Ajman Free Zone Annual Audit
Annual audit for your Ajman free zone company by UAE-registered auditors — IFRS-compliant audited financials required for license renewal, banking, and Corporate Tax.
Description
Ajman Free Zone Annual Audit is a mandatory yearly statutory audit for companies licensed in Ajman Media City Free Zone (AMCFZ) and an increasingly required compliance practice for AFZ, ANCFZ, and other Ajman free zone entities. Audited financial statements demonstrate compliance with UAE accounting standards (IFRS for SMEs or full IFRS), the UAE Corporate Tax regime, and free zone licensing rules.
The audit is required for license renewal at AMCFZ, supports bank account compliance reviews, and is essential evidence for any 0% Corporate Tax qualifying free zone income claim. The audit covers your company revenue, expenses, assets, liabilities, equity, and related-party transactions for the financial year. Our process includes engagement letter signing, bookkeeping review, ledger reconciliation, fixed asset verification, related-party transaction testing, draft audit report, partner review, and final signed audit report delivered as both hard copy and digital file ready for upload to your free zone portal.
Octavon Global Advisory partners with UAE-registered, free-zone-approved audit firms to deliver Ajman free zone audits. We handle the engagement coordination, bookkeeping preparation (if your accounts need cleanup before audit), document collection, and audit completion. For companies without prior bookkeeping, we include a bookkeeping clean-up package. Audits typically complete within 2 to 3 weeks of receiving complete financial records.
What's Included
- Engagement Letter and Audit Scope Agreement
- Free Zone Authority-Approved Audit Firm
- Bookkeeping Review and Ledger Reconciliation
- Bank Statement Reconciliation
- Fixed Asset Verification
- Revenue and Expense Testing
- Related-Party Transaction Review
- Inventory Verification (if applicable)
- IFRS / IFRS for SMEs Compliance
- Draft Audit Report with Management Comments
- Final Signed Audit Report (Hard Copy + Digital)
- Free Zone Portal Upload Coordination
- UAE Corporate Tax Compliance Cross-Reference
Requirements / Prerequisites
- Active Ajman free zone trade license
- Complete bookkeeping records for the financial year
- Bank statements for all corporate accounts (12 months)
- Invoices, receipts, and supporting documents organised by month
- Related-party transaction details (if applicable)
- Previous year audited accounts (if existing company)
Required Documents
- Trade License Copy
- Memorandum of Association (MOA)
- 12 Months of Bank Statements (all corporate accounts)
- Sales Invoices and Revenue Records
- Purchase Invoices and Expense Records
- Payroll Records (if employees)
- Fixed Asset Register
- Inventory Records (if applicable)
- Related-Party Transaction Documentation
- Previous Year Audited Accounts (if available)
Our Process
- Engagement letter signing and scope agreement
- Document collection (bookkeeping, bank statements, invoices)
- Trial balance review and adjustment
- Ledger reconciliation
- Bank reconciliation
- Fixed asset and inventory verification
- Revenue, expense, and related-party transaction testing
- Draft audit report with management responses
- Partner review and final audit report signing
- Delivery of signed audit report (hard + digital) and free zone portal upload
Pricing
- Basic Fee: AED 3,500
- Service Fee: AED 1,000
- VAT (5%): AED 225
- Total: AED 4,725
Frequently Asked Questions
Is annual audit mandatory for Ajman free zone companies?
Annual audit is mandatory for Ajman Media City Free Zone (AMCFZ) and is increasingly required by AFZ, ANCFZ, and other Ajman free zones. It is also essential for UAE Corporate Tax compliance and 0% qualifying free zone income claims.
Who can audit my Ajman free zone company?
Only UAE-registered audit firms approved by your specific free zone authority can issue valid audit reports. Octavon partners with approved auditors for AFZ, AMCFZ, and ANCFZ.
How long does the audit take?
A standard small to medium company audit typically completes within 2 to 3 weeks of receiving complete bookkeeping records. Complex multi-entity audits may take longer.
What if my company has no bookkeeping yet?
We offer bookkeeping clean-up as a pre-audit package. We reconstruct your accounts from bank statements and source documents, then proceed to audit. This adds 1 to 3 weeks depending on transaction volume.
Do AFZ and ANCFZ require audits?
AMCFZ explicitly requires audited financials for annual license renewal. AFZ and ANCFZ have been moving toward mandatory audits, and audited accounts are best practice for all UAE free zones for Corporate Tax compliance.
What accounting standards does the audit follow?
UAE audits follow International Financial Reporting Standards (IFRS) or IFRS for Small and Medium Entities (IFRS for SMEs). Both are accepted by UAE free zones and the Federal Tax Authority.
Is the audit needed for UAE Corporate Tax?
While not strictly mandatory for all entities, audited financials are highly recommended for any company claiming 0% Corporate Tax on qualifying free zone income, and required for entities with revenue above AED 50 million.