Is audit mandatory in UAE?

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 on 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. 

For enquiries, call +971 45 570 204 / E-mail: support@kgrnaudit.com

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 behaviours. 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 UAE, irrespective of the size of your entity. 

 

KGRN has a team of well-experienced and knowledgeable professionals who hold expertise in various sectors. We provide legal assistance round the clock and give high priority to customer satisfaction. Contact our team to get assistance in conducting audits and maintaining your book of records.  

For enquiries, call +971 45 570 204 / E-mail: support@kgrnaudit.com



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