Ras Al Khaimah Economic Zone (RAKEZ) offers enterprises, both local and foreign, a platform to assist them to break into both the domestic and worldwide markets (the overseas markets include the markets in Asia, Africa, and Europe). To help every firm in the free zone achieve the pinnacle of success, RAKEZ seeks to offer high-quality, reasonably priced services. The free zone furthermore offers flexible packages and cutting-edge facilities.
For assessing a company's current financial situation, an audit is a crucial service. Most free zones have a team of auditors who have been authorised by the zone's regulatory bodies. The term "approved auditors" refers to these. In the free zone, audits can only be performed by approved auditors. We, at GAAP Associates, provide auditing services for companies in the Ras Al Khaimah Economic Zone. The professionals at GAAP Associates will handle all of your company's financial needs and offer efficient and thorough audit services.
Companies registered with the Ras Al Khaimah Economic Zone (RAKEZ) need to maintain proper accounting records and meet the financial reporting requirements applicable to their business. Audited financial statements help demonstrate the company's financial position and support its compliance with the relevant RAKEZ regulations.
RAKEZ's published guidance states that companies must submit audited financial statements for each financial year. The applicable requirements, reporting period and submission process should be confirmed with RAKEZ based on the company's registration and circumstances.
Businesses should keep their financial records organised throughout the year rather than waiting until the reporting deadline approaches. This makes it easier to verify transactions, identify discrepancies and prepare the documents required for an audit.
An audit involves examining a company's financial records to assess whether its financial statements fairly represent its financial position and performance. The scope depends on the company's activities, accounting records and applicable reporting requirements.
Key areas reviewed during an audit may include:
A properly conducted audit gives management a clearer understanding of the company's financial records and helps identify areas that require attention.
Preparing documents in advance can help businesses avoid unnecessary delays during the audit process. Companies operating in RAKEZ should maintain complete and up-to-date accounting records that reflect their actual business transactions.
Before the audit begins, businesses should organise the following documents, as applicable:
The exact documents required may vary depending on the company's activities and financial position. An auditor can help identify missing records and clarify the information needed to complete the review.
Selecting an auditor involves more than comparing fees. RAKEZ companies should ensure that the auditing firm meets the applicable approval and registration requirements for the engagement. RAKEZ publishes a list of approved financial auditing firms on its official website.
When selecting an audit firm, businesses should consider its experience with free zone companies, familiarity with financial reporting requirements, approach to reviewing records and ability to communicate findings clearly.
Working with an auditor who understands the RAKEZ framework can help businesses prepare the necessary documentation, address accounting discrepancies and manage the audit process more efficiently.
GAAP Associates provides auditing services for businesses operating in the Ras Al Khaimah Economic Zone. Our approach focuses on reviewing financial records, understanding business transactions and helping companies obtain a clear picture of their financial position.
Our audit-related services include:
The appropriate service depends on your company's requirements and the purpose of the engagement. Businesses should confirm any RAKEZ-specific auditor approval requirements before appointing an audit firm.
GAAP Associates provides auditing services for companies operating in RAKEZ, helping businesses review their financial records and prepare for the audit process. Our team works with businesses to understand their accounting requirements, examine supporting documents and identify discrepancies that may need attention.
From reviewing financial statements to assessing accounting records, we aim to make the audit process more organised and transparent. We also help businesses understand the documentation required for their engagement and address queries that arise during the review.
Whether you are an established RAKEZ company or a growing business, GAAP Associates can help you approach your audit requirements with greater clarity and confidence. Contact our team to discuss your company's needs and the appropriate audit services for your business.
RAKEZ guidance states that companies registered within its jurisdiction are required to prepare and submit audited financial statements for each financial year. Businesses should confirm the applicable requirements and submission procedure with RAKEZ.
2. When should a RAKEZ company submit its audited financial statements?
RAKEZ's published FAQ states that audited financial statements must be submitted within six months after the end of the company's financial year. Companies should verify their applicable deadline and current submission instructions directly with RAKEZ.
3. Can a RAKEZ company appoint any auditing firm?
Companies should check whether the proposed auditing firm is included in the applicable RAKEZ approved auditors list. The authority publishes its list of approved financial auditing firms on its official website.
4. What happens if accounting records are incomplete before an audit?
Incomplete records can lead to additional queries, delays and difficulties verifying financial transactions. Businesses should organise their invoices, bank statements, reconciliations and other supporting documents before the audit begins. The auditor can then identify gaps and explain what additional information is needed
