The Dubai Airport Free Zone (DAFZA) is a major contributor to the economy of the city, originally put in place to drive investment activity in the region.
Several policy facilities, including a total exemption from tax, total foreign ownership, and the absence of currency limits makes the zone extremely attractive for a range of investors and businesses.
The zone is currently hosting more than 1500 companies belonging to several next generation innovation drivers, including pharmaceuticals, information technology, aviation, and luxury segments.
The area has grown from being based on a single warehouse when it was first established, to the current 250 plus.
Free Zone Features
The high-tech infrastructure of the area spans over high-rise offices, specially built units, rooms, lounges, and ancillary services. The zone hosts several commercial establishments including eateries, recreational facilities, and banks.
A number of official services pertaining to licensing and sponsorship and government affairs are taken care of. The complex is well stocked with all kinds of maintenance and communication faculties as well.
An auditing firm in Dafza must be highly well versed with legal and compliance measures introduced by regulatory authorities, which pertain to a commercial free zone in the country.
Auditing Firm Obligations To An Organization
The accounting group within a company keeps records of financial activities and advises on changes to bookkeeping mechanisms for better efficiency levels.
The Accounting Process
This involves keeping records of monetary amounts the organization has payable that is, it owes to other entities, and those that are receivable. These are recorded as liabilities and assets respectively.
The other area is payroll, which entails promptly compensating employee salaries and other amounts due to individuals, including bonuses, commissions, and overtime. The time taken off from work is taken into account and recorded. Apart from employee-based payments, the department also pays outside partners, including suppliers and sellers, as well as taxes.
Operational Processes Handled By Auditing Firms
Within a company’s processes, the accounting department keeps track of the inventory, and the assets available.
Inventory refers to the stock of goods procured for the purpose of selling. The accountants record the prices, alongside monitoring the overall cost of materials, salaries and running costs to preserve a balance between the cost of doing business and revenues.
This personnel is charged with keeping inventory levels constant at a level where they are neither too low, whereby they may benefit the company but be unable to cater to high demand, or too high, where they will cost the organization but satiate purchasers.
The accounting department will also record and keep track of the number and value of assets available to the company, making additions regarding when their value falls.