure that the accounts of the company are in agreement with the accounting records and returns and are VAT compliant. The companies operating in DAFZA can choose approved auditors like Al Fakher Accounting based on their reputation and experience. Experienced DAFZA auditors like Al Fakher Accounting can significantly enhance compliance accuracy and reduce financial risk. DAFZA is a designated Free Zone as per FTA.
How Should Companies Prepare & Maintain Accounting Record for Auditing?
Al Fakher Accounting advises that companies need to maintain proper accounting records including underlying documents that are adequate to explain the transactions. These records are required to disclose the financial position of the company with reasonable accuracy. The accounting records must comply with International Financial Reporting Standards (IFRS) and Federal Tax Authority (FTA) regulations, and must present a fair view of the profit and loss and financial position for the given year.
Documents Required by the DAFZA auditors to Conduct the DAFZA compliance audit
In order to conduct the audit and assurance process, Al Fakher Accounting may require companies to furnish documents corresponding to the relevant financial year. These documents help the auditors to analyze the financial statements and form an opinion on the financial position of the company in compliance with regulatory requirements.
The following documents are typically required:
Bank Statements
Credit/debit confirmations for all financial transactions
Copies of bills and invoices
Memorandum of Association (MoA)
Articles of Association (AoA)
Latest Trade License
VAT and Excise Tax Registration Details (if applicable)
Books of Accounts