Statutory audit
An audit required by law or by licence conditions. Who may perform it depends on the rules that apply.
Accounting and tax
Audit and assurance in the UAE
Audit and assurance services give users confidence in financial information. This page explains the main types, who may need one and how the process generally works. Whether an audit is required, and who may carry it out, depends on the rules that apply.
Types of audit
Internal audit
A review of a company's own controls and processes, often carried out for management.
Review and other assurance
Limited-scope work that gives a lower level of assurance than a full audit, or covers a specific subject.
Who needs one
Some companies must have audited financial statements because of the law, their licence or their free zone. Others choose an audit for lenders, investors or partners.
Requirements differ by authority and can change. Check what applies to your company.
Process
An engagement typically follows these stages.
Step 1: Agree the scope
Confirm the type of work, the period and the deadline.Step 2: Provide information
Share accounting records, bank confirmations and other support.Step 3: Review and queries
The auditor tests the records and raises questions.Step 4: Report
The auditor issues a report on the financial statements.
Who carries out the work
Who may issue an audit opinion depends on the rules that apply. Check the official guidance, and confirm that any firm you appoint is eligible for the work.
Preparing for an audit
Complete, reconciled records generally make an audit easier to support. Keeping bookkeeping up to date through the year is a sensible way to prepare.
What auditors usually ask for
Requests vary by engagement. These items are common.
Ledgers and a trial balance
The books of account for the period being audited.
Bank statements and confirmations
Evidence of balances and activity held with banks.
Contracts and agreements
Documents that support major sales, purchases, loans and commitments.
Asset and stock records
Lists of fixed assets and inventory, with supporting documents.
Statements from management
Written confirmations from the people who run the business.
Related services
Accounting and tax overview
Bookkeeping, VAT, corporate tax, transfer pricing and audit.
Bookkeeping and accounting
Day-to-day records, reporting and finance support.
Corporate tax
Registration and filing topics, with links to official guidance.
Frequently asked questions
Is an audit mandatory for my company?
It depends on your legal form, licence and free zone, and on the rules in force. Check the requirement with the relevant authority or ask us.
Can my bookkeeper also audit my accounts?
Independence rules usually prevent the same party from preparing and auditing the same accounts. Ask the audit firm about its requirements.
How long does an audit take?
It depends on the size of the business, the quality of the records and the scope. We do not quote fixed timelines.
Who issues the audit report?
Who may issue the report depends on the rules that apply, so check the official guidance and confirm that the firm is eligible.
How much does an audit cost?
Cost depends on size, complexity and scope. We do not publish fixed fees. Describe your business and we will discuss it with you.
Need audit or assurance support?
Tell us about your company and why you need the work.
Information on this page is general and may change. Requirements are set by the relevant UAE authorities. Contact us for advice on your situation.
This is general information and not legal or tax advice.
Nexoviz is an independent company and is not affiliated with, endorsed by, or acting on behalf of any government authority unless stated.