{"id":1098,"date":"2021-11-23T01:28:30","date_gmt":"2021-11-23T01:28:30","guid":{"rendered":"https:\/\/gaviaspreview.com\/wp\/conult\/cf-listing-page\/"},"modified":"2023-05-19T06:12:36","modified_gmt":"2023-05-19T06:12:36","slug":"audit-and-assurance-services","status":"publish","type":"page","link":"https:\/\/cgmaglobal.net\/index.php\/services\/audit-and-assurance-services\/","title":{"rendered":"Audit and Assurance Services"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1098\" class=\"elementor elementor-1098\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5bca3c12 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5bca3c12\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-72416ac4\" data-id=\"72416ac4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-5951be86 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5951be86\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-112366af\" data-id=\"112366af\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9fb60fa elementor-widget elementor-widget-heading\" data-id=\"9fb60fa\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.2 - 23-04-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Contact with us for any advice<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-712be4c0 elementor-view-stacked elementor-vertical-align-bottom elementor-shape-circle elementor-mobile-position-top elementor-widget elementor-widget-icon-box\" data-id=\"712be4c0\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/cgmaglobal.net\/wp-content\/plugins\/elementor\/assets\/css\/widget-icon-box.min.css\">\t\t<div class=\"elementor-icon-box-wrapper\">\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<span class=\"elementor-icon elementor-animation-\" >\n\t\t\t\t<i aria-hidden=\"true\" class=\" icon-conult-phone\"><\/i>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t<span  >\n\t\t\t\t\t\tCall Anytime\t\t\t\t\t<\/span>\n\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\t+971 55 64 51013\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-7ce3ed0a\" data-id=\"7ce3ed0a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5021570f elementor-widget elementor-widget-text-editor\" data-id=\"5021570f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.2 - 23-04-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<strong><u>Audit and Assurance Services<\/u><\/strong>\n<p style=\"text-align: justify;\">An Audit is\u00a0the examination or inspection of various books of accounts and vouchers by an auditor to ensure\u00a0that all departments are following documented system of recording transactions. It is done to ascertain the accuracy of financial statements provided by the organization.<\/p>\n<p style=\"text-align: justify;\">CGMA offers different types of Audit services.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4d16572 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4d16572\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-aa6238f\" data-id=\"aa6238f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5503b35 elementor-widget elementor-widget-text-editor\" data-id=\"5503b35\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: justify;;\"><strong>External Audit<\/strong><\/p>\n<p style=\"text-align: justify;;\">An External Audit is an inspection and analysis of a business\u2019s financial state conducted by an Audit Firm not associated with the business being audited. This process usually begins with an analysis of the business\u2019s accounting records to determine the accuracy of calculations and the recording processes used. The purpose of such investigation is to determine if the business\u2019s accounting practices are effective and meet accounting standards. The external auditor\u2019s interpretation of the business\u2019s accounts is compared with the Company\u2019s financial statements to determine if the financial report accurately reflects the status of the business\u2019s finances and overall fiscal well-being.<\/p>\n<p style=\"text-align: left;\">Why an External Audit is advised?<\/p>\n<p style=\"text-align: left;\">In most cases, the business investors require external audit to seek reassurance that the company management team is competently performing their tasks and at the same time, their investments in the Company are secured. In other instances, external audits are also required by governments or government agencies to detect fraudulent practices.<\/p>\n<p style=\"text-align: left;\">How CGMA can assist in getting your External Audit done competently and effectively?<\/p>\n<p style=\"text-align: left;\">CGMA is an establishment handled by Professionally Qualified Chartered Accountants who have an extensive experience in the areas of External &amp; Internal Audit, Accounting, and Financial &amp; Business Consultancy. CGMA is associated with CAPEX Hassan Auditing, a well-known, reputed Audit Firm and listed as an approved Audit Firm in different Free zones and Mainland areas in UAE.\u00a0 The External Audit service provided by our Group Firm is accepted and recognized by all Government Authorities, Free Zone Authorities and Banks of UAE.<\/p>\n<p style=\"text-align: left;\">As one of the experienced\u00a0Auditing firms in Dubai, we are qualified to assist your Company meet any audit requirements, whether required by government agencies, company bylaws, or other institutions.<\/p>\n\n<ol style=\"text-align: left;\">\n \t<li><strong>Dubai Silicon Oasis Audit Services<\/strong><\/li>\n<\/ol>\n<p style=\"text-align: left;\">Dubai Silicon Oasis (DSO) is a globally recognized free zone and an integrated technology park that allows people to live, work, and play. The free zone was established to provide a platform to promote and facilitate industries based around modern technology. It is located in the city of Dubai with close proximity to Port of Jebel Ali, Port Rashid and the Dubai International Airport.<\/p>\n<p style=\"text-align: justify;\">Companies operating in the DSO are required to comply with the rules and regulations established by the free zone authority in order to continue operating as a licensed business entity within the Dubai Silicon Oasis Authority (DSOA). \u00a0DSOA is responsible for ensuring that the business environment within the Free zone is controlled and regulated. \u00a0DSOA is also responsible for Business structures and formations, renewal of business licenses as well as recording and reporting of financial activities of business entities. The business entities within the free zone are required to comply with some additional requirements when conducting business operations in the mainland outside the free zone.<\/p>\n<p style=\"text-align: justify;\">A business entity which desires to operate within DSO free zone must register itself first with the DSOA and get a valid business license pertaining to the activities it wants to pursue. It can establish its legal presence within the DSO by selecting any of the business structures.<\/p>\n<p style=\"text-align: justify;\"><strong>Free Zone Establishment (FZE)<\/strong> &#8211; It is a legal business entity that can be incorporated by a Single shareholder. AED1Million is the minimum capital required for establishing an FZE within the DSO free zone.<\/p>\n<p style=\"text-align: justify;\"><strong>Free Zone Company (FZCO)<\/strong>&#8211; To be able to start an FZCO in DSO, the minimum capital required is AED 500,000 wherein the capital of one shareholder must be at least AED 100,000 and above. There should also be a minimum of two shareholders to establish a FZCO in the DSO free zone.<\/p>\n<p style=\"text-align: justify;\"><strong>Branch of a Company<\/strong> &#8211; Any local or international company can establish its branch in the DSO free zone provided that the branch will only be allowed to conduct business activities that are identical with the activities in which its parent company deals in.<\/p>\n<p style=\"text-align: justify;\"><strong>DSO Free Zone External Audit Requirement <\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong>Business entities operating within the DSO are required to submit to DSOA their annual financial statements audited by a DSO approved audit firm within four months after the end of financial year if they wish to renew and continue the licensed business in DSO.<\/p>\n<p style=\"text-align: justify;\"><strong>Approved Auditors<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong>CGMA Consultants, in partnership with Capex Hassan Auditing, is a listed and approved Auditing Firm in DSOA. We are allowed to perform External Audit of companies operating in the DSO free Zone. Our team of Professional Qualified Auditors will provide assurance to the shareholders and stakeholders that the Company is conducting its operations in compliance with applicable laws and regulations. Our audit process is designed in a way that shows compliance with all applicable accounting and auditing standards.<\/p>\n<p style=\"text-align: justify;\">Should you require the assistance of an audit firm approved to perform External Audit of business entities within the DSO free zone, other free zones, or mainland UAE, please give us a call at +971 556451013 or email us at <a href=\"mailto:info@cgmaglobal.net\">info@cgmaglobal.net<\/a> . \u00a0Our qualified and experienced Audit professionals are ready to work with you!<\/p>\n\n<ol style=\"text-align: justify;\" start=\"2\">\n \t<li><strong>Dubai Airport Free zone Audit Services<\/strong><\/li>\n<\/ol>\n<p style=\"text-align: justify;\">Dubai Airport Free zone is a dynamic business hub and was established in 1996. It occupies land adjacent to the Dubai Airport but is not technically part of the airport. Dubai Airport Free zone is regulated by the\u00a0Dubai Airport Free Zone Authority (DAFZA). DAFZA establishes the requirements for creating businesses in the free zone and manages the licensing, license renewals, and business financial activities reporting.<\/p>\n<p style=\"text-align: justify;\"><strong>DAFZA External Audit Requirements<\/strong><\/p>\n<p style=\"text-align: justify;\">In DAFZA, the Business owners\/managers are required to submit an External Audit Report conducted by a DAFZA Approved Auditor. The Audit Report is one of the main requirements of DAFZA for Business License Renewal. DAFZA uses the information in the business\u2019s financial reports along with the audit report to assure that the businesses are operating ethically, legally and within the limits established by both the free zone authority and the UAE (where applicable). This also assures the authority that the business\u2019s reports can be trusted and that the business is not acting fraudulently and complies with international regulations such as Anti Money Laundering (AML) and International Financial Reporting Standards (IFRS).<\/p>\n<p style=\"text-align: justify;\"><strong>Approved Auditors <\/strong><\/p>\n<p style=\"text-align: justify;\">DAFZA maintains a list of approved auditing firms that are authorized to perform the required external audits. Businesses in the free zone must select a firm from the approved list to perform the annual audit of their accounts. CGMA Global Consultants, in partnership with Capex Hassan Auditing, is a listed and approved Auditing Firm to perform External Audit of companies operating in the Dubai Airport Free zone. Our team of Professional Qualified Auditors will provide assurance to the shareholders and stakeholders that the Company is conducting its operations in compliance with applicable laws and regulations. Our audit process is designed in a way that shows compliance with all applicable accounting and auditing standards. If the business appoints an auditor who is not an approved DAFZA auditor, then in such a case, the audit will be considered null and void, and the Company will have to face fines and other consequences.<\/p>\n<p style=\"text-align: justify;\">Should you require the assistance of an audit firm approved to perform External Audit of business entities within the Dubai Airport Free Zone, other free zones, or mainland UAE please give us a call at +971 556451013 or email us at <a href=\"mailto:info@cgmaglobal.net\">info@cgmaglobal.net<\/a> . \u00a0Our qualified and experienced Audit professionals are ready to work with you!<\/p>\n\n<ol style=\"text-align: justify;\" start=\"3\">\n \t<li><strong>Jebel Ali Free Zone Authority (JAFZA) Audit Services<\/strong><\/li>\n<\/ol>\n<p style=\"text-align: justify;\">Jebel Ali Free Zone is one of the leading free zones in the region and aims to provide world-class services and opportunities to businesses. The free zone was established in the year 1985, and it is located in Dubai, between Jebel Ali Port and Al Maktoum International Airport. JAFZA provides businesses with the best connectivity.<\/p>\n<p style=\"text-align: justify;\">.<strong>JAFZA External Audit Requirements<\/strong><\/p>\n<p style=\"text-align: left;\">Businesses operating in JAFZA must renew their business license annually. As part of the renewal process, every Company must submit an Audited financial report conducted by JAFZA approved auditors. This audit will assure the authorities that the business\u2019s financial statements are verified and accurate and that no fraudulent activities are being disguised by false financial reports.<\/p>\n<p style=\"text-align: justify;\">The audit report must also indicate the auditor\u2019s opinion whether the statements reveal an honest and true description of the Company\u2019s finances. The audit report must be submitted and forwarded to the Free Zone Establishment authority along with the annual business accounts report within three months of the end of the financial year.<\/p>\n<p style=\"text-align: left;\"><strong>Approved Auditors <\/strong><\/p>\n<p style=\"text-align: justify;\">JAFZA maintains a list of approved auditing firms authorized to perform the required external audits. Businesses in the free zone are required to select a firm from the approved list to perform the annual audit of their accounts. CGMA Consultants, in partnership with Capex Hassan Auditing, is a listed and approved Auditing Firm to perform External Audits of companies operating in the Jebel Ali Free zone. Our team of Professional Qualified Auditors will provide assurance to the shareholders and stakeholders that the Company is conducting its operations in compliance with applicable laws and regulations. Our audit process is designed in a way that shows compliance with all applicable accounting and auditing standards. If the business appoints an auditor who is not an approved auditor, then in such a case, the audit will be considered null and void, and the Company will have to face fines and other consequences.<\/p>\n<p style=\"text-align: justify;\">Should you require the assistance of an audit firm approved to perform External Audit of business entities within the Jebel Ali Free Zone, other free zones, or mainland UAE, please give us a call at +971 556451013 or email us at <a href=\"mailto:info@cgmaglobal.net\">info@cgmaglobal.net<\/a> . \u00a0Our qualified and experienced Audit professionals are ready to work with you!<\/p>\n\n<ol style=\"text-align: justify;\" start=\"4\">\n \t<li><strong>Dubai Multi Commodities Centre (DMCC)\u00a0Audit Services<\/strong><\/li>\n<\/ol>\n<p style=\"text-align: justify;\">Dubai Multi Commodities Centre (DMCC) was established in 2002 and is the largest Free zone in UAE. It provides the physical market and financial infrastructure required to establish a hub for global commodities trade.\u00a0 DMCC\u2019s headquarter is located in Almas Tower and manages a business community of more than 19,000 companies.<\/p>\n<p style=\"text-align: justify;\"><strong>DMCC External Audit Requirements<\/strong><\/p>\n<p style=\"text-align: left;\">DMCC registered companies are required to present and submit an External Audit Financial Report within 90 days after fiscal year-end. \u00a0Audits are mandatory for all companies registered in the DMCC and only External Audit reports conducted by DMCC approved auditors will be recognized and accepted. The said audit report will disclose any unethical business practices or activities by the Company and allow the DMCC authorities the basis to reject the business license renewal. External Audit certifies the accuracy of the financial reports, and it also provides assurance to owners that the Company is well managed and operating efficiently.<\/p>\n<p style=\"text-align: justify;\"><strong>Approved Auditors<\/strong><\/p>\n<p style=\"text-align: justify;\">DMCC maintains a list of approved auditing firms authorized to perform the required external audits. Businesses in the free zone are required to select a firm from the approved list to perform the annual audit of their accounts. CGMA Global Consultants, in partnership with Capex Hassan Auditing, is a listed and approved Auditing Firm to perform External Audit of companies operating in DMCC. Our team of Professional Qualified Auditors will provide assurance to the shareholders and stakeholders that the Company is conducting its operations in compliance with applicable laws and regulations. Our audit process is designed in a way that shows compliance with all applicable accounting and auditing standards. If the business appoints an auditor who is not an approved DMCC auditor, then in such a case, the audit will be considered null and void, and the Company will have to face fines and other consequences.<\/p>\n<p style=\"text-align: left;\">Should you require the assistance of an audit firm approved to perform External Audit of business entities within DMCC, other free zones, or mainland UAE, please give us a call at +971 556451013 or email us at <a href=\"mailto:info@cgmaglobal.net\">info@cgmaglobal.net<\/a> . \u00a0Our qualified and experienced Audit professionals are ready to work with you!<\/p>\n\n<ol style=\"text-align: justify;\" start=\"5\">\n \t<li><strong>Dubai International Financial Centre (DIFC) Audit Services<\/strong><\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong>The Dubai International Financial Centre (DIFC) was founded in 2004. \u00a0The free zone aims to provide a world-class business platform to companies that are established in the jurisdiction by forming a connection between the Middle East, Africa, South Asia (MEASA) countries as well as the world. The DIFC district features ultra-modern office spaces, residential apartments, hotels, retail outlets, cafes and restaurants, and art galleries, making it the ultimate destination where business meets lifestyle.<\/p>\n<p style=\"text-align: left;\">DIFC is controlled by Three independent bodies: DIFC Authority (DIFCA), Dubai Financial Services Authority (DFSA), and the DIFC Courts.<\/p>\n<p style=\"text-align: justify;\"><strong>DIFC External Audit Requirements<\/strong><\/p>\n<p style=\"text-align: left;\">DIFC Companies are obliged to submit within four months at the end of their financial year an audited financial statement. Apart from this, to enable the companies to renew the business licence, an External Audit report must also be forwarded to the regulating authorities in the DIFC. The purpose of the Audit is to ensure that the business entities operating within the DIFC are complying with the laws and regulations established by the DIFCA, DIFC Courts and the DFSA. The External Audit requirement also validates to the regulating authorities in DIFC that the business entities have prepared their financial statements in compliance with the applicable accounting standards and that business entities are not involved in any kind of misconduct, fraud, and illegal activities.<\/p>\n<p style=\"text-align: left;\"><strong>Approved Auditors<\/strong><\/p>\n<p style=\"text-align: justify;\">DIFC maintains a list of approved auditing firms authorized to perform the required external audits. Businesses in the free zone are required to select a firm from the approved list to perform the annual audit of their accounts. CGMA Global Consultants, in partnership with Capex Hassan Auditing, is a listed and approved Auditing Firm to perform External Audit of companies operating in DIFC. Our team of Professional Qualified Auditors will provide assurance to the shareholders and stakeholders that the Company is conducting its operations in compliance with applicable laws and regulations. Our audit process is designed in a way that shows compliance with all applicable accounting and auditing standards. If the business appoints an auditor who is not an approved DIFC auditor, then in such a case, the audit will be considered null and void, and the Company will have to face fines and other consequences.<\/p>\n<p style=\"text-align: justify;\">Should you require the assistance of an audit firm approved to perform External Audit of business entities within DIFC, other free zones, or mainland UAE, please call us at +971 556451013 or email us at <a href=\"mailto:info@cgmaglobal.net\">info@cgmaglobal.net<\/a> . \u00a0Our qualified and experienced Audit professionals are ready to work with you!<\/p>\n\n<ol style=\"text-align: justify;\" start=\"6\">\n \t<li><strong>Dubai South Free zone \/Dubai World Center Audit Services<\/strong><\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong>Dubai South Free Zone was earlier known as Dubai World Central (DWC). \u00a0It was intended to provide all types of industries with an economic platform and to produce an approximate 500,000 jobs in Dubai. It is situated near to Jebel Ali Sea Port and Al Maktoum International Airport. The strategic location of the DWC free zone makes it in an ideal position to provide convenient shipment around Gulf Cooperation Council member states, the Middle East and in the other parts of the world.<\/p>\n<p style=\"text-align: justify;\">The DWC free zone authority is responsible for regulating the companies and the business establishments within Dubai South. It is also responsible for establishing requirements for Business formations, business license renewal and financial reporting of companies within the DWC free zone. The authority also compels the companies operating within the Dubai World Central to submit to them an annual audited financial statement.<\/p>\n<p style=\"text-align: justify;\">There are 2 Types of Businesses in Dubai South Free zone:<\/p>\n<p style=\"text-align: left;\"><strong>1) DWC Limited Liability Company <\/strong><\/p>\n<p style=\"text-align: justify;\">A DWC Limited Liability Company (LLC) in DWC is a new legal entity with its own legal personality. The minimum capital requirement for establishing a DWC \u2013 LLC is AED 300,000. The liability of its members (shareholders) is limited to the value of the share capital they hold in the Company. A DWC limited liability company must have Shareholders, Directors, a Company Secretary, and a General Manager, and will have the designation DWC-LLC.<\/p>\n<p style=\"text-align: justify;\"><strong>2) Subsidiary or Branch of Limited Liability Company<\/strong><\/p>\n<p style=\"text-align: left;\">A Branch is a representative office of a legal entity that already exists outside of the DWC Free Zone (local or international). It does not have a separate legal personality, and it only derives its power and authority from the parent entity. A branch cannot engage in any activity which the parent entity is already not allowed to undertake.<\/p>\n<p style=\"text-align: justify;\">A Branch must have a General Manager who is responsible for the day-to-day operation of the Branch, but it will not have a board of directors or company secretary. A Branch must retain the same name as the parent entity and end with the designation (Branch)<\/p>\n<p style=\"text-align: justify;\"><strong>Dubai South \/ DWC External Audit Requirements <\/strong><\/p>\n<p style=\"text-align: left;\">One of the mandatory requirements for businesses in DWC\/Dubai South free zone upon business license renewal is to conduct External Audit of its financial statements. Companies need to submit the External Audit report to the free zone authority performed by an Approved Audit Firm of DWC. The External Audit requirement helps the free zone authority to verify if the business is operating ethically, legally and within the rules and regulations established by the free zone authority as well as the UAE (if applicable).<\/p>\n<p style=\"text-align: justify;\"><strong>Approved Auditors in DWC<\/strong>\nDWC maintains a list of approved auditing firms authorized to perform the required external audits. Businesses in the free zone are required to select a firm from the approved list to perform the annual audit of their accounts. CGMA Consultants, in partnership with Capex Hassan Auditing, is a listed and approved Auditing Firm to perform External Audit of companies operating in DWC. Our team of Professional Qualified Auditors will provide assurance to the shareholders and stakeholders that the Company is conducting its operations in compliance with applicable laws and regulations. Our audit process is designed in a way that shows compliance with all applicable accounting and auditing standards. If the business appoints an auditor who is not an approved auditor, then in such a case, the audit will be considered null and void, and the Company will have to face fines and other consequences.<\/p>\n<p style=\"text-align: justify;\">Should you require the assistance of an audit firm approved to perform External Audit of business entities within DWC, other free zones, or mainland UAE, please give us a call at +971 556451013 or email us at <a href=\"mailto:info@cgmaglobal.net\">info@cgmaglobal.net<\/a> . \u00a0Our qualified and experienced Audit professionals are ready to work with you!<\/p>\n\n<ol style=\"text-align: justify;\" start=\"7\">\n \t<li><strong>Hamriyah Free zone Audit Services<\/strong><\/li>\n<\/ol>\n<p style=\"text-align: justify;\">Hamriyah Free Zone is situated in Sharjah, UAE, and was established in 1995. \u00a0It offers economically sustainable incorporation services such as modern infrastructure, logistics, investor connectivity, and critical operations support for its investors, encouraging regional and international trade and commerce. Opening a company in HFZE provides a lot of Commercial Advantages such as no customs duty on import, export &amp; re-export; No corporate and income taxes, full foreign ownership; 100% repatriation of capital and profits<strong>. <\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>HFZA External Audit Requirements <\/strong><\/p>\n<p style=\"text-align: left;\">Hamriyah Free Zone Authority (HFZA) is the regulating authority responsible in all companies operating in Hamriyah Free Zone. They require that all business operating within the free zone to submit an annual audited financial statement of the Company within 90days from the end of the financial year. The audited reports provide not only financial position but also the operational aspects of the business. It must be conducted by an HFZ approved auditors stating whether the financial statements give an accurate and objective analysis and are prepared in accordance with the applicable laws and regulations. The audited report provides assurance to the HFZA that the business is not involved in any fraudulent or unlawful activity<strong>.<\/strong><\/p>\n<p style=\"text-align: left;\"><strong>Approved Auditors<\/strong><\/p>\n<p style=\"text-align: justify;\">HFZA maintains a list of approved auditing firms authorized to perform the required external audits. Businesses in the free zone are required to select a firm from the approved list to perform the annual audit of their accounts. CGMA Global Consultants, in partnership with Capex Hassan Auditing, is a listed and approved Auditing Firm to perform External Audit of companies operating in HFZA. Our team of Professional Qualified Auditors will provide assurance to the shareholders and stakeholders that the Company is conducting its operations in compliance with applicable laws and regulations. Our audit process is designed in a way that shows compliance with all applicable accounting and auditing standards. If the business appoints an auditor who is not an approved auditor, then in such a case, the audit will be considered null and void, and the Company will have to face fines and other consequences.<\/p>\n<p style=\"text-align: left;\">Should you require the assistance of an audit firm approved to perform External Audit of business entities within HFZA, other free zones, or mainland UAE, please give us a call at +971 556451013 or email us at <a href=\"mailto:info@cgmaglobal.net\">info@cgmaglobal.net<\/a> . \u00a0Our qualified and experienced Audit professionals are ready to work with you!<strong>\u00a0<\/strong><\/p>\n\n<ol style=\"text-align: justify;\">\n \t<li><strong>Internal Audit 2<\/strong><\/li>\n<\/ol>\n<p style=\"text-align: justify;\">An internal audit is an organizational initiative to monitor and analyse its own business operations in order to determine how well it conforms to a set of specific criteria. It provides the management and board of directors with critical information about several aspects of the Company\u2019s activities. It facilitates them to move forward with strategies to build the business and increase profits.<\/p>\n<p style=\"text-align: left;\"><strong>Why an Internal Audit is advised?<\/strong><\/p>\n<p style=\"text-align: left;\">In the business, an internal audit focus on\u00a0enterprise risk management\u00a0functions,\u00a0security processes, or maintaining regulatory compliance, as well as many other business departments and activities.\u00a0As part of the internal audit plan, auditors try to find discrepancies between operational processes and what those processes are designed to do. If internal auditors do find discrepancies, these issues are discussed in the report issued to management so that the processes can be improved and simplified if required.<\/p>\n<p style=\"text-align: left;\">Internal audit plans are often designed as a pre-emptive maneuver to maintain operational efficiency and financial reliability, as well as to safeguard assets.<\/p>\n<p style=\"text-align: left;\"><strong>How CGMA can assist in getting your Internal Audit done competently and effectively?<\/strong><\/p>\n<p style=\"text-align: left;\">\u00a0CGMA internal auditing\u00a0can make your Company more successful and profitable.\u00a0With the professional experience and specialized knowledge of CGMA\u00a0Team, it is expected that clients will be given the right strategies and recommendations to make that the processes and systems to be more efficient and effective.<\/p>\n\n<ol style=\"text-align: left;\">\n \t<li><strong>Forensic Audit 3<\/strong><\/li>\n<\/ol>\n<p style=\"text-align: left;\">A forensic audit is\u00a0an examination and evaluation of a firm&#8217;s or individual&#8217;s financial records to derive evidence to uncover criminal behavior such as fraud, embezzlement or financial crimes. The said evidence can be used in the court of law or legal proceeding.<\/p>\n<p style=\"text-align: left;\">Forensic audit investigations can uncover or confirm various types of illegal activities. Usually, a forensic audit is chosen instead of a regular audit if there&#8217;s a chance that the evidence collected would be used in court. Companies conduct forensic audits to prosecute culprits convicted for fraud, robbery or other financial misconduct.<\/p>\n\n<h2 style=\"text-align: left;\">What Compels a Forensic Audit?<\/h2>\n<p style=\"text-align: left;\">In a forensic audit, an auditor would be on the lookout for:<\/p>\n\n<ul style=\"text-align: left;\">\n \t<li>Conflict of Interest<\/li>\n \t<li>Bribery<\/li>\n \t<li>Extortion<\/li>\n \t<li>Asset Misappropriation<\/li>\n \t<li>Financial Statement Fraud<\/li>\n<\/ul>\n<p style=\"text-align: left;\">If your company targets to establish better standards for transparency, effective internal controls and prevents the risk of fraud and corruption, CGMA Forensic Audit Services will assist you in ensuring to prevent and detect error and unethical conduct, ultimately leading to successful business operation.<\/p>\n<p style=\"text-align: left;\">Our Forensic Auditing\/Accounting Services will help your business not only to avoid and identify fraud, misconduct, and violations of regulations but will also provide appropriate recommendations for Effective Internal Control, prevent Criminal Activities, Reduce the risk of Company Loss through Consistent and Close supervision of Company activities.<\/p>\n\n<ol style=\"text-align: left;\">\n \t<li><strong>Pre-audit and Audit Facilitation 4<\/strong><\/li>\n<\/ol>\n<p style=\"text-align: left;\"><strong>\u00a0<\/strong>A pre-audit is\u00a0a preliminary work conducted by an auditor prior to the scheduled start date of an audit. During a pre-audit,\u00a0a company or individual&#8217;s financial documents are examined to ensure that all information is correct before the Company or individual undergoes an official audit. The purpose of a pre-audit is to gather preliminary information about the client, which can be used to highlight any areas that may require special attention during the audit.<\/p>\n<p style=\"text-align: left;\">At CGMA, we do facilitate Audit to ensure that audited reports will be submitted as per the agreed timeline. If the Company being audited isn\u2019t ready at the designated time, an audit firm\u2019s resources may also not be available. This can lead to significant delays and potentially missing important debt covenant or regulator deadlines, resulting in unhappy shareholders.<\/p>\n<p style=\"text-align: left;\">We at CGMA follow the key audit preparation:<\/p>\n\n<ol style=\"text-align: left;\">\n \t<li>Review the Previous Audit to Identify Risks<\/li>\n<\/ol>\n<p style=\"text-align: left;\">The initial step to prepare for an audit is to review your organization\u2019s last audit with an eye for issues cited and correct those in advance. Then, identify areas of risk such as equity and debt arrangements, revenue recognition, IT systems, and controls.<\/p>\n\n<ol style=\"text-align: left;\" start=\"2\">\n \t<li>Assemble Internal Team and Evaluate Needs<\/li>\n<\/ol>\n<p style=\"text-align: left;\">Review the staffs who will be involved in the auditing before an audit begins. Designate the staffs who have the right skills and experience. The person in this role coordinates and manages all audit activity. If the controller doesn\u2019t have a strong skill set, then the likelihood of having issues with the audit increases significantly.<\/p>\n\n<ol style=\"text-align: left;\" start=\"3\">\n \t<li>Set Expectations<\/li>\n<\/ol>\n<p style=\"text-align: left;\">Communication should be clear and frequent with all participants as audit preparation is in progress. Consistently communicate with the engagement team, company team and external resources on a regular basis. Schedule frequent status meetings between the audit firm and company personnel to determine progress and address any issues. Regularly confirm that the deliverable of a signed audit opinion on the required date is still realistic.\u00a0Request a timeline from the auditors that includes deliverables and milestones. By having a candid conversation at the start of the audit process about expectations and issues, the audit will start off on the right track, and issues will be minimized.<\/p>\n\n<ol style=\"text-align: left;\" start=\"4\">\n \t<li>Reacquaint with and Commit to the Auditing Firm<\/li>\n<\/ol>\n<p style=\"text-align: left;\">Review the evaluation to get reacquainted with the team, including overall quality, responsiveness, consultation process, communication habits, quality of recommendations, understanding of the Company\u2019s business and importantly, results versus expectations. An evaluation review provides an opportunity for both sides to discuss process changes or restate respective needs, priorities or expectations.<\/p>\n<p style=\"text-align: left;\">Effective planning in advance and consistent communication throughout the audit process can ensure that your Company\u2019s audit runs smoothly and efficiently.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Contact with us for any advice Call Anytime +971 55 64 51013 Audit and Assurance Services An Audit is\u00a0the examination or inspection of various books of accounts and vouchers by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":161,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-1098","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/cgmaglobal.net\/index.php\/wp-json\/wp\/v2\/pages\/1098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cgmaglobal.net\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/cgmaglobal.net\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/cgmaglobal.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cgmaglobal.net\/index.php\/wp-json\/wp\/v2\/comments?post=1098"}],"version-history":[{"count":10,"href":"https:\/\/cgmaglobal.net\/index.php\/wp-json\/wp\/v2\/pages\/1098\/revisions"}],"predecessor-version":[{"id":1715,"href":"https:\/\/cgmaglobal.net\/index.php\/wp-json\/wp\/v2\/pages\/1098\/revisions\/1715"}],"up":[{"embeddable":true,"href":"https:\/\/cgmaglobal.net\/index.php\/wp-json\/wp\/v2\/pages\/161"}],"wp:attachment":[{"href":"https:\/\/cgmaglobal.net\/index.php\/wp-json\/wp\/v2\/media?parent=1098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}