Audit Services in Dubai and the UAE

AUDIT & ASSURANCE

Statutory audit and audited financial statements for UAE companies

Your company may need audited financial statements for more than one reason. The Commercial Companies Law requires mainland LLCs to be audited every year, free zones such as IFZA and DMCC ask for financial statements at licence renewal or within a set period after year end, corporate tax rules require them from larger businesses and from every Qualifying Free Zone Person, and banks and investors want them before they commit.

DirhamWise runs external audits for UAE companies from our office in Business Bay. We agree the scope and a fixed fee before work starts, tell you exactly which records we need, and deliver audited financial statements in the format your free zone, the Federal Tax Authority or your bank expects.

Four colleagues in business suits discussing documents around a meeting table in a bright office
AUDIT & ASSURANCE

What's included

Statutory audit
Annual audit of mainland LLCs and joint stock companies under the Commercial Companies Law, with a report to shareholders.
Audits for corporate tax
Audited statements for businesses covered by MD 84/2025: revenue exceeding AED 50m, Qualifying Free Zone Persons and tax groups.
Free zone renewal audits
Audited financial statements to your zone's format, with a check on any approved-auditor rule, summary sheets and portal uploads.
Agreed-upon procedures
Factual findings reports on specific figures for banks, landlords, tender committees or a parent company.
Pre-audit readiness check
We review ledgers, reconciliations and schedules before fieldwork so gaps are fixed early, not at sign-off.
Management letter
Written findings on control weaknesses and accounting issues from the audit, each with a practical fix.

Audit services we provide

Every engagement ends with a set of audited financial statements and an auditor’s report. What changes is who the statements are for and which rules they have to satisfy.

Statutory audit of mainland companies

Article 27 of the Commercial Companies Law (Federal Decree-Law No. 32 of 2021) requires every limited liability company and joint stock company to have one or more auditors audit its accounts each year. The article sets no size exemption. It also requires annual accounts that include a balance sheet and a profit and loss account, prepared under international accounting standards. Other company forms may appoint an auditor if they choose. We audit the annual accounts of mainland LLCs, report to the shareholders, and give you statements you can use with your bank, your landlord and your corporate tax return.

Two colleagues in white shirts reviewing a bound financial report, one pointing to a figure on the page

Audited financial statements for corporate tax

Ministerial Decision No. 84 of 2025 sets out which taxable persons must prepare audited financial statements for tax periods starting on or after 1 January 2025. We audit the statements your corporate tax return is built from, so the figures on the return and the figures in the audited accounts agree. Tax groups need audited special-purpose financial statements for the group as a whole, and we plan those audits around the group’s structure from the start.

Free zone audits for licence renewal

Free zones such as DMCC and IFZA require financial statements to be submitted, and each zone sets its own format, deadline and submission portal. Some zones, DMCC among them, also require the signing auditor to be on the zone’s own approved list. We confirm your zone’s rules with you before the engagement is agreed, including who may sign, and then work to them, down to the summary sheet and portal upload where the zone asks for one.

Agreed-upon procedures and special-purpose reports

Not every request needs a full audit. A bank checking a loan covenant, a landlord checking turnover rent, a tender committee or an overseas parent company may only need specific figures tested. Under an agreed-upon procedures engagement we carry out the checks you and the recipient agree, and report what we found without giving an overall opinion. The scope is narrower than an audit, so the work and the fee are smaller.

Audits linked to company closure

Where the licensing authority asks for audited final accounts before it cancels a licence, we audit the final period and coordinate with the team handling your company liquidation.

Who needs audited financial statements in the UAE

There is no single audit rule for every UAE business. The requirement comes from your legal form, your licensing authority, your corporate tax position, or a combination of them. The table sets out the main triggers.

Business Requirement Source
Mainland LLC or joint stock company Accounts audited every year by one or more auditors Commercial Companies Law, FDL 32/2021, Art. 27
Taxable person (not a tax group) with revenue exceeding AED 50,000,000 in the tax period Audited financial statements for corporate tax Ministerial Decision 84/2025
Qualifying Free Zone Person, whatever its revenue Audited financial statements for corporate tax Ministerial Decision 84/2025 (earlier periods: MD 82/2023)
Tax group Audited special-purpose financial statements for the group Ministerial Decision 84/2025
Non-resident with a UAE permanent establishment or nexus Only revenue through the permanent establishment or nexus counts towards the AED 50,000,000 test Ministerial Decision 84/2025
DMCC company Accounts audited by a DMCCA-approved auditor and laid before a General Meeting within six months of year end DMCCA Company Regulations 2024, Art. 73.6
IFZA licensee Financial statements at every licence renewal; full audit unless the simplified test is met IFZA licensee FAQ
Other free zone companies Each zone sets its own audit rules and, in some cases, its own approved-auditor list; we confirm them at the start of the engagement The zone’s own regulations

Ministerial Decision 84/2025 applies to tax periods starting on or after 1 January 2025; periods that began earlier still follow Ministerial Decision 82/2023. For a Qualifying Free Zone Person, the audited figures also support the de minimis test: non-qualifying revenue must not exceed 5% of total revenue or AED 5 million, whichever is lower (Cabinet Decision 100/2023). Our guide to corporate tax exemptions covers the wider free zone rules.

VAT registration on its own does not create an audit requirement. A VAT-registered company needs an audit only if one of the triggers above applies. Lenders, investors and parent companies can also make an audit a condition of a contract, whatever the law requires.

DMCC audit requirements

Under Article 73.6 of the DMCCA Company Regulations (10 October 2024), a DMCC company’s accounts must be approved by the directors, audited by an auditor approved by DMCCA and laid before a General Meeting within six months of the financial year end. Article 73.7 then requires a copy of the accounts and the auditor’s report to be filed with the Registrar within five business days of that meeting. DMCC’s filing guideline asks for the audited statements and an auditor-signed summary sheet to be uploaded on the Member Portal. Branches that already have a group auditor are exempt from the approved-auditor rule.

IFZA audit for licence renewal

From 30 September 2025, every IFZA licensee, whether an FZCO or a branch, must submit financial statements at each licence renewal. Companies that renewed before that date submit at their next renewal. The statements cover the most recently completed financial year. A company may file simplified statements on IFZA’s own template only if its turnover was AED 3 million or less and it had no more than nine employees at any point in the year; every other company files full audited statements. IFZA does not keep an approved-auditor list, so any registered UAE auditor can carry out the audit, and statements already audited for the Federal Tax Authority are accepted. A manager, director or shareholder e-signs the submission.

What an external audit covers and what you receive

An external audit is an independent examination of your financial statements. The auditor tests the transactions and balances behind the figures, reviews how they have been measured and presented, and gives an opinion on whether the statements present a true and fair view under the applicable framework. It is not the same as a tax audit by the Federal Tax Authority, where the authority reviews your filings (see how to prepare for a VAT audit), or internal audit services, which test controls for management.

Component What it shows
Independent auditor’s report The opinion, the basis for it, and any matters the auditor draws attention to
Statement of financial position Assets, liabilities and equity at the year end
Statement of profit or loss and other comprehensive income Revenue, costs and profit or loss for the year
Statement of changes in equity Movements in share capital, reserves and retained earnings
Statement of cash flows Cash generated and used in operating, investing and financing activities
Notes to the financial statements Accounting policies, key judgements, related-party balances and the detail behind the main figures
Directors’ report Management’s summary of the year, where the company’s law or articles require one

The opinion takes one of four forms: unmodified (a clean opinion), qualified, adverse, or a disclaimer where the auditor could not obtain enough evidence. A qualified opinion can result from missing records, unreconciled balances or stock that was never counted, which is why we raise these issues at planning rather than at the end. Alongside the statements you receive a management letter listing the control weaknesses and accounting issues we found, with practical fixes.

For corporate tax purposes, IFRS is the default framework. A business with revenue of AED 50 million or less may use IFRS for SMEs, and one with revenue of AED 3 million or less may use the cash basis (Ministerial Decision 114/2023). Mainland companies must also apply international accounting standards in their annual accounts under the Commercial Companies Law. We confirm the framework before fieldwork begins, because changing it later means restating the comparative figures.

Two professionals reviewing a document on a clipboard and taking notes at a desk

Our audit process, step by step

  1. Scoping and fixed quote. We look at your trade licence, legal form, revenue, transaction volumes and the reason you need the audit, then confirm a fixed fee in writing.
  2. Engagement letter. Scope, reporting framework, deliverables, timetable and each side’s responsibilities are agreed and signed before work starts.
  3. Planning. We meet your finance team, learn how the business earns and spends money, identify the higher-risk areas and send a document request tailored to your company.
  4. Fieldwork. We test revenue, expenses, bank balances, receivables, payables, stock and fixed assets, send bank and third-party confirmations, and raise questions as they come up rather than saving them for the end.
  5. Draft statements and adjustments. You receive draft financial statements and a list of proposed adjustments, each with its reason. Nothing is finalised until you have reviewed them.
  6. Management representation letter. The directors confirm in writing that they have given us all relevant information.
  7. Audited statements and management letter. We issue the audited financial statements and the management letter.
  8. Submission support. We help with the free zone portal upload and summary sheet, or with the corporate tax return that relies on the audited figures.

If your books are behind, they have to be brought up to date before fieldwork can start. Our year-end accounts and backlog accounting team can close the year first. If you prefer to keep bookkeeping and audit with different firms, we work directly with your existing accountant.

Documents to prepare for your audit

Having these ready before fieldwork starts is what keeps an audit on schedule. We send a tailored list at planning; this is the usual core.

  • Trade licence, memorandum and articles of association, and the share register, with any changes during the year
  • Trial balance, general ledger and chart of accounts for the year
  • Bank statements for every account, with year-end bank reconciliations
  • Aged receivables and payables listings at the year end
  • Fixed asset register, with invoices for additions and records of disposals
  • Stock count sheets and valuation workings, if you hold inventory
  • Sales and purchase invoices, and major contracts, leases and loan agreements
  • Payroll records, the employee list and end-of-service benefit calculations
  • Balances and transactions with shareholders, directors and group companies
  • Prior-year audited financial statements, if the company has been audited before
  • VAT returns, corporate tax registration details and any corporate tax returns filed

Keep the audited statements and the records behind them together. Corporate tax law requires records to be kept for seven years after the end of the tax period they relate to (Article 56, Federal Decree-Law No. 47 of 2022), and failing to keep them is penalised separately.

Deadlines, and what happens when an audit runs late

Deadline When Source
DMCC audited accounts laid before the General Meeting Within six months of the financial year end DMCCA Company Regulations, Art. 73.6
DMCC filing with the Registrar Within five business days of the General Meeting DMCCA Company Regulations, Art. 73.7
IFZA financial statements At each licence renewal from 30 September 2025 IFZA licensee FAQ
Corporate tax return and payment Within nine months of the end of the tax period FDL 47/2022, Art. 53

Where Ministerial Decision 84/2025 applies, the audit should be finished before you file your corporate tax return, because the return starts from the accounting profit in the financial statements. For a company with a 31 December year end, the 2026 accounts therefore need to be audited well before the return falls due at the end of September 2027.

A late corporate tax return costs AED 500 a month for the first 12 months and AED 1,000 a month after that, and unpaid tax attracts a late-payment penalty of 14% a year, charged monthly. Failing to keep the required records costs AED 10,000, or AED 20,000 for a repeat within 24 months (Cabinet Decision 75/2023). On the free zone side, IFZA asks for the financial statements as part of each renewal, so a missing audit holds up the renewal, and a lapsed licence quickly affects visas, banking and contracts. Our article on missing your audit deadline sets out how to recover.

How to choose an audit firm in Dubai

Rankings and lists of top firms say little about whether a firm suits your company. These checks tell you more:

  • Licence to practise. Federal Decree-Law No. 41 of 2023 regulates the accounting and auditing profession, and the Ministry of Economy and Tourism grants the professional licence to practise. Ask any firm, including us, for the licence details of the auditor who will sign your report.
  • Zone approval. If you are in DMCC or another zone with an approved-auditor list, check that the signing auditor is on it before you engage any firm, including us.
  • Independence. If the firm also keeps your books or advises on your tax, ask how it keeps the audit objective.
  • Fee. A fixed fee in writing that states what is included and what would change it.
  • Timetable. Dates for fieldwork, draft and final statements, set against your real deadline.
  • Sector knowledge. Trading with stock, real estate, contracting and holding structures each raise different audit questions.
  • Sample output. An anonymised report and management letter, so you know what you will receive.

Buying a business or bringing in an investor calls for a different engagement. Financial due diligence examines the risks in a specific deal, while an audit reports on a year that has closed. For background, read what due diligence gives investors and the difference between internal and external audit.

Audit fees

We quote a fixed fee for each audit after reviewing your legal form, revenue, number of bank accounts, transaction volume, stock, group structure and the state of your records. The fee covers the audited financial statements, the management letter and submission support. It changes only if the scope changes, and we agree any change with you in writing first.

A company with reconciled books and a simple structure needs less audit work than one with a backlog or complex intercompany balances. Bringing the ledgers up to date before fieldwork keeps the audit fee to the audit itself. Send us your trade licence and latest trial balance through our contact page and we will come back with a fixed quote.

FAQ

Frequently asked questions

Who can sign an audit report in the UAE?

An auditor who holds a professional licence from the Ministry of Economy and Tourism under Federal Decree-Law No. 41 of 2023. Some free zones, such as DMCC, also require the auditor to be on their own approved list. Before you engage any firm, ask for the licence details of the person who will sign your report.

Can an ACCA member sign audit reports in the UAE?

Not on the strength of the qualification alone. ACCA, CA or CPA membership shows professional training, but practising as an auditor in the UAE requires a professional licence from the Ministry of Economy and Tourism under Federal Decree-Law No. 41 of 2023.

What is an audited financial statement?

It is a set of financial statements that an independent auditor has examined, with the auditor’s report attached. The report gives an opinion on whether the statements present a true and fair view under the applicable framework, usually IFRS or IFRS for SMEs in the UAE.

What is included in audited financial statements?

The independent auditor’s report, the statement of financial position, the statement of profit or loss and other comprehensive income, the statement of changes in equity, the statement of cash flows, and notes covering accounting policies and the detail behind the figures. A directors’ report is added where the company’s law or articles require one.

Is an audit mandatory in the UAE?

For many companies, yes. Mainland LLCs and joint stock companies must be audited every year under Article 27 of the Commercial Companies Law. For corporate tax, Ministerial Decision 84/2025 requires audited financial statements from taxable persons with revenue exceeding AED 50,000,000, from every Qualifying Free Zone Person and from every tax group. Free zones such as DMCC and IFZA set their own rules on top.

Is an audit required for VAT in the UAE?

No. VAT registration alone does not require audited financial statements. A VAT-registered business needs an audit only if its legal form, its free zone or its corporate tax position requires one. The Federal Tax Authority can still carry out its own tax audit of your VAT records, which is a separate process; our guide on preparing for a VAT audit explains it.

How much does an audit cost in the UAE?

It depends on your legal form, revenue, transaction volume, stock, group structure and the condition of your records. We quote a fixed fee after a short review of your trade licence and trial balance. Contact us for a quote.

TALK TO US

Get a fixed audit quote

Send us your trade licence, your latest trial balance and last year’s financial statements if you have them, and we will come back with a fixed fee and a timetable.

+971 56 500 6694 · info@dirhamwise.com · Contact form
ParkLane Tower, Park Regis, Business Bay, Dubai · Monday to Saturday, 9:00am to 6:00pm