Dubai logistics city approved auditors

Dubai Logistics City (DLC) is the world's first platform created specifically for the purposes of developing logistics. This Dubai Free Zone is a significant project the government has undertaken to expand the trading options for the Emirate. Located in a large area, Dubai Logistics City Free Zone has an annual air cargo turnover of close to 12 million tons. In addition to the areas of high productivity, there are also residential areas with stores, restaurants, and other amenities, as well as a wonderfully landscaped setting.

The Dubai International Airport is extended by 40 kilometers of the Dubai Logistics City Free Zone, and the remaining 100 kilometers will be transformed into a new international airport that will be the fourth-largest airport in the world.

Dubai's logistics companies benefit greatly from DLC.

Dubai Logistics City's advantages and services

The Dubai Logistics City Free Zone is claimed to offer a wide range of services. In addition to the transportation by sea to air or air to air communication, a variety of procedures are conducted out here. Manufacturing, packaging, labeling, and merge-in-transit are a few other operations. Additionally, it offers exceptional customer care for its clients and partner businesses as well as warehousing facilities. They have created several contemporary technologies and contemporary business models that can accelerate the growth of distribution networks. It has been regarded as one of the world's top logistics communities for this reason.

Why do we need auditing in DLC?

Corporations that are listed in trade free zones and have a trade license must have an audit of their yearly financial statements performed when their trade licenses are renewed. Although a corporation can select its own fiscal year based on its needs, it usually uses the calendar year. The financial year of choice should start on the incorporation date and cannot be less than six months nor longer than eighteen months. Top audit firms in Dubai that are approved with the Dubai Logistics City helps in the auditing process.

Consequences of failing to submit the audit report

It is required that the financial statements of the companies operating in the free zones be audited on a regular basis; failure to do so may result in penalties. The audit in the free zone must be completed on time in order to prevent fines and penalties. A Free Zone Company must currently submit the audit report to the officials’ 90 days after the end of its fiscal year. For each month that an audited financial report is pending, Free Zone Companies risk incurring a financial penalty of AED 5,000.

Each Dubai Design District Company using an auditing service aids in removing any possible discrepancies that could result in fraud. We examine how your company manages its accounts and make sure that accounts are assessed correctly in accordance with appropriate accounting standards.

What procedures are followed in a Dubai logistics city audit?

Following steps are required to be done to prepare an effective audit report:

Documentation Preparation

When a corporation and a third-party firm reach an agreement regarding an external audit that will start on a specific date, the third-party firm that will offer an auditor will ask for the relevant paperwork.

Copies of past audit reports, financial statements, ledgers, bank accounts, receipts, and other documents may be required. An auditor may also seek additional papers. They could include copies of the minutes from board committee meetings, the firm's rules, etc.

Starting the audit

The day of the audit is typically fairly stressful for the entire company because they must be at their best. Employees that were to be interviewed for the audit had to provide clear responses and have subject-matter expertise.

Operating procedures, financial statements, and even the software used for the finance department's field are all verified for compliance with the company's, jurisdictions, and country-specific regulations.

Generating reports

Depending on the strategy that the auditor has created, an audit typically lasts a day or two. After finishing, the auditor must write a report outlining all of their findings and the best ways to deal with any problems or anomalies that were discovered.

Final Meeting

The auditor meets with the management of the firm after the audit is complete to go through the results of the audit. The management and the auditor discuss the auditor's recommendations and findings.

Approved auditors in Dubai Logistics City:

Free zones have unique tax, operation, import, and other laws, rules, and regulations that are developed for and designed for the operation of these free zones such as Dubai Logistics City.

When it comes to auditing Dubai's logistics sector, you need an auditor who knows their stuff. And that's where Farahat & co. comes in.

Farahat & Co. is one of the top audit firms in Dubai and Dubai Logistics City approved auditors. If you are looking for a top audit firm in Dubai then look no further. We offer the best auditing services in the city, with an internal and external audit process that we can customize to fit your needs. We also provide financial audits to help ensure that your business is running smoothly and efficiently.

Our team of experts is available 24/7 to answer any questions you may have about our services and processes.

We're a team of certified accountants and certified internal auditors with years of experience helping companies like yours get the most out of their financials. We've worked with some of the biggest businesses to help them build stronger bottom lines and more efficient operations.

Our process starts with deep dives into your financials, followed by exhaustive reviews of your audit processes and procedures. Our staff members are experts at analyzing complex data sets and making sense of it all—so you don't have to!

Benefits of approved auditors in DLC:

As approved Auditors in Dubai Logistics City, we oversee the company's financial performance and comply with all laws and regulations to ensure smooth execution.

Farahat & co. auditing services in Dubai Logistics City include:

• Financial statements are examined and analyzed by a team of experienced auditors to ensure that they are reliable for conducting corporate operations.

• Operational analysis is carried out in-depth by approved auditors in Dubai Logistics city, who also determine the direct and indirect consequences on your business.

• Our auditors produce required suggestions following thorough study to guarantee your corporation’s future growth.

• We as an approved Auditors in Dubai Logistics City ensure that your corporate rules and procedures are in accordance with accounting standards.

Summing up:

Farahat & co. understands that financial audits are not just about checking boxes; they're about helping you make informed decisions. That's why we provide an interactive report at the end of our audit, including recommendations for improvement based on our findings.

Our goal is to be your partner through every step of the way, so that when we're done working together, you'll know exactly how we can help you achieve success.