Question 1

Which companies need an audit in the UAE?

Accepted Answer

Most mainland companies such as LLCs are required to appoint an auditor under the Commercial Companies Law, and most free zone authorities require audited accounts for licence renewal. Under Corporate Tax rules, businesses with revenue above AED 50 million and Qualifying Free Zone Persons must also prepare audited financial statements.

Question 2

Does SMAS Venture sign audit reports?

Accepted Answer

No. Statutory audit opinions must be issued by independent auditors licensed in the UAE. Our role is to prepare your books and audit files and to coordinate the engagement, which keeps the auditor fully independent of your accounting.

Question 3

Can you recommend an auditor?

Accepted Answer

Yes. We work with a number of licensed audit firms and can introduce one that is approved by your free zone or licensing authority and suits your size and budget.

Question 4

What documents does an auditor usually ask for?

Accepted Answer

Bank statements and confirmations, sales and purchase invoices, contracts, fixed asset records, payroll records, inventory counts, VAT returns and the trial balance with supporting schedules.

Question 5

How long does an audit take?

Accepted Answer

For a well-prepared SME, fieldwork usually takes a few days and the report follows within a few weeks. Poorly maintained books can extend this considerably, which is why preparation matters.

Question 6

What is the difference between internal and external audit?

Accepted Answer

External audit gives an independent opinion on whether your financial statements are fairly presented. Internal audit looks at how the business operates day to day, testing processes and controls and recommending improvements for management.

Audit & Assurance Support

Internal Audit & Controls

VAT Compliance Review

Ready for books you can rely on?

Audit & Assurance