In Dubai, statutory audit requirements are governed by the UAE Commercial Companies Law and the regulations set by the Dubai Financial Services Authority (DFSA) for companies operating within the Dubai International Financial Centre (DIFC). All businesses, regardless of their size, must maintain accurate financial records and prepare annual financial statements in accordance with established accounting standards in Dubai.
For companies with a paid-up capital exceeding AED 150,000, a mandatory external audit is required. The audit must be conducted by a registered auditor licensed by the UAE’s Ministry of Economy or the DFSA, ensuring adherence to international financial reporting standards (IFRS) as well as local accounting standards.
Additionally, companies must submit their audited financial statements to the relevant authorities, such as the Department of Economic Development (DED) or the DFSA, depending on their jurisdiction. This process enhances transparency and accountability, fostering trust among stakeholders while supporting Dubai’s commitment to maintaining a robust and compliant business environment.
Leave a comment