Frequently Asked Questions
Audits have become almost mandatory in the UAE both in the free zones and in the mainland. In the free zones, authorities insist filing of audit reports as a mandatory requirement for renewing the license of the company. In the mainland, as per UAE commercial company law annual audit is required to be
done. Moreover, wherever the bank has financed materially, they will insist on filing of an audit report for continuing the finance facilities.
Sometimes, Suppliers or customers or other stakeholders ask financial audit report from time to time. With the implementation of UAE VAT, additional responsibility will be there most probably to the management of the company to confirm the turnover through the audit report.
Normally the external audit is conducted annually. In the case of new entities, the audit period can be extended to 18 months from the date of incorporation. At the same time, it may not be less than 6 months as well. Subsequent audit period will be for a period of 12 months and this period ca be extended up to 15 months in case of certain Free Zones. In the case when management of the companies needs special-purpose audits, it can be carryout for a different period or even number of years.
The manner of appointment, the qualifications and the format of reporting by an external auditor is defined by statute which varies according to the jurisdiction of different countries. The auditors must be a member of one of the recognized professional accountancy bodies.
The auditors normally address their reports to the shareholders of a corporation or to the owners of the business entity. The auditors are subjected to strict rules to uphold their integrity and to establish
independence.
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