Wallet and exchange records
Build a complete inventory of wallets and exchange accounts, identify ownership and reconcile transactions to the ledger. Do not share private keys or seed phrases as audit evidence.
Ras Al Khaimah · Financial reporting and preparation
RAK DAO / Innovation City Audit Readiness
Financial reporting preparation for technology and digital-asset businesses in Innovation City, formerly RAK Digital Assets Oasis. Start with the entity form, activities and evidence available.
SAIF Chartered Accountants · Scope and appointment confirmed before engagement.
Your reporting context
RAK DAO / Innovation City: start with the business, not a generic checklist.
The official RAK Media Office confirms the RAK DAO relaunch as Innovation City. Keep the familiar RAK DAO name in the reporting brief while checking current documents and requirements. A company and a DAO association are not interchangeable legal structures.
Financial statement audit, smart-contract security review and proof-of-reserves work have different objectives. None should be described as a replacement for the others or as a guarantee of the safety of a digital asset.
Authority and appointment checks
RAK DAO / Innovation City reporting requirements.
Confirm the rules for the exact entity and activities, including any separate financial-services permissions and auditor acceptance. Published DAO Association Regulations should not be applied automatically to every free-zone company. Specialist signing competence must be established before an audit is accepted.
RAK Media Office — Innovation City relaunch ↗Keep reporting obligations separate.
Authority accounts filing, licence renewal, a bank request and a Corporate tax return may require different documents and dates. Obtain the current instructions rather than assuming one submission satisfies every obligation.
SAIF Chartered Accountants can discuss the preparation brief. Statutory signing and specialist engagements require separate confirmation of eligibility, competence and independence.
Business-specific evidence
What deserves attention in your reporting file?
The examples below help management organise the records. Actual audit procedures depend on the engagement, material balances and identified risks.
Token and treasury accounting
Document the purpose of holdings, transaction types, valuation sources and accounting judgments. Separate company assets from customer or third-party assets and explain restrictions or custody arrangements.
Software and service revenue
Reconcile contracts, subscriptions and milestone payments, including any non-cash settlement. Retain the evidence supporting the amount and timing recorded in the accounts.
Governance and specialist scope
Identify authorised decision-makers, approvals and the entity’s legal obligations. Establish the appropriate specialist input before promising assurance over blockchain systems, custody controls or complex valuations.
A practical evidence trail
Connect the transaction to the final accounts.
- 01 · AgreeContract, purchase order or funding terms
- 02 · EvidenceDelivery, ownership, approval and source records
- 03 · ReconcileLedger, bank, stock and supporting schedules
- 04 · ReportAccounting judgments, disclosures and approvals
Preparation workflow—not a promise of an audit opinion. Investigate differences rather than adjusting records simply to make totals agree.
RAK DAO / Innovation City document checklist
Build a controlled, reconciled reporting pack.
Use the same reporting period and trial balance version throughout. Keep sensitive information in an agreed secure channel.
Entity and prior reporting
Licence, incorporation records, ownership, financial year, previous accounts, prior audit report and current authority or stakeholder instructions.
Ledger and financial balances
Trial balance, general ledger, bank statements and reconciliations, customer and supplier ageing, payroll, assets, accruals and prepayments.
Sector evidence
Wallet and exchange records; Token and treasury accounting; Software and service revenue; Governance and specialist scope. Prepare the applicable schedules and explain how each agrees to the accounts.
Judgments and completion
Accounting policies, estimates, related-party balances, tax reconciliations, management approvals and a record of agreed adjustments.
Accounting and tax coordination
Strong books support the next reporting step.
Missing reconciliations and inconsistent opening balances can delay both audit and tax work. Establish a monthly close, retain source documents and review unresolved balances before year-end.
We can discuss records held in Zoho Books, Odoo, Xero, QuickBooks or other systems. Keep exports, access permissions and responsibilities clear when an external accountant is involved.
Accounting and bookkeeping support →Assess tax separately from the location.
Free-zone incorporation alone does not settle Corporate tax treatment. Assess the actual activities, income and applicable conditions, supported by reconciled accounts and transaction evidence.
Group charges, financing and cross-border transactions may need separate transfer-pricing analysis. Agree this work explicitly rather than assuming it is covered by an annual audit.
Corporate tax services →Transfer pricing support →
Scope, fees and timing
A proposal based on your company profile.
Fees depend on transaction volume, contract complexity, record quality, locations, currencies and reporting users. Share the licence, year-end, trial balance and required deliverables for a tailored proposal.
Confirm whether cleanup, accounts preparation, tax advice, group schedules or additional reports are included. No fixed package fits every company.
Request a scoped proposal →Plan the engagement in four steps
- Confirm the brief: entity, appointment, independence and dates.
- Prepare the file: reconcile balances and assign evidence owners.
- Resolve questions: review support and document adjustments.
- Complete the pack: obtain approvals and agree submission responsibilities.
Allow time for third-party evidence and management decisions. A desired deadline does not remove the need for sufficient evidence.
Frequently asked questions
RAK DAO / Innovation City audit and accounting questions.
Answers on requirements, approved auditors, records, fees and preparation.
Ask our team →01Is RAK DAO now Innovation City?+
Yes. RAK Media Office announced the relaunch as Innovation City. Use the current authority information while preserving the link to the former RAK DAO name in your records.
02Does a financial audit test smart-contract security?+
Not automatically. Security review, proof-of-reserves and financial audit are separate engagements with different criteria and limitations.
03Should I give an accountant my wallet seed phrase?+
No. Do not disclose private keys or seed phrases. Agree safe evidence methods, such as controlled records and appropriate read-only information, with qualified professionals.
04How do I check RAK DAO / Innovation City approved auditors?+
Verify the statutory signing firm with the relevant authority and check the permissions required for the specific entity and activity. Readiness or bookkeeping support must not be mistaken for authority to issue the audit report.
05What documents are needed for RAK DAO / Innovation City audit preparation?+
Start with the licence, incorporation documents, reporting period, trial balance, general ledger, bank reconciliations and prior accounts. Add contracts and the sector-specific schedules described on this page, together with current authority correspondence.
06How much does RAK DAO / Innovation City audit or accounting support cost?+
Fees depend on the company profile, records, transaction volume, complexity and agreed deliverables. Share a non-sensitive brief and current trial balance for a scoped proposal. There is no universal fixed package.
07How long does the work take?+
Agree milestones after reviewing the records and reporting deadline. Missing evidence, confirmations, accounting judgments and management approvals affect completion; neither a guaranteed turnaround nor a clean audit opinion should be promised in advance.
08Does a company with no revenue still need accounting records?+
Yes. Funding, licence costs, bank charges, deposits and other expenses can exist before sales begin. Determine the applicable audit and filing requirements separately; no revenue is not automatically the same as legal dormancy.
09Does free-zone registration automatically give 0% Corporate tax?+
No. The entity’s activities, income and applicable tax conditions must be assessed separately. Keep the financial accounts and supporting tax analysis consistent rather than relying on the free-zone name alone.
10Can you work with our existing accounting software?+
We can discuss records maintained in Zoho Books, Odoo, Xero, QuickBooks or another system. Agree the required exports, reconciliations and secure access. Software reports do not replace contracts and source evidence.
11Is bookkeeping included in the audit fee?+
Not automatically. Accounts preparation, cleanup, tax work and additional reports should be separately identified, priced and assessed for independence before the engagement is accepted.
Related insights
Practical preparation beyond this page.
Broader UAE accounting and tax guidance. These articles do not replace RAK DAO / Innovation City instructions or entity-specific advice.
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Read insight ↗Official sources and related services
- RAK Media Office — Innovation City relaunch ↗
- Innovation City — DAO Association Regulations ↗
- Innovation City — official website ↗
RAKEZ reporting →Internal audit and controls →All free-zone guidance →
Sources checked 21 September 2026. General guidance; confirm current rules, appointment eligibility and company-specific instructions before relying on a filing timetable.
SAIF Chartered Accountants
Start with a clear reporting brief.
Tell us the entity, year-end and report you need. We will discuss the appropriate scope and next steps.
Discuss RAK DAO / Innovation City requirements →