Audit And Assurance Services UAE

Under UAE Federal Decree-Law No. (32) of 2021 on Commercial Companies, mainland LLCs must appoint a licensed auditor and prepare annual audited financial statements. Additionally, most UAE Free Zones (such as DMCC and JAFZA) and Qualifying Free Zone Persons (QFZPs) under Corporate Tax law are legally required to submit annual audited accounts.

An external audit is an independent examination of financial statements intended to provide an objective opinion to external stakeholders (banks, authorities, investors) on IFRS compliance. An internal audit evaluates operational efficiency, risk management, internal controls, and corporate governance for company management and the board.

Under UAE Corporate Tax Law, entities deriving Qualifying Free Zone Person (QFZP) status at 0% tax, as well as taxable persons with revenue exceeding AED 50,000,000, must prepare and maintain audited financial statements prepared in accordance with IFRS.

Financial statements in the UAE must be prepared in accordance with International Financial Reporting Standards (IFRS) or IFRS for SMEs, depending on the entity size and Free Zone authority regulations.

Key documents include the final trial balance, general ledgers, bank confirmation letters and year-end bank reconciliation statements, aged accounts receivable and payable schedules, fixed asset register with depreciation schedules, inventory count sheets, and previous year audited statements.

A standard external audit typically takes 2 to 4 weeks from the commencement of fieldwork, provided all accounting records, third-party confirmations, and supporting vouchers are delivered in an organized, audit-ready format.

An ICV audit evaluates a supplier’s contribution to the local UAE economy, assessing local manufacturing costs, procurement of UAE goods/services, Emiratization, and expatriate workforce investment. An approved ICV score provides significant competitive advantages in government and semi-government tenders.

We conduct comprehensive pre-audit reviews, reconcile all general ledger control accounts against bank and tax portals, draft IFRS-compliant disclosure notes, and prepare the complete audit file, eliminating auditor queries and ensuring timely audit completion.