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Financial Audit
(Auditor's Report)
for Companies in the UAE
(Auditor's Report)
for Companies in the UAE
— All companies operating in the UAE are required to maintain financial statements prepared in accordance with International Financial Reporting Standard
However, in addition to preparing standard financial statements, some companies are required to undergo an independent audit. In this process, a licensed auditor evaluates the accuracy of the company's accounting records and the reliability of its financial statements.
However, in addition to preparing standard financial statements, some companies are required to undergo an independent audit. In this process, a licensed auditor evaluates the accuracy of the company's accounting records and the reliability of its financial statements.
Who is required to have audited financial statements in the UAE?
- Companies with annual revenue exceeding 50 million dirhams (AED).
- Companies that are Qualifying Free Zone Persons (QFZP).
- Free Zone companies whose licensing authority mandates an annual audit (e.g., DMCC or DIFC).
- Branches of foreign companies.
- Companies undergoing liquidation.
- Companies that are Qualifying Free Zone Persons (QFZP).
- Free Zone companies whose licensing authority mandates an annual audit (e.g., DMCC or DIFC).
- Branches of foreign companies.
- Companies undergoing liquidation.
In what cases may a voluntary audit be necessary?
- Investors can initiate an independent audit, for example, when selling a company or attracting investments.
- UAE banks may require an independent financial audit to grant a loan.
- Counterparties/Suppliers may also require you to provide an independent financial audit before concluding a contract or delivering goods on a post-payment basis.
- UAE banks may require an independent financial audit to grant a loan.
- Counterparties/Suppliers may also require you to provide an independent financial audit before concluding a contract or delivering goods on a post-payment basis.
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