Within the developing landscape of Public Joint Stock Companies (PJSCs), compliance with statutory audit requirements matters significantly. AFD Auditors plays a key role in helping these companies maintain transparency and meet applicable regulatory standards. What Are the Key Audit Requirements for Public Joint Stock Companies? PJSCs operate within a strict regulatory framework set out by … Continued
Banking sector audits, also known as financial sector audits, are considered more demanding than audits of regular companies. A bank audit involves verifying and reporting on institutions that themselves set compliance and financial advisory benchmarks for the wider financial market. A bank audit in the UAE is among the most complex audit engagements in Dubai … Continued
Audits are essential for confirming businesses operate professionally, follow the right protocols, and uphold financial integrity. Before an audit even begins, three foundational elements need to be established: the objective, the scope, and the criteria. Understanding these three components matters for both auditors and stakeholders alike, since they shape the entire audit process, from planning … Continued
Whether audit firms can provide consulting services to their audit clients is a genuinely challenging question in the global corporate landscape. It raises real tension between the need for auditor independence and the practical advantages of offering integrated services under one roof. Also read: Difference Between Audit Firm and Accounting Firm Various regulations, including SCA … Continued
Audit and accounting firms are both essential to maintaining the financial stability of businesses, each contributing distinct responsibilities and expertise. Both fields rely on solid grounding in accounting and bookkeeping, along with critical thinking and computational skill, but the roles themselves diverge in meaningful ways. Also read: Certified VARA Auditors in Dubai, UAE How Does … Continued
UAE corporations need to work with approved auditors in the UAE to confirm their finances and assets are properly audited and monitored. UAE audit firms carry out audit procedures compliant with international accounting standards. What Are Current Assets? Current assets are assets expected to convert into cash within one year or less. They include cash … Continued
IAS 26 is a significant global accounting standard specifically addressing accounting and reporting by retirement benefit plans. It sets out the principles for disclosing and measuring the financial performance and status of these plans, distinct from how an employer accounts for its own benefit obligations under IAS 19. This article looks specifically at IAS 26 … Continued
IAS 24 Related Party Disclosures sets out the requirements for disclosing transactions, outstanding balances, and commitments between an entity and its related parties. This lets company audit specialists in Dubai and the UAE properly analyze the financial impact of dealings with parties that aren’t genuinely independent from the reporting entity. IAS 24 was reissued in … Continued
In the United Arab Emirates, audit requirements for holding companies are comprehensively set out in federal law. Under the Commercial Companies Law, Federal Decree-Law No. 32 of 2021, all mainland companies in the UAE, including holding companies, are required to have their financial accounts audited. This article works through the requirements and practical details involved … Continued
With the UAE’s business landscape changing quickly, having a clear, consistent financial reporting system in place matters more than ever for businesses operating here. That’s exactly why enforcing recognized Financial Reporting Standards is so essential across UAE business. What Is IFRS? International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the … Continued
Under Article 27 of Federal Decree-Law No. 32 of 2021 on Commercial Companies, the UAE’s current Commercial Companies Law, businesses are required to appoint at least one auditor to audit their accounts every year. Shareholders and partners are entitled to obtain audited financial statements and audit reports from their auditors in the UAE. The Commercial … Continued
An audit is the examination and verification of a company’s financial records to confirm accuracy and fair representation. Your organization undergoes external audits, conducted by firms such as AFD Auditors, to confirm its processes, systems, and documentation are still appropriate and, more importantly, genuinely working in the organization’s favor. An external audit examines both the … Continued
Businesses in the UAE rely on investors putting money into the business and on banks lending at reasonable cost, both essential to running and growing a company. Internal audit and risk assurance services from audit firms in Dubai help businesses put themselves in a stronger position to achieve exactly that. Why Consider an Internal Audit? … Continued
Audit firms play a central role in maintaining the UAE economy’s financial integrity and transparency. Federal Decree-Law No. 32 of 2021 on Commercial Companies requires businesses operating in the UAE to appoint authorized auditors for annual audit reports. Audit firms in the UAE help corporations prepare complete, accurate financial records, including the balance sheet and … Continued
The Federal Customs Authority (FCA), under the directive of the UAE government, has the authority to inspect customs and trade documentation related to import and export activity. For businesses engaged in cross-border trade, staying aligned with these requirements has never mattered more. This article covers what businesses need to understand about this regulatory landscape, how … Continued
IFRS 16 applies to annual reporting periods beginning on or after 1 January 2019. Earlier adoption was permitted, provided the entity also applied IFRS 15 Revenue from Contracts with Customers at or before that date. The standard has now been in effect for several years and is the established basis for lease accounting for Audit … Continued
NGOs, or non-governmental organizations, are independent entities that operate largely through public donations to achieve their charitable goals. That funding model is exactly why transparency and accountability matter so much for them, and it’s achieved through maintaining comprehensive financial records and statements that reflect performance and demonstrate transparent use of funds. The audit process involves … Continued
Cost audit is a valuable tool management can use to understand where a business genuinely stands and confirm it’s following the procedures it’s supposed to. This article explains the situations in which management in Dubai and the UAE should consider running a cost audit, rather than treating it as a once-a-year formality. When Preparing the … Continued
Financial statements prepared under International Financial Reporting Standards (IFRS) must identify parent-subsidiary relationships, situations where one business controls another. That control assessment determines which entities get included in a parent’s financial statements, and it shapes the reported results, cash flows, and financial position across everything both on and off the group’s balance sheet. Under IFRS, … Continued
Jebel Ali Free Zone Authority (JAFZA) is one of the most significant economic zones in the UAE. Top auditing firms in JAFZA provide companies with auditing services in full compliance with the applicable laws and regulations, and an annual audit is mandatory for all JAFZA-registered companies. JAFZA licenses a range of business activities, including: Why … Continued
Sometimes a company has to purchase land that comes with obstacles already on it, old structures such as roads or buildings. Do the costs of removing them get expensed, or capitalized as part of the asset? And how do audit firms in Dubai typically treat demolition costs under IFRS? This article works through how companies … Continued