The UAE audit law requires almost every company, including free zone companies, branches of foreign companies, and free zone establishments, to maintain a book of accounts and conduct audits periodically. However, some businesses like SMEs and some types of free zone entities are exempt from conducting an audit in Dubai.
You might be aware of the fact that every entity in the UAE, be it in the mainland or the free zones, must maintain its financial records for a minimum period of five years. So, you might have a question about the audit regulations in the country. You must understand that though the law states that every company must prepare and maintain a book of records or an audit report, they need not submit the same unless provoked.
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Ever since the introduction of the VAT regime in the UAE, businesses in the UAE are obliged to prepare an audit report with the assistance of professional audit firms in Dubai. The primary purpose of conducting audits is to investigate and identify fraudulent activities within a company and unlawful tax behaviors. Audits might be beneficial to the company itself because it might throw some light on illicit activities and tampering of records.
A business’ audit reports are also important when it comes to the process of liquidation, banking, loan approvals, and most importantly, to understand and evaluate your financial position. Therefore, though not required by the UAE’s legislation, it is essential for companies to conduct periodic audits. You can seek professional advice from registered audit firms in the UAE, irrespective of the size of your entity.
KGRN has a team of experienced and knowledgeable professionals with expertise in a variety of fields. We offer legal assistance around the clock and place a high value on customer satisfaction. Contact our team for assistance with auditing and maintaining your book of records.
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