RAKEZ Approved Auditor
RAKEZ is one of the largest financial zones in the UAE, located in the emirate of Ras Al Khaimah. It provides businesses access to key markets in Asia, Northern Africa, Europe, and many Middle Eastern countries. Due to this favorable strategic presence, RAKEZ Free Zone offers numerous opportunities to businesses, but only on the condition that they fulfill key requirements, especially the audit requirements.
RAKEZ Free Zone makes it compulsory for all businesses running under its jurisdiction need to submit audited financial statements prepared by RAKEZ approved auditors. The auditors must hold professional certifications such as ACCA or CA, comply with IFRS and UAE regulations, and maintain a strong reputation for meeting compliance requirements and improving financial transparency.
Now Consultant is a licensed firm, registered with RAKEZ, that conducts audits for businesses within the Ras Al Khaimah Economic Zone. Our audit experts not only ensure compliance but also safeguard your business from potential penalties.
WHY YOU NEED AUDIT?
Importance of Audits for RAKEZ Companies
The following are the points highlight the importance of audits for RAKEZ companies:
Financial Transparency
Audits help businesses maintain clear and accurate financial statements. This builds trust with investors, stakeholders, and regulatory authorities. Proper auditing reduces errors and financial misstatements, ensuring reliable business reporting.
Business Credibility
Well-audited financial statements attract investors and business partners. Transparency in financial reporting enhances credibility, making it easier to secure loans and investments. RAKEZ approved auditors provide assurance that businesses follow best financial practices.
Fraud Prevention
Regular audits help detect and prevent fraud, ensuring businesses follow ethical financial practices. By reviewing financial records, auditors can identify discrepancies and potential risks. This safeguards companies from financial losses and legal troubles.
Financial Management
A strong financial audit helps businesses plan for growth and expansion. A clear financial plan enables better decision-making and long-term planning to improve financial management. In addition to this, compliance with auditing standards makes it easier to scale operations and enter new markets.
Our Process of Audit In RAK Economic Zone!
At Now Consultant, the audit expert follows a comprehensive auditing process to ensure accuracy and compliance:
Initial Consultation
In the first step, our audit experts meet with your management team to understand your business structure and financial records. This helps us understand your company’s financial situation and identify key areas of focus for the audit.
Formalize the Audit
In the second step, we formalize our audit engagement by signing an agreement that outlines the scope, objectives, and responsibilities. This document ensures that both parties understand the audit process, timelines, and compliance requirements.
Document Collection
In the third step, we collect all necessary financial documents that are important for the comprehensive audit process. We make sure that all required financial statements are complete and organized before proceeding further.
Risk Assessment and Planning
In the fourth step, we evaluate potential risks related to financial reporting and business operations. Our team develops a detailed audit plan to address key risk areas and ensure compliance with the RAKEZ Authority and IFRS standards.
Audit Execution
In the fifth step, we execute the audit by reviewing financial statements, verifying transactions, and assessing internal controls. Our audit team checks the data carefully to make sure it is accurate and complete.
Reporting & Correction
In the sixth step, we compile our findings into a comprehensive audit report that includes financial insights and compliance requirements. The report highlights any financial inconsistencies and suggests corrective measures to address them.
Submission and Follow-Up
In the last step, we will assist in submitting the audited financial statements to the RAKEZ Authority by the required deadline. We also provide post-audit support, addressing any queries or compliance concerns raised by the authorities. This ensures that your company operates legally and avoids the risk of penalties.
Benefits of Hiring RAKEZ Approved Auditors
The authorized auditors have specific qualifications and expertise in the field of audit. The following are the benefits of hiring Rakez approved auditors:
The approved auditors ensure that your financial statements meet all legal and international standards. They help businesses stay compliant with RAKEZ regulations, avoiding penalties and enhancing transparency and accountability in financial reporting.
The authorized auditors have expertise in dealing with RAKEZ-specific financial rules and compliance requirements. Their expertise ensures accurate financial assessments and smooth audit processes.
A well-conducted audit, executed by the authorized auditor, prevents unnecessary financial losses and ensures efficient financial management. It also improves overall business operations by identifying cost-saving opportunities.
Audited financial statements prepared by approved auditors improve business values. Investors, banks, and stakeholders trust businesses with professionally audited accounts. Proper audits make it easier to secure funding and partnerships for your business.
Documents Required For Audit In RAKEZ
The following documents should be prepared to conduct an audit for your RAKEZ company:
- Memorandum of Association (MOA) and Articles of Association (AOA)
- Company Trade License
- Bank Statements
- General Ledger
- Trial Balance
- Invoices (Sales and Purchases)
- VAT Records (if applicable)
- Payroll Records
- Fixed Asset Register
- Any other relevant financial documents
Why You Should Choose Us As Approved Auditors?
At Now Consultant, we understand the challenges businesses face when it comes to fulfilling RAKEZ’s audit requirements. Our team of expert auditors assists you through every step of the process, ensuring accuracy and compliance.
From the initial consultation to the final submission of your audited financial statements, we help mitigate any risks that may result in penalties or fines. Our professionals make sure that your financial reports are transparent, reliable, and in full compliance with RAKEZ regulations, reducing the risk of any legal or financial issues.
Compliance with RAKEZ Regulations
LET’S ANSWER
Frequently Asked Questions
When should I submit audited financial statements to RAKEZ?
Audited financial statements must be submitted annually to the RAKEZ Authority by the specified deadlines to ensure compliance with regulatory requirements.
Can RAKEZ auditors help with corporate tax compliance?
Yes, RAKEZ auditors assist businesses in preparing accurate financial statements, which are important for corporate tax compliance within the UAE’s tax regulations.
What are the penalties for not hiring a approved auditor?
Suppose you do not hire authorized auditors for the company’s audit in the RAKEZ Free Zone. In that case, it can result in penalties of AED 2,500 or even suspension of your company’s business license within the RAKEZ Free Zone.
What should I do if my business records are incomplete?
If your business records are incomplete, it is recommended to consult with an authorized auditor who can assist in completing and verifying your financial data to ensure it aligns with audit requirements.
What services do RAKEZ approved auditors provide?
RAKEZ approved auditors provide services such as conducting financial audits, ensuring compliance with RAKEZ regulations, and assisting in submitting audited financial reports to the RAKEZ Authority.
