Annual audits are an essential regulatory obligation for both Limited Liability Companies (LLCs) and businesses operating within Dubai’s free zones. Strict reporting standards must be adhered to by both LLCs and free zone companies to ensure financial transparency and compliance with regulatory guidelines. For LLCs, the mandatory annual audit is a requirement under the UAE … Continued
Regular auditing and account maintenance contribute significantly to the success of a business. Audit firms in Dubai ensure your company’s compliance with UAE accounting laws. For auditing the accounts of a company of any size, regardless of industry, an approved chartered accountant firm licensed & registered with the Ministry of Economy is required according to … Continued
The statutory audit is an independent review of financial statements for a company or institution. The auditor’s responsibility is to determine if financial statements are true and fair and in compliance with all applicable laws and guidelines. This helps companies plan for the future and protects them from potential risks. Auditors must identify and report … Continued
IAS 24 Related Party disclosures describe the requirements for disclosures by related parties regarding transactions, outstanding balances, and commitments with such entities. This allows company audit specialists in Dubai, UAE to analyze the financial impact of transactions with related parties. IAS 24 was reissued in November 2009 and applies to the annual period beginning or … Continued
IFRS for Small and Medium-sized Enterprises (SMEs) is a self-limited global accounting and financial reporting standard appropriate to the universal-purpose financial statements. To ensure consistency and transparency in financial declarations, IFRS has custom-made a dedicated framework designed explicitly for SMEs. This article explains how the implementation of IFRS can allow SMEs to make informed decisions, … Continued
For financial statements to be applicable, important decision-makers need to be able to analyze and interpret the statements. The externally audited financial statements help managers and investors evaluate an organization’s past performance, predict its future performance, and make intelligent and informed financial decisions. While an external audit is mandatory for Freezone companies in UAE, it … Continued
In the United Arab Emirates (UAE), audit requirements for holding companies are comprehensively outlined in the Federal Law. According to the Commercial Companies Federal Law, No. 32 of 2021, all mainland companies in the UAE are required to undergo financial account auditing. In this article, we will discuss all the requirements and relevant details for … Continued
With the rapidly changing business landscape in the UAE, it is becoming increasingly significant for businesses to have a clear and concise financial reporting system in place. Thus, enforcing Financial Reporting Standards for business conduct in the UAE is highly essential. What is IFRS? The International Financial Reporting Standards (IFRS) are a set of accounting … Continued
As per Article 27 of Federal Law No (2) of 2015 or Commercial Companies Law, businesses are to retain at least one auditor to audit accounts every single year. Shareholders or partners are also to obtain audited financial statements and audit reports from auditors in the UAE. Article 236 also stipulates accounts of a company … Continued