A Ras Al Khaimah factory has more moving parts than most: raw material purchases, machine hours, scrap, finished-goods stock and long-term equipment. Auditors want to see how the cost of a product is built up and whether the plant is carried at a sensible value. Young & Right assembles those workings and coordinates with your auditor, but we do not provide audit opinions ourselves.
Request a ConsultationCost-of-production schedules from raw material to finished goods
Bill-of-materials checks against purchases and consumption
Scrap, yield and wastage analysis with supporting logs
Plant and machinery registers, including additions and disposals during the year
Project cost tracking for contractors working on multi-month jobs
Reconciliation of group loans and related-party trading balances
Please provide the year-end trial balance, production reports, stock listings split into raw material, work in progress and finished goods, and purchase invoices for major equipment. Add your RAKEZ or RAK DED licence, facility lease, customer contracts, bank loan schedules and a note of any year-end price changes. For project work, include the signed contracts, variation orders and the certified progress statements.
RAKEZ is the Ras Al Khaimah Economic Zone, and it hosts industrial, trading and service companies under licence terms that differ from those of a mainland licence issued by RAK DED. Reporting and audit expectations vary by authority and licence type, so we read the conditions first. If a company has both a zone entity and a mainland branch or sister company, we keep their records and balances apart.
Corporate Tax adds another reason to keep clean records. A free-zone business can access a 0% rate only on qualifying income and only if conditions on substance and qualifying activities are met. Audited figures, where they exist, support those positions, although the final decision is always for the tax authority.
Manufacturers commonly struggle to explain why gross margin moved. Was it a rise in aluminium, resin or clinker prices, a drop in yield, or an overhead charge booked to the wrong period? We build a cost walk that starts with the opening stock and moves through purchases, production overheads and closing stock. Each line points to a source document, so the auditor can test it without extra requests.
For contracting and fit-out firms, the question is how much revenue to recognise by the balance sheet date. We organise each project into contract value, cost to date, billings, retentions and expected final cost. The auditor can then follow the logic project by project, rather than relying on a single summary figure.
Energy and utility costs deserve a mention. In heavy industry they can form a large part of cost of sales, and a missing month of electricity or gas accrual shifts margin noticeably. We reconcile utility bills to the ledger and accrue unbilled consumption at the year-end.
Where a company exports, we also match shipping documents and customer invoices to revenue, so the auditor can see that sales were recognised in the right period. Customer claims, rebates and returns receive their own line instead of being netted against income.
Warehouse space for finished goods is often limited, so stock may be held at third-party yards or customer sites. A confirmation list of quantities held outside your premises prepares the ground for the auditor's own confirmation requests.
That depends on the licence conditions and the relevant authority's rules. We read the licence documents with you and ask the authority where they are unclear.
We record purchases at the rate applicable on the transaction date and revalue open balances at year-end. The schedule shows each rate used, so the auditor can follow it.
Not if each stage is documented. We keep an asset-by-asset file showing invoice, delivery, commissioning date and depreciation start.
No. They give the auditor a well-organised starting point, and the auditor will still perform independent procedures before giving any opinion.
Tell us what you produce or build, the authority that licenses you and your year-end date. We will propose a plan covering cost schedules, asset files and auditor coordination.
