Saif Zone Approved Auditors
Sharjah Airport International Free Zone (SAIF Zone)
Sharjah Airport International Free Zone (SAIF Zone), which was established in 1995, maintains a strong reputation as a preferred free zone for businessmen who wish to invest in the Emirate of Sharjah. The SAIF Zone authority has stipulated the requirement that companies operating within the free zone must get their books of accounts audited by approved auditors in SAIF Zone.
Getting the books of accounts audited is mandatory for companies to renew their Trade License. The SAIF Zone authority mandates that the auditing should be performed only by auditors listed with the authority. Businesses must comply with this annual audit requirement to prevent the occurrence of any financial anomalies. As per the stringent regulations, companies are not allowed to have their books of accounts audited by auditors who are not listed among the SAIF Zone approved auditors, such as Al Fakher Accounting, which is a registered and experienced audit firm operating in compliance with these regulations.
About Sharjah Airport International Free Zone (SAIF Zone)
The SAIF-Zone has been attracting investors for nearly 25 years due to its efficient business setup procedures and an ideal location. Among the 7 emirates, Sharjah is known to be the industrial backbone of the UAE. Around 40% of the UAE’s total industries are situated in Sharjah. The top industries in Sharjah include petrochemicals, textiles, leather, food, and other non-metal industries.
The companies in the SAIF Zone benefit from Sharjah’s excellent connectivity through sea, air, and land. The Sharjah International Airport, Port Khalid, Port Khorfakkan, and Hamriyah Free Zone Port make business with the outside world more efficient. Apart from that, living in Sharjah is cost-efficient, and the easy availability of affordable labor is an advantage for companies operating in the SAIF Zone.
Why Audit Is Mandatory From Approved Auditors In SAIF Zone?
The companies operating in the SAIF Zone must get the books of accounts audited and submitted to the Free Zone Authority within 90 days from the end of the financial year. The audit report must be submitted to the SAIF Zone Authority along with the audited financial statements.
Failure to comply with the mandatory audit requirement can lead to legal consequences, including non-renewal of the trade license. To avoid such issues, companies need to appoint the best audit firms in Sharjah, UAE that are listed with the SAIF Zone Authority.
The auditor registered with the SAIF Zone must analyze and report on the books of accounts of the company prepared in compliance with local and international regulations. The auditor’s report must state whether the accounts provide a true and fair view and are free from material misstatements.
The companies are only allowed to perform the activities listed under their trade license. If a company performs any unlisted activity, the auditor must mention that in the report along with any other audit qualifications.
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How Should Companies Prepare & Maintain Accounting Record for Auditing?
It is mandatory for all companies operating in the SAIF Zone to maintain proper books of accounts that accurately describe the financial position of the company. This helps in preparing financial statements in compliance with International Financial Reporting Standards (IFRS).
The books of accounts must include:
Record of all assets and liabilities
Day-to-day entries of all sums received and expended
Purpose for all receipts and expenditures
As per the regulations, the accounting records must be kept at the registered office within SAIF Zone and must be accessible to shareholders or representatives for inspection at any time.
Auditing Services in SAIF Zone by Al Fakher Accounting
Getting the books of accounts audited by Al Fakher Accounting, one of the approved auditing firms in SAIF Zone, helps companies ensure full compliance with both local and international standards. Al Fakher Accounting is a registered audit firm with SAIF Zone Authority and maintains a reputation for delivering accurate and timely audit services.
Our expert team of auditors ensures that the company’s accounts are in line with IFRS and other regulations such as AML (Anti Money Laundering) and CFT (Combating the Financing of Terrorism). We verify financial statements, analyze supporting documents, and issue clear and true audit opinions.
If any weaknesses in internal control are identified, Al Fakher Accounting provides a detailed management letter to help companies take corrective actions. Several companies in the SAIF Zone rely on our services year after year to ensure timely audit report submission and full regulatory compliance.