Joint stock companies, limited liability companies and partnerships limited by shares registered in the UAE are required to prepare annual financial statements and have them audited within three months of the end of the financial year, and file them with the Ministry of Economy and Commerce and other relevant authorities.
All UAE entities follow International Financial Reporting Standards (IFRS) for the preparation of financial statements.
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 in accordance with any generally accepted framework.
Subsidiary companies of listed companies that are registered in other jurisdictions have the option to prepare their financial statements in accordance with the framework followed by their parent company.
Europe Emirates Group works with a team of highly qualified auditors able to assist with a wide variety of requirements. While there are no ethical standards specifically issued for the UAE, local firms usually follow IFAC standards. Free zones in UAE have a rigorous process for the monitoring and streamlining of auditing practices. They monitor the practice of audit firms and review their work on an annual basis.
Auditors in the UAE are appointed for a fixed period of one year and can continue as the auditor of the company after the first year subject to shareholder general assembly meeting approval.
Our appointed auditors cover a wide range of requirements including monthly profit & loss reports, balance sheets, regulatory compliance, advice on controls and processing system weaknesses, monitoring of prospective accounting and regulatory changes, and yearly audited accounts.