Auditors in Dubai play a constructive role in society by delivering added value to clients and critical insights to enhance the performance of the company.

1. Audit Services in Dubai
The audit and assurance profession has been witnessing massive changes
over the last couple of years, not just in the UAE, but across the world. There
have been numerous regulatory amendments and with the advent of
technology and the transformation has turned out to be huge. Complying
with these changes and ensuring complete transparency has become the
major priority for organizations.
Auditors play a key role in the growth of an organization. Prior to auditing
any company, they take time to understand the entity; the area of their
operation, their long-term strategy, organizational structure and any risks
involved. Usually, an audit process involves four stages, which include
planning, audit fieldwork, review and sign off. The planning phase involves
meetings, reviews and identifying risk areas and issues. In the second stage,
audit fieldwork, documents will be checked, inventory verification will be
conducted and opinions from experts will be taken. In the 3rd stage, the
process will be reviewed and in the final phase internal control
improvements will be taken care of.
Auditing in Dubai, UAE
Article 27 of UAE Federal Law No 2 of 2015 states the requirement for every
Joint Stock Company or Limited Liability Company in UAE to have one or
more auditors to audit the Company’s books of accounts annually. Other
types of entities can appoint an auditor under the provisions of this Law.
Thus auditors in UAE play a significant role by reviewing a company’s books
of accounts and financial statements to check for compliance with the laws
and local and international accounting standards.
Statutory requirement of audit in UAE

2. · In accordance with the regulations of UAE, including VAT regulations and
transaction law, every company should maintain their accounting records
for at least 5 years from the end of each financial year. These records can be
physical or electronic format. Moreover UAE Federal Law No 2 of 2015 and
different Free Zone regulations, insisting the audited financial statements of
each entity as a mandatory record for the entities.
· Public Listed companies should submit their annual audited financial
statements to the respective stock exchanges in UAE by March 31st of each
year.
· Central Bank regulated entities in UAE, that include banks, financial
institutions, and exchange houses should submit their annual audited
financial statements before March 31st the next year.
· Insurance companies and brokers that come within the scope of Central
bank must submit their audited financial statements within four months
from the end of fiscal year.
· Free zone authorities should submit their yearly audited financial
statements to the regulating authority, which is usually 3 months or six
months from the end of the financial year.
· Hotels operating in UAE must submit the yearly financial statements to the
department of tourism, within a time span of 6 months from the end of the
financial year.
· Branch of foreign companies must submit the yearly financial statements
while renewing their commercial license.
Audit of Financial statements in UAE
Companies in UAE usually prepare their financial statements in compliance
International Financial Reporting standards. These financial statements are

3. evaluating by independent auditors using International Standards on
Auditing, which stipulates the procedures and guidelines on how to conduct
an audit of financial statements.
To ensure the accuracy of financial statements, businesses usually seek the
assistance of a qualified external auditor, who usually examines the financial
statements along with related disclosures given by the management. This
helps them in providing professional opinion on the financial performance
of the company over a period of time and the financial position as well.
A qualified auditor in UAE will usually analyze the business performance of
the firm against the management objectives, evaluate the business
processes and risks and also carry out a comparison with respect to industry
standards. This way, the auditor will understand all the aspects of the
client’s business.
With auditing being a mandatory process in UAE, the service of a qualified
auditor can prove to be highly beneficial. There are numerous consultancies
that provide audit services in, UAE, but choosing the right one who can
provide a high quality professional service is indeed a challenge for the
entities. HLB HAMT has been in the field of auditing for more than 2
decades and we have been successful in providing quality audits that have
far-reaching benefits.

4. Audit and Assurance | Audit firm in UAE | HLB
HAMT
Level 18, City Tower-2,
Sheikh Zayed Road
PO Box 32665
Dubai – United Arab Emirates. Tel: +971 4 327 7775
E-mail: dubai@hlbhamt.com
www.hlbhamt.com