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RAKEZ requires companies incorporated within its jurisdiction to prepare and submit audited financial statements for every financial year. The financial statements must be prepared by a RAKEZ approved auditor and submitted within the prescribed filing period.
Companies incorporated in RAKEZ are required to prepare and submit audited financial statements for each financial year.
The financial statements must be audited by a firm included on the RAKEZ approved auditors list. RAKEZ does not accept audited financial statements prepared by an auditing firm that is not enrolled on its approved list.
Audited financial statements must be submitted to RAKEZ within six months from the end of the company’s financial year. Failure to submit them on time may result in a penalty.
A Free Zone Person seeking to maintain Qualifying Free Zone Person (QFZP) status must prepare and maintain audited financial statements. Subject to meeting the other applicable conditions, a QFZP may benefit from the 0% UAE Corporate Tax rate on Qualifying Income.
The audit begins with an understanding of the company’s business activities, accounting system, financial reporting structure and key areas of audit risk. The scope and information requirements are then communicated to management.
Our auditors review the company’s general ledger, trial balance, bank records, invoices, expense documentation and other supporting schedules to assess whether the accounting records are complete and properly maintained.
Audit procedures are performed on significant financial statement areas such as revenue, expenses, receivables, payables, cash balances, fixed assets, inventory and related-party transactions, depending on the nature of the business.
Where required, additional audit evidence may be obtained through bank confirmations, customer or supplier confirmations, supporting agreements, reconciliations and other third-party documentation.
The financial statements are reviewed to assess whether they are prepared in accordance with the applicable financial reporting framework and whether they present the company’s financial position fairly in all material respects.
Once the audit procedures are completed and outstanding matters are resolved, Athos Auditors LLC issues the independent auditor’s report and audited financial statements for the relevant financial year.
The completed audited financial statements can then be used by the company to meet its annual RAKEZ financial statement submission requirement within the applicable filing period.
Working with a RAKEZ approved auditor helps ensure that the audit report is prepared by a firm recognised by RAKEZ and that the audit process is handled in accordance with the applicable professional and regulatory requirements.
Athos Auditors LLC provides audit and assurance services to companies operating across the business, industrial and academic zones of Ras Al Khaimah Economic Zone. As a RAKEZ approved auditor, we assist eligible free zone and non-free zone companies with annual financial statement audits, accounting records and related financial reporting requirements.
Al Ghail Industrial Zone is designed primarily for large-scale industrial and manufacturing businesses. Athos Auditors assists companies operating in Al Ghail with annual audits covering areas such as revenue, inventory, fixed assets, operating expenses, receivables, payables and other material financial statement balances.
Al Hamra Industrial Zone accommodates both light and heavy industrial activities and provides options for free zone and non-free zone entities. We conduct independent financial statement audits for companies operating in Al Hamra and assist management in preparing for their annual RAKEZ audit requirements.
RAKEZ Academic Zone accommodates educational institutions and related service providers. Athos Auditors provides audit services for companies and institutions operating within the Academic Zone, with audit procedures tailored to the nature of their operations and financial reporting requirements.
Companies involved in industrial manufacturing and related activities within Al Hulaila Industrial Zone may require detailed audit procedures over areas such as inventory, machinery and equipment, purchases, production costs, revenue and working capital balances.
Athos Auditors performs independent audits based on the nature, size and financial activity of each company.
Al Nakheel Business Zone serves SMEs, professional businesses and other commercial operations. Athos Auditors assists RAKEZ companies operating from Al Nakheel with their annual financial statement audits and supporting accounting documentation.
Businesses operating from Al Hamra Business Zone can engage Athos Auditors for their annual RAKEZ audit and financial statement requirements. Our audit process is planned according to the company’s activities, accounting records and applicable financial reporting requirements.
Regardless of the RAKEZ zone in which your company operates, working with a RAKEZ registered and approved auditor helps ensure that your audited financial statements are prepared by an audit firm recognised by the authority.
In addition to annual financial statement audits, Athos Auditors LLC provides accounting, tax and assurance support for businesses operating within Ras Al Khaimah Economic Zone. Services can be tailored according to the company’s activities, reporting requirements and stage of business.
Independent financial statement audits for RAKEZ companies, including audit planning, substantive testing, review of financial statements and issuance of the independent auditor’s report.
Accounting and bookkeeping support to help businesses maintain complete and accurate financial records, including general ledger maintenance, reconciliations, accounts payable, accounts receivable and preparation of financial reports.
VAT support for businesses that are registered or required to register for UAE Value Added Tax, including VAT accounting, return preparation, transaction reviews and assistance with maintaining supporting records.
Audit and accounting assistance may also be required when a RAKEZ company enters liquidation. Athos Auditors can assist with the financial records and audit-related requirements associated with the company’s closure, subject to the applicable RAKEZ procedures.
Internal audit services help management evaluate financial controls, operational processes, risk management and compliance procedures. The scope can be tailored according to the size, activities and risk profile of the RAKEZ business.
Athos Auditors provides audit and assurance services to companies operating across UAE free zones, including businesses registered with RAKEZ. Our team assists companies with annual audits, financial reporting and related compliance requirements applicable to their respective free zone authority.