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RAKEZ Approved Auditor in UAE

RAKEZ Audit & Accounting Service Provider

Hussain Al Shemsi Chartered Accountants

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RAKEZ approved auditors and accountants

Hussain Al Shemsi Chartered Accountants provides trusted, IFRS-compliant audit and assurance services for companies registered under the Ras Al Khaimah Economic Zone (RAKEZ). We help your business meet audit deadlines, stay compliant, and avoid penalties.

Audit firms that are not registered with RAKEZ are not allowed to conduct the audit or liquidation or provide services to companies licensed by the RAKEZ. The new regulations are in place to ensure that the registered companies comply with local and international regulations such as the International Financial Reporting Standards (IFRS), Anti-Money Laundering (AML) & Combating Financing of Terrorism (CFT).

RAKEZ Approved Auditor in UAE Hussain Al Shemsi Chartered Accountants
Regulatory Requirement

Why RAKEZ Companies Need an Approved Auditor

RAKEZ mandates all registered companies to submit IFRS-compliant audited financial statements each year, prepared by an auditor listed on the RAKEZ approved auditors list.

Companies registered in Ras Al Khaimah Economic Zone (RAKEZ) must appoint a RAKEZ approved auditor to review and report on their financial statements in line with local regulations and International Financial Reporting Standards (IFRS).

The auditor verifies whether the accounts present a true and fair view, are free from material misstatements, and confirms that the company operates within the scope of its trade license.

Timely audit submission is essential for trade license renewal. Failure to submit audited financial statements may result in a fine of AED 2,500 and possible suspension of services.

How can we help you?

Get in touch with Hussain Al Shemsi Chartered Accountants for expert auditing, accounting, tax, and advisory services in the UAE. 

  • +971 50 3636231

Our Services

Our Methodology

Our RAKEZ Audit Process — Step by Step

We follow a structured, transparent process tailored to RAKEZ requirements — ensuring your audit is completed accurately, on time, and accepted by the authority.

1

Initial Assessment & Engagement

We begin with a thorough understanding of your business — its nature, transactions, size, and accounting systems. A formal engagement letter is issued outlining scope, timelines, and fees with complete transparency.

2

Document Collection & Audit Planning

We provide a comprehensive document checklist and collect your trial balance, financial statements, bank statements, invoices, VAT returns, and supporting records. A detailed audit plan is then prepared identifying key risk areas.

3

Fieldwork & Verification

Our auditors conduct in-depth verification of transactions, balances, and documentation. We perform analytical procedures, test controls, and obtain third-party confirmations. Discrepancies are flagged and resolved promptly.

4

IFRS Review & Financial Statement Finalization

We review financial statements against IFRS standards ensuring proper classification, disclosure, and presentation. Adjustments are discussed with management and the statements are finalized to reflect a true and fair view.

5

Audit Report Issuance & RAKEZ Submission

We issue a signed, RAKEZ-accepted audit report with audited financial statements and assist in preparing the complete submission package for RAKEZ authority within the regulatory deadline.

What We Offer

Our RAKEZ Audit & Advisory Services

A comprehensive suite of audit, accounting, tax, and advisory services to support RAKEZ companies at every stage of their compliance journey.

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Annual Statutory Audit

Full-scope audit in accordance with RAKEZ requirements and International Standards on Auditing (ISA).

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External Audit Report Preparation

Preparation and signing of the external auditor's report accepted by RAKEZ authority for license renewal.

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IFRS-Compliant Financial Statements

Review and finalization of financial statements in compliance with International Financial Reporting Standards.

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Books of Accounts Review

Thorough review and reconciliation of accounting records, ledgers, and supporting schedules.

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VAT Compliance Review

Review of VAT records and returns to ensure alignment with FTA requirements and identify reporting gaps.

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UAE Corporate Tax Review

Assessment of corporate tax obligations and alignment of financial records with UAE Corporate Tax Law.

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Accounting & Bookkeeping Support

Catch-up bookkeeping and ongoing accounting support for companies requiring assistance prior to or during audit.

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License Renewal & Authority Submission

Full assistance in preparing and submitting audit documents required for RAKEZ license renewal.

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Liquidation Audit Support

Specialized audit and reporting support for RAKEZ companies undergoing voluntary or compulsory liquidation.

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Management Letter

Detailed letter identifying internal control weaknesses and operational recommendations to strengthen processes.

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Financial Advisory & CFO Support

Strategic financial advice, management accounts preparation, and CFO-level guidance for growing businesses.

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AML & ESR Compliance Guidance

Advisory support on Anti-Money Laundering obligations and Economic Substance Regulations for UAE free zones.

Why Hussain Al Shemsi

Why Choose Hussain Al Shemsi Chartered Accountants?

Hussain Al Shemsi Chartered Accountants is one of the leading audit firms in Sharjah and the UAE, trusted by businesses across multiple free zones for professional, timely, and compliance-focused audit services.

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RAKEZ Approved Auditor

Officially listed on RAKEZ's approved auditor panel — your report is accepted without question by the authority.

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IFRS & ISA Expertise

Our team applies International Financial Reporting Standards and International Standards on Auditing to every engagement.

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Timely Delivery

Our structured process ensures your audit is completed and submitted to RAKEZ on time, every time.

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UAE Free Zone Specialists

Deep experience across RAKEZ, DMCC, SAIF Zone, SHAMS, IFZA, and more UAE free zones.

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FTA-Registered & Tax Compliant

Registered with the Federal Tax Authority (FTA) — VAT and corporate tax compliance checks are part of our audit process.

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One-Stop Advisory Firm

Audit, accounting, VAT, corporate tax, CFO services, and business advisory — all under one roof.

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Clear Communication

We guide you through every step, explain findings in plain language, and keep you informed from start to submission.

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Sharjah-Based, UAE-Wide

Based in Sharjah — serving RAKEZ companies across Ras Al Khaimah, Dubai, and the entire UAE.

Frequently Asked Questions — RAKEZ Audit

Everything RAKEZ business owners ask about the annual audit requirement, deadlines, documents, and our services.

Is audit mandatory for all RAKEZ companies?
Yes. RAKEZ requires all registered companies — including free zone establishments (FZE) and free zone companies (FZC) — to submit audited financial statements annually. These must be prepared by a RAKEZ approved auditor and submitted within six months from the end of the financial year. Failure to comply may result in a fine of AED 2,500 and can delay license renewal.
Is Hussain Al Shemsi Chartered Accountants a RAKEZ approved auditor?
Yes, Hussain Al Shemsi Chartered Accountants is an approved auditor recognised by RAKEZ. Our audit reports are accepted by the RAKEZ authority for regulatory compliance and license renewal. We are also approved auditors for several other UAE free zones including DMCC, SAIF Zone, SHAMS, IFZA, and more.
What accounting standard must RAKEZ companies use?
RAKEZ requires audited financial statements to be prepared in accordance with International Financial Reporting Standards (IFRS). This ensures the financial statements present a true and fair view of the company's financial position, results of operations, and cash flows. Our audit team is experienced in applying IFRS to businesses of all sizes in RAKEZ.
What is the deadline for submitting the RAKEZ audit report?
RAKEZ companies must submit their audited financial statements within six months from the end of their financial year. For example, if your financial year ends on 31 December, the audit report must be submitted by 30 June of the following year. We recommend starting the audit process at least two to three months before the deadline to ensure timely completion.
How long does a RAKEZ audit typically take?
For well-maintained accounts, the audit can typically be completed within two to four weeks from receiving all required documents. The timeline depends on the size, complexity, and state of your accounting records. We will provide you with a clear timeline at the start of the engagement and work efficiently to meet your deadlines.
Can Hussain Al Shemsi help with bookkeeping before the audit?
Yes. If your books of accounts are incomplete or require updating before the audit, our accounting team can assist in organising and reconciling your records. We provide end-to-end support — from bookkeeping and financial statement preparation to audit completion and RAKEZ submission — making the entire process seamless for your business.

Ready to Complete Your RAKEZ Audit?

Don't risk penalties or license renewal delays. Contact Hussain Al Shemsi Chartered Accountants today for professional, timely, and RAKEZ-listed audit services across Ras Al Khaimah and the entire UAE.

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About

Hussain Al Shemsi Chartered Accountants is a full-service professional chartered accountant firm, licensed by the Ministry of Economy, United Arab Emirates, to practice auditing and accounting.

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