Independent assurance · established 1994
Statutory audits and annual financial reporting for mainland companies, free-zone entities and groups across the UAE. A clear engagement, experienced professionals and an agreed reporting timetable.
Annual financial-statement audit
An annual audit is an independent examination of a company’s financial statements, culminating in an auditor’s opinion on their preparation under the applicable reporting framework.
SAIF Chartered Accountants plans the work around your business, significant balances and reporting obligations. The engagement covers risk assessment, audit evidence, financial-statement review and communication of significant findings. Audits provide reasonable assurance about material misstatement; management remains responsible for the accounts and internal controls.
Our annual audit practice supports LLCs, free-zone businesses, subsidiaries and groups. Whether the report is required by law, an authority, a bank or shareholders, we confirm its purpose and the auditor’s eligibility before the engagement begins.
About our Dubai audit practiceWho needs an annual audit?
Company law, authority rules, Corporate tax and commercial agreements can each create a separate requirement.
Article 27 of Federal Decree-Law No. 32 of 2021 requires annual audit for joint stock companies and limited liability companies within its scope. Other legal forms and exclusions need separate consideration.
Confirm the entity’s legal form and applicable legislation.The authority’s current rules determine appointment, approved-auditor eligibility, reporting and submission. Requirements differ between free zones.
Use the company’s own authority and portal instructions.DMCC audit requirementsFor periods commencing on or after 1 January 2025, Ministerial Decision 84 of 2025 covers non-Tax-Group taxable persons with revenue above AED 50 million and QFZPs. Tax Groups must maintain audited special-purpose statements under the FTA’s rules.
Revenue below the threshold does not remove other audit obligations.A financing agreement, investment arrangement or parent-company instruction may require audited accounts or a specific reporting package. Confirm the recipient’s requirements, reporting currency and deadline.
Agree the intended use of the report at appointment.What the audit covers
The nature and extent of testing reflect materiality, the business model and the assessed risks. The final scope is tailored to the engagement.
Recognition, completeness, cut-off, customer balances and recoverability. Contract terms and transactions around year-end often need particular attention.
Inventory existence and valuation, stock-count arrangements, purchase cut-off, costing and slow-moving items where relevant to the business.
Ownership, additions, depreciation, impairment, lease obligations, borrowing terms and the classification of current and non-current balances.
Payroll, employee benefits, accruals, provisions and unrecorded liabilities, supported by contracts, calculations and subsequent payments.
Ownership, intercompany balances, transactions, disclosures and consolidation adjustments, with coordination where component auditors are involved.
Material judgements, accounting policies, going concern, subsequent events and the notes needed to explain the financial statements.
For trading and manufacturing companies, inventory and cut-off may be central. Construction assignments can involve contract revenue and estimates; service businesses may require close attention to revenue recognition and accrued income. Group audits add consolidation, intercompany eliminations and component coordination.
Working with SAIF Chartered Accountants
Your finance team needs to know which records are outstanding, which judgements require discussion and what could affect completion. We agree responsibilities early and communicate significant matters throughout the engagement.
Annual audit document checklist
Nominate one person to coordinate requests. We provide a tailored list once we understand the entity, systems and balances.
| Record group | What to prepare | Why it matters |
|---|---|---|
| Company and reporting information | Trade licence, constitutional documents, ownership details, prior audited accounts and the reporting deadline. | Confirm the entity, financial period and intended users. |
| Accounting records | Final trial balance, general ledger, draft financial statements and reconciled account schedules. | Trace the statements to the underlying books. |
| Cash and working capital | Bank reconciliations, confirmation contacts, customer and supplier ageing, invoices and subsequent receipts or payments. | Support material balances and their recoverability or settlement. |
| Inventory and fixed assets | Stock listings, valuation workings, count instructions, asset register, additions and disposal records. | Plan physical evidence and assess valuation. |
| People, contracts and funding | Payroll, employee benefit calculations, leases, borrowing agreements and significant customer or supplier contracts. | Understand obligations, commitments and accounting treatment. |
| Tax and related parties | VAT reconciliations, Corporate tax workings, intercompany agreements and related-party schedules. | Keep disclosures and tax records consistent with final accounts. |
Tell us early about a first-year audit, a change of auditor, missing historical records, a new accounting system or material inventory. Some procedures, such as attendance at a stock count, need arrangements before the year-end.
From appointment to report
Each stage has a clear purpose, with outstanding matters tracked through to completion.
Confirm independence, auditor eligibility, scope, financial year, reporting framework and the information needed from management.
Review the business and prior accounts, assess material risks, arrange confirmations and plan stock-count attendance where needed.
Test balances, transactions and disclosures, assess estimates and obtain appropriate evidence for the audit conclusions.
Discuss proposed adjustments, outstanding evidence and significant matters; complete financial-statement and engagement review.
Obtain management approval and representations, issue the auditor’s report and prepare any agreed authority submission documents.
Agreed deliverables
The engagement letter identifies the report, reporting framework and additional work included. Any accounting assistance or non-audit services are assessed separately for independence and scope.
Management prepares and approves the statements, maintains the records and makes accounting decisions. The auditor independently evaluates the evidence and determines the opinion.
The opinion reflects the evidence and any material reporting issues. An unmodified opinion cannot be promised before the audit.
The approved statements, accounting policies, notes and comparatives, with the auditor’s report.
Relevant findings and significant control deficiencies communicated to management or those charged with governance, as applicable.
Where agreed, a submission pack such as the DMCC Summary Sheet and guidance on filing responsibilities.
Planning the engagement
Share the latest trial balance, prior accounts, licence details and reporting deadline so we can assess the assignment.
Allow time for the accounting close, fieldwork, external confirmations, resolution of queries and final review. Record quality, group complexity and response times affect completion.
DMCC’s published guidance specifies six months after year-end; check entity-specific notices.Official DMCC submission guidance ↗The fee reflects transaction volume, locations, inventory, reporting complexity, estimates, the state of the records and specialist involvement. Clarify whether reporting packs and submission support are included.
Any material scope change should be discussed and agreed.Audit and UAE tax compliance
Audit adjustments may affect tax calculations and disclosures. Once the accounts are approved, reconcile them to the Corporate tax computation and the supporting schedules. Related-party transactions may also require transfer pricing analysis and documentation.
The audit does not replace tax filing, and a tax registration alone does not establish that every business needs audited accounts. Apply the relevant company-law, authority and tax tests to the entity.
Frequently asked questions
Practical answers to common preparation, appointment and reporting questions.
Speak to our audit teamIt is an independent examination of annual financial statements required by an applicable law or regulation. The auditor obtains evidence and expresses an opinion under the relevant reporting framework. An annual audit may also be commissioned voluntarily or required by a lender, shareholder or group.
Article 27 of Federal Decree-Law No. 32 of 2021 requires joint stock companies and limited liability companies within its scope to have one or more auditors audit their accounts annually. Other legal forms, statutory exclusions and additional regulatory requirements should be assessed separately.
No. That revenue test relates to one Corporate tax requirement. Company law, a free-zone authority, QFZP status, Tax Group rules or a contractual obligation can require audited statements independently of that threshold.
DMCC’s published submission guidelines dated 29 April 2025 specify six months after the financial year-end for uploading the audited financial statements and signed and stamped Summary Sheet. Check the company’s portal notices for any specific instruction or extension.
Any accounting or financial-statement preparation assistance must be scoped separately and assessed against the applicable independence rules. Management remains responsible for the records, accounting decisions, financial statements and approvals. Where a combination of services is not permitted, separate arrangements are required.
The fee depends on the entities and locations involved, transaction volume, record quality, inventory, estimates, group reporting and the scope of the report. Share the latest trial balance, prior accounts and reporting requirement so we can provide a proposal with the fee basis and assumptions.
The timetable is agreed after reviewing the scope and readiness of the records. Complete schedules, timely confirmations and prompt responses help the audit progress. Complex estimates, unresolved balances or missing inventory evidence can extend the work.
Low activity or a first year does not automatically remove an audit obligation. The legal form, licensing authority, first reporting period, tax status and any documented exemption must be checked.
No. The audit opinion and Corporate tax filing serve different purposes. The return starts from the relevant accounting result and applies tax adjustments, elections and disclosures. Audited balances and the tax computation should reconcile.
No. A financial-statement audit provides reasonable assurance about material misstatement, whether caused by fraud or error. It is not absolute assurance and does not involve checking every transaction. Specific fraud concerns may need a separately scoped investigation.
Further reading
AuditOrganise your UAE year-end audit file with a practical close timetable, supporting-document checklist, reconciliation example and clear responsibilities for financial reporting and tax records.
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UAQ Free ZonePrepare your UAQ Free Trade Zone audit file with a practical records checklist, reconciliation example and clear steps for management approval and reporting.
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AuditCompare established auditing firms in the UAE for 2026 and learn how to assess professional registration, authority approval, industry experience, fees and service quality. This guide also explains why SMEs, mainland businesses and free-zone companies consider Saif Chartered Accountants.
Read insight ↗Plan your annual audit
Tell us your company type, financial year-end, licensing authority and the current state of your accounts.
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