The Impact of technology on how businesses are now conducted are huge, and the various developments in the technology sector allow people to make their business more efficient and profitable. Understanding the importance of technology and the scope of its growth and implementations in business, Dubai Silicon Oasis was formed in the year 2004.

Established in the year 2004, this free zone provides a safe haven for technology-based sectors. It comprises of world-class innovations, fully functional infrastructure, secure transportation of goods and people, and a very favorable business environment. This free zone is one of the leading authority on the production of electronics and technologically advanced products which are used in the field of nanotechnology, optoelectronics, and other supporting industries.

The Dubai Silicon Oasis was set up with the aim to promote the technology-based industries in the country and to make Dubai a haven for such industries. The main objective of the Free Zone was to tap into the rapidly growing electronics market worldwide. The Free Zone covers an area of 7.2 square km, and there are separate office, residential, and public places which a business can take advantage of. It can be easily accessed via Dubai International Airport, making it the number one choice of people in business and entrepreneurs looking for an opportunity in the tech world.

Products/ Services Offered

The various products and services which are offered by the management of the Dubai Silicon Oasis are:

1. In House Government Services
The In-House Government Services, which are provided to the registered businesses in the free zone, are affiliated with the government of the United Arab Emirates, specifically DNRD (Dubai Naturalization & Residency Department. These in-House Services will help the company to reach its maximum potential.

2. IT Services
The Dubai Silicon Oasis comprises of state of the art IT infrastructure, which consists of a number of data centers so that there is no load on the business. The companies can also take advantage of the robust communication system in the free zone. These IT services help the companies to fast track setup and provides a conducive operating environment.

3. The HALA Initiative (Client Support)
The Dubai Silicon Oasis Authority has launched the HALA initiative under which the Customer Happiness centers have been converted into a reception suite. An e-wallet payment facility, along with a number of information kiosks, has also been set up to provide online services for payment.

4. Plug and Play Offices
The plug and play offices offered by the Dubai Silicon Oasis range from 4000 to 6000-meter square, which will provide fully integrated smart services. There are two spate buildings which will provide an office space which will suit the requirements of the business.

5. Signature Boutique Buildings
Eight signature Boutique Buildings can be used to set up the headquarters of the companies. These signature buildings provide an option of Core, Shell, or Fitted Space, which can be availed as per the requirement of the business.

6. Retail Space
The retail space in the Free Zone comprises of the favorite brands and eateries of both international and local brands. The area also consists of a dedicated space that can be used to host concerts, festivals, or any kind of promotional activity.

7. Residential Space
The free zone comprises apartments that are built to a specific standard of sustainability. This allows the residents to have quick access to the place they work in and reduces the time to commute. The area also consists of charging stations for smart devices and electrical charging points for smart cars.

There are many different types of businesses available such as:

  • Branch Company Free Zone Establishment (FZE)
  • Free Zone Company (FZCO)
  • DED Registered Companies
  • Start-up businesses and Entrepreneurs

Dubai Silicon Oasis Approved Free Zone

In the Year 2014, the concerned authority decided to revise the laws relating to the Approved Auditors in the Free Zone. The rules were made more stringent and will ensure that all the auditors are compliant with the various rules and regulations of the Free Zone.

The main changes which were made are:

It is now necessary to availing the services of an auditor to ensure that enough independence is provided by changing the auditing firm every four years. The hired auditing firm now needs to present proof that the employees of the firm will receive opportunities to upgrade themselves via various training and development programs.

It is suggested that you avail the services of an auditing firm so that the management can appropriately handle the financial aspect of the company. Conducting an Audit of the business will help the company in many ways, and this is why you should avail the services of a reputed financial consulting firm.

All companies registered in DSO are required to submit their audited financial statements within 4 months of the financial year end of DSO registered company. Financial statements should be audited by the DSO approved auditors or DSO approved audit firms in Dubai. DSO has its own procedure to approve chartered accountants firms in DSO. Not all chartered accountant firms and accounting firms in UAE are allowed to audit DSO companies and have to go through registration process. DSO list of approved auditors and liquidators can be found on DSO website. Audit of DSO companies should be conducted according to International standards on Auditing (ISA).

EXCELLENCE will provide quality services at competent prices. EXCELLENCE has garnered trust among the companies in the UAE since 2015 and is an ISO 9001:2005 certified firm. An Auditing firm will help keep track of all the finances of the business and will assist the management of the business in achieving its maximum potential.

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Frequently Asked Questions

Excellence group entity MansoorMulla Auditing of Accounts is Registered and Approved Auditors in DMCC, JAFZA, DAFZA, DWC, DSO, SAIF Zone, Hamriyah Free Zone, DED, The Dubai Design District (D3),TECOM, Dubai Media City, and DubaiInternet City.

Yes, we are Approved by Ministry of Economy under registration no 843.

Yes, Our Reports are Widely Accepted with all the Major Banks in UAE.

We follow International Financial Reporting Standards (IFRS) for Auditing.

EXTERNAL / STATUTORY AUDIT

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An external audit is an examination that is conducted by an DMCC Approved independent accountant. This type of audit is most commonly intended to result in a certification of the financial statements of an entity. This certification is required by certain investors and lenders, and for all publicly-held businesses. The objectives of an external audit are to determine:
  • The accuracy and completeness of the client's accounting records.
  • Whether the client's accounting records have been prepared in accordance with the applicable accounting framework.
  • Whether the client's financial statements present fairly its results and financial position.
Excellence is registered auditor in UAE to perform an external audit in compliance with local UAE laws & regulations according to the International Financial Reporting Standards (IFRS).

INTERNAL AUDIT

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Internal audits evaluate company's internal controls, including its corporate governance and accounting processes. These audits ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection. Internal audits also provide management with the tools necessary to attain operational efficiency by identifying problems and correcting lapses before they are discovered in an external audit.

With the help of Excellence's highly qualified audit professionals, by regularly performing an internal audit, you can ensure compliance with any and all relevant laws and regulations. It can also help provide you with peace of mind that you are prepared for you next external audit. Gaining client trust and avoiding costly fines associated with non-compliance makes internal auditing an important and worthwhile activity for any organization.

TAX AUDIT

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A tax audit is basically a government's assessment of a company about their responsibility as a taxable entity. This kind of audit is conducted by the Federal Tax Authority (FTA) to ensure that every liability is paid and every tax due is collected and given to the government within the timeframe given. The government also assesses a company whether they are following certain responsibilities that apply to their business as per the tax laws (VAT Law, Excise Tax Law, etc.).

Excellence is registered and approved TAX advisors in Dubai, UAE and can help you to be always organized and to ensure your company is VAT compliance, so that when your company is requested for an audit from FTA, you are all set up to face the tax audit that people seem to be worried about.

The list below shows the kinds of review that can be done in order to prepare you for an upcoming audit:

Review of the system

Since tax has been announced to commence in the UAE on the first day of 2018, companies have ensured that every department is ready to face a new era. One of the most important items to be updated is the accounting software. Same should comply with the laws regarding VAT accounting.

A review of the systems will ensure that there is no inconsistency with the recorded transactions.

Review of Calculations Tax

It is important that companies ensure that they are complying with the laws by checking that the calculation of both output and input taxes are correct. As a basic rule, the tax rate is at 5% only. Any goods or services that fall under zero-rated and exempted tax should be treated as it is with documents for support.

Review of VAT Returns

A tax consultant will review the VAT returns that need to be filed by companies to ensure that returns will be prepared in the correct manner with the values properly recorded in the right boxes and the needed information are filled in and also make sure that it is filed within the timeframe provided by FTA.

Review of Payment of Tax Due

The correct amount of tax due should be paid on or before the due date. A tax consultant will ensure that you are not drawing any negative attention from FTA by missing the timeframe of tax payment to the government.

STOCK AUDIT

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Stock audit is a process that refers to physical verification of the inventory, which includes evaluation of inventory items based on the reference of the assignment. The stock audit process is necessary to reduce the avoidable investment on stocks or inventory to ensure proper balance in the process. As high levels of stock result in overstocking, which may result in the poor value of cash flows and financial losses.

Organizations are usually taking stock audit services on a semi-yearly or yearly basis. The stock audit will assure that the physical stock or inventory is conforming to the stock book. Our stock audit services will ensure an excess of materials in the stock as well as a shortage of materials in the stock.

Inventory verification will also identify the expired, old, or damaged material from the inventory. Stock audit assists the management to control and have more insights regarding the inventory and this will lead to the reduction of losses and wastage arising due to damage or fraud.

Excellence Auditing is covering all the aspects of stock audit in Dubai, such as:
  • Stock accounting.
  • Stock reconciliation.
  • Reporting of the physical status of stock.
  • Valuation of stock.
  • Evaluation of stock.
  • Inventory coding.
  • Inventory categorization.
Stock audit needs proper planning, resources, and expertise. Our stock auditors can help you to conduct the verification of inventory and give clearer and deeper insights into your stock along with a proper reconciliation of existing stock records.

LIQUIDATION REPORT

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Liquidation report is a document that reflects the winding up of a company. It is an activity whereby the operation of a company and its existence will come to an end.

A company liquidation audit report is required by the authorities before the cancellation of the trade license. A liquidation audit report will list the liabilities and assets of the company. All the financial information must be shared with the liquidator.

As the liquidation progresses, all the company's assets are converted to cash and distributed to the creditors or assigned to other Company obligations. There are specific rules concerning the way the assets are distributed. The liquidation audit helps assure the information is accurate and complete.

Dubai Economic Department (DED), Jebel Ali Free Zone Authority (JAFZA), Dubai Airport Free Zone Authority (DAFZA), Dubai Multi Commodities Center (DMCC), and Dubai Silicon Oasis (DSO) all require final liquidation audit report in their respective regions whenever a business is closing its operations and canceling its license.

Excellence Auditing will prepare the company liquidation audit report and submit it to the relevant authority where the company is registered. Excellence Auditing is offering the best audit services in Dubai. The authority will officially close the company and cancel the trade license. For company liquidation services or company liquidation audit report.

CONSOLIDATION OF FINANCIAL STATEMENTS

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Consolidated financial statements are the "financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent company and its subsidiaries are presented as those of a single economic entity", according to International Accounting Standard 27 "Consolidated and separate financial statements", and International Financial Reporting Standard 10 "Consolidated financial statements".

Here are the key steps in the financial consolidation process:
  • Collecting trial balance data (e.g., Assets, Liabilities, Equity, Revenue, and Expense accounts) from multiple general ledger systems, and mapping it to a centralized chart of accounts.
  • Consolidating the data following specific accounting rules and guidelines, such as International Financial Reporting Standards (IFRS).
  • Reporting results to internal and external stakeholders.
Key financial reports generated from consolidated financial results include the income statement, balance sheet, and statement of cash flows.

Our consultants at Excellence are a mix of highly experienced finance professionals and systems experts, therefore we understand the fine balance between speed of close and accuracy of monthly management reporting and the regulation and compliance around annual statutory reporting.

MANAGEMENT REPORT

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Management reports on internal controls provide a unique opportunity for management to discuss issues and concerns not communicated elsewhere in the annual report.

INTERIM AUDIT REPORT

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An interim audit is part of audit work or audit strategy where audit testing is performed on interim financial statements. This is part of the audit strategy when the auditor wants to reduce audit works at the annual audit or final audit testing. Sometimes an interim audit is also performed as the result of the request from the client so that they could reduce their workload at the yearend or it is the regulatory requirement.

SPECIAL PURPOSE AUDIT REPORT

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Special purpose audits refer to those circumstances in which the auditor is required to report on specific financial information, for specific purposes to specific users, in comparison with the general audit of financial statements. Special purpose audit engagements, according to the International Standard on Auditing, include audits of:
  • A complete set of financial statements prepared in accordance with another comprehensive basis of accounting.
  • A component of a complete set of general purpose or special purpose financial statements, such as a single financial statement, specified accounts, elements of accounts, or items in a financial statement.
  • Compliance with contractual agreements and Summarized financial statements.

REVENUE AUDIT

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Revenue audit is a two-part process that examines the figures and information on a company's tax returns against those found in its business records. In general, auditors check the returns of income over a one-year period.

This process has the role to monitor and ensure tax compliance. It also helps identify signs of tax evasion as well as additional liabilities. The auditors will also collect interest, tax or penalties where applicable.

The two main stages of a revenue audit include testing the revenue accounts on your income statements followed by an examination of your accounts receivable on the balance sheet. The auditors may also check for revenue recognition issues, such as side agreements and channel stuffing. Companies often engage in practices to artificially inflate their revenue. Excellence auditing is registered audit firm in Dubai, UAE. With the help of our experienced auditors, you can have a fair and complete analysis of your company accounts and fulfil the requirements of revenue auditing.

COST AUDIT

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Cost audit represents the verification of cost accounts and checking on the adherence to cost accounting plan. Cost audit ascertains the accuracy of cost accounting records to ensure that they are in conformity with cost accounting principles, plans, procedures and objectives.

The audit usually involves:
  • Verification that costing records are accurate.
  • Detection of errors in cost records.
  • Check the maintenance of cost books, accounts & records.
Cost audit is of a recent origin. It is an effective tool of control for the management. It keeps a check and safeguards the interests of all, who are connected with the concern.

COMPLIANCE AUDIT

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Compliance audit is an independent evaluation to ensure that an organization is following external laws, rules, and regulations or internal guidelines, such as corporate bylaws, controls, and policies and procedures. Boards of directors are also often accountable for operations and need to see audit reports. An audit report will cover the strength of compliance preparations, security policies, risk management procedures, and user access controls throughout the audit.

Simply put, a compliance audit will determine whether an organization is working to a basic required standard. The compliance audit report will fill any gaps in compliance while also making recommendations to resolve any potential issues.

Benefits of compliance audits:
  • Providing a safe working environment and promoting a secure and stress-free workspace.
  • Preventing penalties and avoid any legal issues and consequences.
  • Establishing a good reputation and gain public trust and dominating your industry by staying aligned with industry protocols.
  • Ensuring continuous operation and avoiding disruptions or cessation of operations.
Excellence possess expertise and experience in compliance audit in Dubai, UAE and provides an outline of internal business processes that need to be changed or improved to ensure compliance with regulations and requirements.

FORENSIC AUDIT

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Forensic audit is an examination and evaluation of a firm's or individual's financial records to derive evidence that can be used in a court of law or legal proceeding.

Companies need certified fraud examiners to investigate the fraud by conducting a forensic audit in the UAE. If you notice suspicious activity in your company, you must act quickly to prevent the fraud and loss of company revenue and reputation.

Excellence Auditing is a Forensic auditing firm in Dubai, UAE listed with free zones & banks. We offer fraud investigation & forensic auditing services to assist companies in investigating financial fraud with documental evidence.

Our Forensic Auditing Services include:
  • Corporate fraud investigation.
  • Asset misappropriation.
  • Financial reporting fraud.
  • Suspicious transactions.
  • Bribery & corruption.
  • Claims analysis.
  • Anti-money laundering.
  • Determination of compliance.
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