Registered Auditors in RAKEZ

According to a declaration by the RAKEZ Authority, businesses operating in the Ras Al Khaimah Economic Zone (RAKEZ) must submit audited financial statements starting with the 2019 fiscal year. Audits must be submitted within six months of the company’s fiscal year-end. The registered auditors in RAKEZ must audit the books of accounts of the businesses operating there.

Only audit firms registered with RAKEZ are permitted to conduct audits or provide auditing-related services to RAKEZ-licensed companies. The regulations ensure that registered companies comply with local and international standards, including International Financial Reporting Standards (IFRS) and regulations related to Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT).

The Ras Al Khaimah Economic Zone (RAKEZ)

RAKEZ is one of the largest economic zones in the UAE, hosting over 14,500 companies. It is situated in the northernmost emirate, Ras al Khaimah. The strategic location in Ras al Khaimah provides companies with access to markets in South Africa, Europe, Southern and Central Asia, and other Middle Eastern countries. The competitive real-estate prices in Ras Al Khaimah, as well as the availability of property on lease, are a big plus for investors. The emirate also has no strict limits on currency exchange or labor recruitment.

RAKEZ provides:

• Entities in both free and non-free zones
• Client self-service portal
• Access to major logistical hubs
• Full foreign ownership is permitted.
• Various commercial and industrial facilities

• Processes that are rapid and effective for starting a business

   

Why is an audit from an approved auditor required in RAKEZ?

Companies registered with RAKEZ must appoint an auditor to examine and report on financial statements prepared by local and international regulations. The auditor's report must state whether the company's accounts comply with International Financial Reporting Standards (IFRS) and applicable Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.

The auditor's report must specify whether the accounts present a true and fair picture of the company's affairs at the end of the fiscal year and whether the accounts are free of material misstatements. The auditor must also state in his report whether the company is only engaging in activities that are permitted by its trade license. Before renewing the trade license, the authorities heavily rely on the auditor's report.

The RAKEZ-approved auditor must verify that the company has maintained proper accounting records. The auditor must also ensure that the company's accounts are consistent with the accounting records and returns. Failure to submit audited financial statements may result in a fine of AED 2,500 and potential suspension of services.

Companies operating in RAKEZ can select the best RAKEZ-approved auditing firms based on their reputation and experience.

Documents Required for the Audit by RAKEZ Approved Auditors

In order to conduct the audit and assurance, the auditors request that the companies provide the documents corresponding to the relevant year, which simplifies the auditor's job of drawing an opinion on the financial position by analyzing the financial statements at year-end to ensure compliance with regulations. Companies are required to provide the following paperwork:

• Account Statements
• All financial transactions require credit/debit confirmation.
• Bills and invoice copies
• Association Memorandum (MoA)
• Articles of Incorporation (AOA)
• Most recent Trade License Registration VAT and Excise Tax Information (If Applicable)
• Accounts books

RAKEZ Auditing Services

It is critical to note that companies must appoint auditors from the RAKEZ Approved List of Auditors. Reyson Badger is a highly regarded auditing and accounting firm in the UAE. Reyson Badger is registered with the Ras Al Khaimah Economic Zone Authority (RAKEZ). Our expert audit team analyses and reports on the accounts of the companies operating in RAKEZ.

As a RAKEZ-approved auditor, Reyson Badger provides professional audit services in the Ras al Khaimah Economic Zone.

• We provide cost-effective and efficient auditing solutions tailored to the needs of businesses operating in RAKEZ.
• We ensure efficiency by making all services and transactions as seamless and transparent as possible.
• We provide businesses with a customized business solution that is tailored to their needs.
• We assist you in understanding your business and business trends so that you can make more informed decisions.

Reyson Badger guarantees that your financial statements are true and correct. We examine the audit report to ensure that it reflects an honest opinion of the company's financial aspects. We ensure that the books of accounts comply with international standards. We use advanced audit techniques and data analytics to ensure complete accuracy. We identify flaws in internal control procedures and make recommendations. We prepare and present audit work on time in accordance with client requirements. Reyson Badger issues high-quality audit reports under RAKEZ regulations.

Book a free consultation today to know more