Financial statements and audit support for UAE companies
IFRS financial statements for UAE companies: balance sheet, profit and loss, cash flow and audit-ready documentation. Including free zones with a mandatory audit.
Your financial statements are the basis for the tax return, for licence renewal and, depending on the free zone, for the statutory audit. We prepare the balance sheet, profit and loss account and cash flow statement under IFRS and package the documentation so the audit runs through without rework.
Does my free zone company need an audited statement?
That depends on the free zone, and it is one of the most underestimated differences between them. Some require an audited statement with a fixed deadline for licence renewal, others do not. Finding out at renewal time means working under pressure.
Either way the same holds: without proper statements the tax return cannot be prepared cleanly, and if the authority asks questions the underlying basis is missing.
What exactly do we deliver?
For us the annual statement is not a by-product of bookkeeping but a separate work step with proper reconciliation.
- Balance sheet under IFRS
- Profit and loss account
- Cash flow statement
- Reconciliation of balances, receivables and provisions
- Audit-ready documentation for the external auditor
Which items are forgotten most often?
Three items are missing particularly often in practice: the provision for employee end of service benefits, the deferral of income invoiced in advance, and the impairment of doubtful receivables. All three move the result considerably, and all three surface in an audit.
Discovering them only at year end means you steered the business on wrong numbers all year. That is why we track them during the year, not at the end of it.
Frequently asked questions
Are financial statements mandatory in the UAE?
Proper accounting is mandatory, and the statements are the basis for the tax return. Whether an external audit is additionally required depends on the free zone and the structure. We clarify that for your case up front.
When should I start on the year end?
Earlier than most people think. If the bookkeeping runs cleanly during the year, the year end is mostly reconciliation work. If it does not, it turns into several months of catch-up, and then deadlines get tight.
Do you carry out the audit yourselves?
The audit is performed by a licensed auditor, that is a separate professional qualification. We prepare the statements, package the documentation audit ready and support the process so it runs without queries and rework.
What if the previous years are incomplete?
Then we work through them first. Statements built on incomplete records are worthless, because they hold up neither for the tax return nor in an audit. The catch-up is effort, but it is always cheaper than a correction after an audit.
Keep reading: Audit requirements for UAE companies ·Year end accounting checklist for UAE companies ·Qualifying Free Zone Person in the UAE