Auditors and Liquidators Reports
Joint-stock companies, limited liability companies and partnerships limited by shares registered in the UAE must prepare annual financial statements and file these with the Ministry of Economy and Commerce and other relevant authorities.
We work with a team of highly qualified auditors who are able to assist with a wide variety of requirements. While there are no ethical standards issued explicitly for the UAE, local firms usually follow IFAC standards when preparing the required auditor reports.
We also provide liquidation services for all entities – limited liability, free zone and offshore – across the UAE, including the supervision of asset disposal, creditor negotiation/settlement, liaison with liquidation accountants and filing of relevant deregistration and other formal notifications.
Our auditing fee structure consists of a no-frills standard package, suitable for all business types and sizes, with zero hidden costs. This pricing structure ensures that we are the ideal partner for carrying out your liquidation audit report and other paperwork to ensure full legal compliance in the UAE or in any other jurisdiction where you wish to operate.
Statutory Financial Statement
Joint-stock companies, limited liability companies and partnerships limited by shares registered in the UAE are required to prepare annual statutory financial statements. These financial statements must be audited within three months of the end of the fiscal year. Once audited they shall be filed with the Ministry of Economy and Commerce and other relevant authorities. All UAE entities prepare statutory financial statements following International Financial Reporting Standards (IFRS).
All companies, including those located at free zones, and partnerships, are also required to prepare full financial statements including a balance sheet, profit and loss account and other explanatory notes as required by UAE law.
Outside of free zones, all other companies/partnerships limited by shares in the UAE have the option to prepare their financial statements per any generally accepted framework.
Subsidiary companies of corporations listed in other jurisdictions have the option to prepare their financial statements per the framework followed by their parent company.
While there are no ethical standards issued explicitly for the UAE, local firms usually follow IFAC standards. The free zones in the UAE have a rigorous process for monitoring and streamlining auditing practices. They monitor the practice of auditing firms and review their work on an annual basis.
