Audit Solutions in the UAE

With the introduction of corporate tax and stricter regulations, financial reporting in the UAE has become a top priority. While many companies in the UAE previously maintained internal accounting records, the requirements for transparency are now increasing — both on the mainland and in free economic zones. Let’s explore who is obligated to prepare financial statements and undergo audits, and where this applies.

At Make Fortune, we support clients at every stage of preparing and submitting audit reports. Our specialists work with all UAE jurisdictions — from Mainland to specialized free zones (such as DMCC, DIFC, ADGM, and others).

We do everything to ensure you run your business with peace of mind

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Financial Reporting

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Upon request
Mainland — the deadline for submitting the audit: by April 30, 2025
Free Zones — the deadline for submitting the audit: by June 30, 2025
An audit is mandatory even for companies with zero activity
Get a free consultation
Audit as required by the tax authorities
from 4 500 AED
Audit for companies with revenue of 50 million AED or more
Audit for companies with the status of Qualified Free Zone Person
Audit according to FTA requirements and without risks
Free consultation — we will advise whether an audit is required in your case
Audit upon bank request
from 8 400 AED
Report in compliance with bank requirements
For opening a corporate account
For servicing a corporate account
Free consultation — we will help you understand which report format is required
Audit for Free Zone license renewal
from 4 500 AED
Zero financial reporting with auditor confirmation
We work with DMCC, JAFZA, Meydan, and other free zones
Free consultation — we will check the requirements of your free zone
Audit for mainland companies
from 4 500 AED
Mandatory audit according to Law No. 32 of 2021
Preparation of the report in accordance with the Ministry of Economy's requirements
Free consultation — we will explain whether an audit is required in your case

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    Annual Financial Reporting in the UAE: What You Need to Know

    With the introduction of corporate tax and stricter regulations, financial reporting in the UAE is taking center stage. While many companies in the UAE previously maintained internal accounting records, transparency requirements are now increasing — both on the mainland and in free economic zones. Let’s explore who is obligated to prepare financial statements and undergo audits, and where this applies.
    Category Mainland Free Zone ADGM, DIFC
    Audit Requirement Annually. Federal Decree-Law No. 32 of 2021 "On Commercial Companies" Depends on the free zone Mandatory
    Regulators FTA, banks, licensing authorities Free zone administration Registration authority
    Sanctions Warning, fines from 10,000 AED Refusal to renew license Sanctions from administrations and regulators
    1. Mainland (Mainland UAE)

    According to Federal Law No. 32 of 2021 (Commercial Companies Law), all Mainland companies (e.g., LLCs) are required to:

    • Prepare financial statements annually in accordance with international standards (IFRS),

    • Appoint an auditor and undergo an annual audit.

    Important: Although the financial statements are not automatically submitted to government authorities, companies are required to retain accounting books for at least 5 years. The introduction of corporate tax has made audits particularly relevant: the report may be requested by the tax authority (FTA) during audits and for verifying the data provided in tax returns.

    1. Free Zones

    Mandatory audit submission:

    • DMCC (Dubai Multi Commodities Centre): Audit report must be submitted within 180 days after the end of the financial year. Without this, the license cannot be renewed.

    • JAFZA (Jebel Ali Free Zone): Annual audit submission is required (especially for FZE/FZCO companies).

    • Dubai South, Meydan Free Zone: These zones also require an annual audit.

    1. Financial Centers: DIFC and ADGM

    • DIFC (Dubai International Financial Centre) and ADGM (Abu Dhabi Global Market): These are special legal zones with international regulatory standards. The reporting requirements here are the most stringent:

      • Companies must prepare audited financial statements annually.

      • The report must be submitted via the registrar’s portal within the established deadlines (usually within 6 months after the end of the year).

      • Failing to meet deadlines results in fines, license suspension, and other sanctions.

    There is also separate regulation for financial institutions, including funds, banks, consultants, etc.

    Audit is also mandatory in other cases:

    • Branches of foreign companies: Required by law and the corporate requirements of the parent company.

    • Company liquidation: The last audited report must be provided.

    • Credit and investors: It is extremely difficult to obtain financing or attract partners without an audit.

    • Banking services: Banks increasingly request audit reports for opening or maintaining accounts.

    What happens if the audit is not completed?

    Failure to comply with audit requirements may result in:

    • Refusal to renew the company’s license,

    • Fines for late submission (in some zones, starting from 2,000 AED and higher),

    • Suspension of operations until violations are rectified,

    • Issues with submitting tax returns or during tax audits.

    Free Consultation

    Not sure if your company needs an audit?
    Submit a request — our specialists will provide a free consultation, determine the audit requirements for your situation, and advise on the necessary documents.

    Frequently Asked
    Questions

    Is an audit mandatory for companies in the UAE?

    Yes, for most companies, an audit is mandatory by law or the requirements of the free zone. Schedule a free consultation — we will advise whether your company is required to undergo an audit.

    Why is it important to choose an accredited auditor?

    Choosing an accredited auditor ensures the recognition of the audit report by banks and regulatory authorities, as well as guarantees compliance with standards and legislation. We collaborate only with accredited and verified auditors.

    What happens if the audit report is not submitted on time?

    Fines: from 10,000 AED in Mainland for the absence of an audit, and from 2,000 AED in some free zones for late submission. Additionally, there may be refusal to renew and license suspension. During a free consultation, we will provide a clear answer based on your jurisdiction and business specifics.

    Is it mandatory to maintain accounting records in the UAE?

    Yes, according to Federal Law No. 32 of 2021, all companies are required to maintain accounting records and keep them for a minimum of 5 years.

    Is an audit required when submitting a corporate tax return?

    Yes, if the revenue exceeds 50 million AED per year or if the company has the status of a Qualified Free Zone Person.

    Is an audit required if the company had no activity?

    Yes, a zero audit report must be prepared, even if the company had no activity. Make Fortune will help you handle everything properly — during a free consultation, we will explain why this is important and the potential consequences of failing to submit it.

    Is an audit report required when liquidating a company?

    Yes, at the liquidation stage, the final financial statements, confirmed by an audit, must be submitted to ensure the correct reflection of all assets, liabilities, and the fulfillment of all financial obligations.

    What documents are required for a company audit in the UAE?

    Trade license, MOA/AOA, VAT certificate, EmaraTax registration, copies of shareholders' passports and Emirates IDs, lease agreements, employment contracts (Free Zone/MOHRE), freelance agreements, payroll/WPS reports, End of Service and vacation calculations, employee list, trial balance, balance sheet, profit & loss statement, breakdown of administrative and general expenses with supporting documents, fixed asset schedule with depreciation, loan agreements, bank confirmations (for loans or vehicles), corporate tax calculations (signed by a consultant), reflection of tax liabilities in accounting, bank statements for the entire year, sales book with a sample of 20% of invoices, purchase book with a sample of 20% of invoices, information on related party transactions (nature, amount, disclosure), VAT returns or a letter confirming no obligation, corporate tax return (if applicable), supporting documents for deductible expenses, client and supplier contracts (if available), previous audit report (if available), declaration of inactivity (if applicable), liquidation documents (if applicable).

    Can a bank request an audit report?

    Yes, banks in the UAE often request an audit report when opening a corporate account, applying for a loan or overdraft, confirming the company's financial stability, and during the annual KYC update. Each bank has a list of certified auditors.

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