Statutory Audit Services in Dubai, UAE
Ensure complete regulatory compliance and stakeholder confidence with independent, IFRS-compliant Statutory Audit services by licensed UAE auditors. For broader audit support, see our audit and assurance services in Dubai.
Is Statutory Audit Mandatory in Dubai?
Direct Answer: Yes, under the UAE Commercial Companies Law (Federal Decree-Law No. 32 of 2021), conducting an annual Statutory Audit is mandatory for all Mainland LLCs, Public Joint Stock Companies (PJSCs), and the majority of Free Zone entities (e.g., DMCC, JAFZA, DAFZA). Additionally, the new Corporate Tax Law mandates audited financial statements for entities claiming the 0% Qualifying Free Zone Person status.
A statutory audit is an official, legally required review of a company’s financial records. The primary objective is to verify that the financial statements—including the balance sheet, income statement, and cash flow statement—provide a “true and fair” view of the company’s financial position. In the UAE, these audits must strictly adhere to International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA).
SBR Chartered Accountants is an officially licensed audit firm approved by the UAE Ministry of Economy. Our independent audit reports are accepted by all major UAE banks, government authorities, and Free Zone registries. For DMCC entities, see our DMCC approved auditor services in Dubai.
Who Requires an Audited Financial Report?
- Government Authorities: For trade license renewal in specific jurisdictions (e.g., DMCC, RAKEZ, JAFZA) and for Ministry of Economy compliance.
- Federal Tax Authority (FTA): Essential for Corporate Tax calculations, Transfer Pricing verification, and maintaining Qualifying Free Zone status.
- Banks & Financial Institutions: Required to secure corporate loans, trade finance facilities, or even to maintain certain corporate bank accounts.
- Shareholders & Investors: To ensure transparency, prevent fraud, and verify the accurate distribution of dividends.
Our Statutory Audit Methodology
1. Risk Assessment & Planning
We begin by understanding your business model, internal controls, and industry-specific risks. This allows us to tailor an audit plan that is efficient and non-disruptive to your daily operations.
2. Fieldwork & Evidence Gathering
Our auditors perform substantive testing on your general ledger, bank reconciliations, inventory, and accounts receivable/payable, verifying data against third-party evidence.
3. Reporting & Management Letter
We issue the final independent auditor’s report alongside a “Management Letter”—a valuable document highlighting internal control weaknesses and actionable recommendations for improvement.