There are numerous free zones located across Dubai that are meant to provide beneficial services to foreign investors and businesses.
These areas deliver a suitable infrastructure for manufacturing and commercial activity, alongside the absence of taxation mechanisms and custom duty.
By and large, each free zone has its own technical governing procedures, but almost all free zones in the city provide the all important benefit of full foreign ownership of non-local companies.
The Jebel Ali free zone is one of the largest free zones in the world located near a seaport, and contributes a major share of the international investment in Dubai.
The Dubai International Financial Centre (DIFC) is another successful free zone, which is estimated to contribute about 12% to the GDP of the city, and continues to grow at an enviable pace.
Some of the areas are geared towards delivering facilities tailored to the industrial segment in question, such as the Airport free zone, which is meant to provide connectivity as its star attraction, and the Internet City, which is focused around technological advancement.
As such, most free zones will either offer benefits and regulations that are meant to encourage the expansion of a particular sector in the larger business industry. Licenses are then accepted from entities that wish to trade in the area.
Processes At Auditing Firms
The accounting process within auditing firms covers the part whereby each financial transaction that takes place is recorded within the respective accounts.
The auditing process on the other hand, provides somewhat of a bulwark, and covers the part where these transactions are double-checked and validated.
When a professional is putting together the auditing mechanism, the first point of reference is going to be an examination of the current ones, which is going to ascertain whether these are capable of withstanding the risks of misrepresentations.
Audit Firms: Phases And Discrepancies
The first instance of recording a transaction could be wrong or inaccurate owing to misrepresented amounts or transfers.
Part of this could be because of the core operations themselves, which may sometimes present inherent risks that culminate into the accounting process as well.
Auditing phases are used by professionals to pinpoint such instances, and in fact, even those that exist in the accounting stage itself.
It delivers a form of assurance that the financial information being churned by the organization in question is in face valid and accurate, to the best knowledge of the individuals concerned.
Collection of the knowledge about the business itself is an important part of this, for it is this information that will help assess how likely misrepresentations are likely to materialize.
Auditing firms in Dubai freezones then make a decision as to whether to forensically examine the accounting data being prepared by the organization.