Audit · Statutory Audit
External & Statutory Audit Services in the UAE
Statutory audits under International Standards on Auditing, carried out and signed by UAE-registered auditors independent of your bookkeeping. We prepare your books and audit file, manage the engagement and keep it on track for your free zone, bank or the FTA.
- ISA-Based Audit
- UAE-Registered Auditors
- Independent of Your Books
Licensed by Dubai DET · Licence 1394564
At a glance
- International Standards on Auditing applied
- ISA
- Auditors registered with the Ministry of Economy
- MoE
- Need audited statements for corporate tax
- QFZPs
- By UAE-registered auditors, not your bookkeeper
- Signed
A clean audit is decided before the auditor arrives
Audited financial statements are a legal requirement for many UAE companies. Mainland LLCs have audit duties under the Commercial Companies Law, many free zones ask for audited accounts at licence renewal, and corporate tax requires them for businesses with revenue above AED 50 million and for Qualifying Free Zone Persons. Banks, investors and buyers often ask too. The auditor must be registered with the Ministry of Economy, sometimes also on a free zone’s approved list, and independent of whoever keeps the books.
Smartgic manages the audit from your side of the table. We get the books audit-ready, draft the financial statements and prepare the schedules and reconciliations the auditor will test. We then line up UAE-registered auditors who are independent of the bookkeeping — including any bookkeeping we do for you — coordinate their requests and confirmations during fieldwork, and work through findings with you. The audit follows International Standards on Auditing, and the opinion is the auditor’s alone.
Key facts
- International Standards on Auditing applied
- ISA
- Auditors registered with the Ministry of Economy
- MoE
- Need audited statements for corporate tax
- QFZPs
- By UAE-registered auditors, not your bookkeeper
- Signed
Everything covered in External & Statutory Audit
The concrete scope our team delivers, grouped the way we actually run your file.
Audit Preparation
Books and files in a state an auditor can work with.
- Year-end close and reconciliations
- Draft IFRS or IFRS for SMEs statements
- Lead schedules for every material balance
- Fixed asset and depreciation schedules
- VAT and corporate tax reconciliations
Engagement Management
Everything between engagement letter and signed report, coordinated for you.
- Engagement with a UAE-registered auditor
- Free zone approved-list check
- Timetable and information request tracking
- Confirmation requests coordinated
- Query responses during fieldwork
Reporting & Follow-Up
From the draft report to what you do with it.
- Review of proposed adjustments
- Management representation letter support
- Signed audit report and audited statements
- Management letter follow-up
- Submission to your free zone or bank
What you gain with External & Statutory Audit
The practical difference when the work is planned and filed properly the first time.
Audit-Ready Before Fieldwork
Reconciliations, schedules and draft statements are ready before the auditor starts, so fieldwork is spent testing rather than chasing documents.
Registered, Independent Auditors
The audit is signed by auditors registered with the Ministry of Economy, independent of your bookkeeping and on your free zone’s list where required.
Report in the Right Form
The audited statements are prepared in the form your free zone, bank or the FTA expects, ready for renewal or filing.
Findings Raised Early
Proposed adjustments and control points are discussed with you as they arise, rather than appearing for the first time in the draft report.
One Coordinator for Requests
We field the auditor’s questions, confirmations and document requests, so your team is not pulled away from running the business.
Ready for Corporate Tax
Audited figures feed directly into your corporate tax return, and Qualifying Free Zone Persons meet the audited-statements condition of the regime.
A clear process, step by step
One adviser owns your file from first call to completion, and you always know which step you are on.
- 01
Preparation
We close and reconcile the books, draft the financial statements under IFRS or IFRS for SMEs, and assemble the schedules, contracts and registers the auditor will need.
- 02
Engagement and Planning
The registered auditor issues an engagement letter, assesses risks and materiality, and agrees the timetable and the information list with you and with us.
- 03
Fieldwork
The auditor tests balances and transactions, obtains bank and third-party confirmations and reviews key contracts; we answer queries and supply evidence as each request comes in.
- 04
Findings and Adjustments
Proposed adjustments and control observations are discussed with you; agreed corrections are posted, and any control points are set out in a management letter.
- 05
Draft and Signed Report
You review the draft audited statements and sign the management representation letter; the auditor then signs and issues the final report, ready for your authority, bank or the FTA.
Who it’s for and what you’ll need
Have these ready and we can move quickly. If something is missing, we will tell you what the authority accepts instead.
Who needs an external audit
- Mainland LLCs, which have audit duties under the Commercial Companies Law
- Free zone companies whose authority requires audited accounts at licence renewal
- Businesses with revenue above AED 50 million, for corporate tax
- Qualifying Free Zone Persons claiming the 0% rate on qualifying income
- Companies asked for audited statements by a bank, investor or buyer
Documents we’ll need
- Trade licence, MOA and any amendments
- Trial balance and general ledger for the year
- Bank statements and authority for bank confirmations
- Fixed asset register and purchase documents
- Sales and purchase contracts, leases and loan agreements
- Payroll records and end-of-service calculations
- VAT and corporate tax returns filed for the year
- Prior-year audited financial statements, if any
Need documents attested or translated? Our document clearing team can help.
External & Statutory Audit questions
Straight answers to what clients ask us most. If yours is not here, ask us directly.
Mainland LLCs have audit duties under the Commercial Companies Law. Many free zones require audited financial statements at licence renewal. For corporate tax, audited statements are required for businesses with revenue above AED 50 million and for Qualifying Free Zone Persons. Banks, investors and buyers may require one regardless. We check your licence, authority and tax position to confirm what applies.
Because an audit is only worth something if the person giving the opinion did not prepare the numbers. The rules require the auditor to be independent of whoever keeps the books. When we prepare your accounts, the audit is carried out and signed by UAE-registered auditors with no part in that work; our role is preparation and managing the engagement.
External audits in the UAE are carried out under International Standards on Auditing, and the financial statements being audited are prepared under IFRS — or IFRS for SMEs, which is accepted for corporate tax purposes for businesses with revenue under AED 50 million. The auditor’s report states the framework and the standards applied.
It depends far more on preparation than on the auditor. Where the books are closed, reconciled and supported by schedules, fieldwork for a small or medium company is usually a matter of weeks; where records are incomplete, the audit waits for them. We plan backwards from your renewal or filing deadline, but the timing of the signed report is the auditor’s.
An unmodified opinion says the financial statements present a true and fair view under the stated framework. A qualified opinion means the auditor found a material misstatement, or could not obtain enough evidence, in a specific area. Adverse opinions and disclaimers are more serious. Good preparation and early discussion of findings are the most reliable ways to avoid a modified report.
Not always. Auditors must be registered with the UAE Ministry of Economy, and some free zones also keep their own list of approved auditors and accept reports only from firms on it. We check your authority’s requirements before the engagement starts, so the report is not returned at renewal because of who signed it.
Related services
Most clients combine these. We run them as one engagement with a single point of contact.
Guides on External & Statutory Audit
In-depth articles from our team on the questions clients most often ask about this service.
Let’s plan your next move
Tell us what you are planning. An adviser will come back with the route, the documents and an itemised quote — no obligation, no pressure to commit.
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Office 44, Floor M2, BN Complex, Deira Al Muteena, Dubai, UAE
Mon – Sat, 9:00 AM – 6:00 PM (GST)
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