An auditor must be named by the companies registered with RAKEZ to review and report on the accounts prepared in compliance with local and international regulations. The report of the auditor must state whether the accounts of the organisation comply with the International Financial Reporting Standards (IFRS) and ensure that businesses do not participate in money laundering.
At the end of the financial year, the auditor’s report must include information about whether the reports present an accurate and reasonable view of the company’s affairs and the accounts are free from material mistakes. In its report, the auditor also needs to state whether the organisation undertakes only the activities allowed by its commercial licence. Before renewing a trade licence, the authorities depend heavily on the auditor’s report.
In order to decide if the organisation has kept proper records, the RAKEZ certified auditor needs to perform investigations. The auditor must also ensure that the company’s reports are in compliance with the documents and returns for accounting. Failure to file audited financial statements would result in a fine of AED 2,500 and could also result in services being suspended.
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