ICAD Audit Services: Audit, Accounting and Tax for Industrial City of Abu Dhabi Companies

Manufacturers need an auditor who understands how products are costed, not just how the books are kept. When you appoint an auditor for an ICAD company, check that:

• the audit partner is a registered auditor with the UAE Ministry of Economy and Tourism;
• the team can attend and test stock counts for raw materials, work in progress and finished goods;
• it understands standard costing, overhead absorption and inventory write-downs;
• the audited accounts will satisfy your banks, your corporate tax return and any QFZP claim.

SGA World audits ICAD companies and plans stock counts and fieldwork around your production schedule.

An ICAD steel fabricator buys steel coils, fabricates structures for construction contractors in Abu Dhabi and exports some products to Oman.

• Licence check: the first question is whether the licence is free zone or mainland, because only a free zone person can be a QFZP.
• Inventory: coils are weighed and reconciled to the stock ledger at the year end; scrap and yield losses are reviewed.
• Contracts: long fabrication contracts recognise revenue over time under IFRS 15 where the conditions are met.
• VAT: local sales are taxed at 5%, and exports to Oman are zero-rated with export evidence.

These are the areas where manufacturers most often see audit adjustments.

Fieldwork usually takes two to four weeks once the books are closed. Plan it at least two months before any licence renewal or bank deadline, and well inside the corporate tax filing date.

The fee depends on inventory and work in progress, the size of the fixed asset register, contract accounting, bank facilities, the condition of the books and whether corporate tax work is included. We confirm a fixed fee after reviewing your trial balance.