Audit Company in Dubai – MOE Approved Licensed Audit Firm For Statutory Financial Audits

Trust, Transparency, and Integrity

An annual financial audit is a mandatory requirement for UAE mainland entities and most of the free zone companies. This means businesses need to appoint a licensed audit company to audit their accounts every year. The stakeholders of any business need transparency, truthfulness, and accuracy in the financial affairs of the business. An auditing company in UAE fulfils that need by auditing the financial statements of the businesses. Auditing requires careful examination of business’s financial records, selection and verification of certain transactions with source documents, performing analytical and substantive audit procedures and drawing audit opinion based on the outcome of that verification and assessment. Vertix Auditing, an MOE approved audit company in Dubai, fulfils all types of auditing requirements from UAE businesses. Be it an external statutory audit, internal controls audit, agreed-upon procedures (AUPs), forensic audit, or compliance review, Vertix Auditing provides unparalleled service to conduct these audits.

KEY POINTS

• All the mainland and public listed companies in the UAE require mandatory financial audits to comply with the requirements of Article 27 and 54 of Federal Decree Law No. 32 of 2021.
• Most free zone companies also require compulsory financial audits. However, there are some UAE free zones that do not require audits. 
• It is important to ensure and verify that the audit company auditing your financial statements is legitimate and licensed by UAE Ministry of Economy (MOE). Vertix Auditing is a licensed audit company by the Ministry of Economy with the Registration Number LC4635-01. Our audit reports are fully compliant with International Auditing Standards and International Financial Reporting Standards.
• We are also specialized in IFRS to US GAAP conversion. This service is specifically requested by UAE companies that are branches or subsidiaries of US-headquartered entities and need to report their financials in US GAAP. Similarly, many UAE companies looking for investments from US based Venture Capital Funds or Angel Investors require IFRS to US GAAP conversion of their numbers so that they can submit the financials to the investors in US accounting standards. Likewise, many entities appoint us to conduct IFRS and US GAAP compliance audits to fulfill the requirements of their US-based stakeholders or in cases of mergers and acquisitions (M&A). 

Is Audit Mandatory in UAE? What are the Requirements for Different Types of Companies?

There is a common confusion and a frequently asked question by businesses, is audit mandatory in UAE? More importantly, they ask is audit mandatory for all the companies in UAE? The short answer to these questions is YES. Audit is generally considered mandatory in UAE, but sometimes it depends on the type of your business, the jurisdiction of your business (mainland or free zone), and the licensing authority that issued you business license. See jurisdiction wise requirement below:

Audit Requirement for Mainland LLCs or Mainland Limited Liability Companies: Audit is mandatory in UAE for LLCs and public listed companies as per Article 27 (1 & 2) and 54 of Federal Decree Law No. 32 of 2021. Article 102 of Federal Decree Law No. 32 of 2021 also requires the companies to appoint an audit firm to audit their annual financial statements. Similarly, Ministerial Decision No. 84 of 2025 requires tax groups to maintain annual audited books of accounts. For more details, refer to our article is audit mandatory in UAE.

Audit Requirement for Free Zone Companies: Almost all the free zones require registered businesses to provide audited financial statements to renew their trade licenses. Generally, businesses can choose any auditing company that has an auditing license issued by Ministry of Economy, but some free zones have an approved list of auditors to choose from. Most prominent free zones that require mandatory annual audits are JAFZA, DAFZA, DMCC, ADGM, DIFC, RAKEZ, Maydan, and DSO.

Audit Charges: Pricing Factors, Fee Range, Finding Competitive Audit Firms

Since audit is mandatory in the UAE, the next logical question Dubai businesses ask is what are the audit fees in Dubai or where to find affordable audit companies in Dubai? Not only in Dubai, this question is asked by all the UAE businesses. The audit fee depends on various factors, some of them are described below:

1. The primary factors based on which audit firms determine their audit fees are the size of your company, revenue, and net profit of your company. The audit fee may also differ depending on the type of audit firm you engage e.g. big four or mid-size audit firm. Big four may charge you between 0.5% to 1% of revenue whereas mid-tier firm’s fee can range between 0.05% to 0.10% of revenue.
2. The audit charge is generally higher in case your business has bank loans, bank facilities, bank overdraft, working capital facilities, trade finance, invoice discounting. These factors increase audit risk and audit field work and hence the audit fee.
3. If your entity is a mid-sized company, the audit fee is generally low to medium, whereas for large corporates the fee is higher.
4. If your company is a branch or subsidiary of a US-based entity and need IFRS to US GAAP conversion of your accounts, the audit fee is higher than a normal IFRS based audit.

What Documents Are Required for an Audit?

The documents required for an audit depend on the size of your company, jurisdiction of your company (mainland or free zone), banking requirements, and which firm is auditing your accounts i.e. big 4 or 2^nd tier firm. Below list contains most commonly requested documents for an audit:

1. Copy of Tarde License and Chamber of Commerce Registration (Head office, including branches and management office, if any).
2. Copies of application for license renewal for any expiring or expired licenses (DED).
3. Copy of Tenancy Agreements and lease agreement(s) (Shops, offices, staff accommodations, etc.) (if any).
4. Record of minutes of the meetings of the shareholders and Directors/Partners during the year.
5. Amendments to the Memorandum of Association, if any, and the amended copy of the same.
6. Copy of bank facilities letter (if any).
7. Formal/Informal documents for succession planning and family settlement of the Directors/Shareholders/ Partners.
8. Details of physical stock and cash count, arrangements to ensure our representation.
9. Updates/amendments on Power of Attorney during the year (if any).
10. If applicable, copies of renewed passports for any of the Owners/Shareholders/Directors/Key Management Personnel.
11. List of all related parties including key management personnel.
12. Details of any changes to the Organizational structure with names and designation.
13. List of all bank accounts and other banking relationship(s).
14. List of employees from the Ministry of Labor portal.
15. List of authorized signatories.
16. System-generated trial balance as at (year-end/interim period-end date) after closing of books.
17. Details of withdrawals by the shareholders/owners during the year and the related resolution, if any.
18. Details and supporting documents for managerial remuneration.
19. Authorization letter and confirmation letter requests for lawyers, banks, trade receivables and payables.
20. VAT reconciliation statements, VAT audit and assessment related information and documents.
21. General ledger dump for the period under audit.
22. Registration certificate under the UAE Corporate Tax Law.
23. Updates on ongoing litigation/arbitration matters and/or details of such matters initiated during the current year.
24. Copy of Internal financial control policies and procedures.
25. Copy of the internal audit reports, if any, for internal audits conducted during the current year.

Industries We Serve as a Professional Audit Company in UAE

We serve a wide range of clients across different sectors, including:

• Real estate and construction audits 
• Banks
• Real estate developers
• Real estate agents and brokers
• Exchange houses
• Insurance companies
• Law firms
• Consulting firms
• Facilities management companies
• Asset management companies
• Financers, investors and their advisors
• Vertix Auditing is well known for handling audits of non-profit organizations and NGOs. 
• Corporate governance audits 

Our skilled team utilizes its knowledge about sector requirements and regulatory settings to develop industry-specific solutions.

Types of Audits We Offer

1 – Financial Statements Audit

The financial statements contain more than just numbers because they simultaneously show how a business adds value to the overall economy of the country. Our experienced auditors in Dubai conduct independent and comprehensive audits to ensure accuracy, fairness, and compliance with local laws and international standards like IFRS, IAS, and ISA.

The audits we perform go beyond typical assessment and assurance. When we audit, we not only identify irregularities but also uncover the hidden potential of your business. This unique value-added service is not something other audit firms in Dubai offer to their clients.

2 – Internal Audit & Risk Assessment

Better control and clarity stem from conducting assessments on your internal control systems. The audit professionals at our firm detect operational inefficiencies, potential fraud risks, and organizational gaps. Our assistance with internal control enhancement allows your business to develop resilience against multiple challenges relating to fraud and errors.

3 – Due Diligence on Mergers & Acquisitions

Planning a merger or acquisition? Vertix Auditing brings decades of experience assessing potential acquisition targets, joint ventures, and mergers. From asset management companies and food & beverages businesses to facilities management firms and large-scale property developers, we have provided due diligence services to a wide range of sectors.

4 – Forensic Audit and Fraud Accounting

Vertix is a leading audit company in Dubai providing forensic audit services for fraud detection to a large number of corporates and high net worth family offices. A large number of our assignments over the years have involved forensic audits and forensic accounting.  Forensic accounting involves performing the accounting of your business from scratch or for a specific year with 100% verification of the supporting documents. Forensic audits involve a detailed review and examination of your financial records – often up to 100% verification – to identify the areas of potential fraud, errors, or misstatements. 

5 – Agreed-Upon Procedures

As the name suggests, these assignments are executed based on pre-defined procedures. No audit opinion is issued in such cases. Instead, specific audit procedures are performed on selected areas of the organization, and the results are reported in the form of a management report.

For example, our clients include Ultra High Net Worth (UHNW) and family offices. We perform 100% verification of cash inflows and outflows from both bank accounts and cash department. At the conclusion of our work, we provide a management report containing our observations (if any), their sources, implications, and our suggestions. These are known as Agreed Upon Procedure Assignments.

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Types of Audit Reports

There are four types of audit reports. These are unqualified, qualified, adverse, and disclaimer of opinion. An unqualified report means auditors are satisfied with your financial records and have not found any material misstatements, whereas a qualified report means that except for certain issues the financial statements of your business present true and fair view. A disclaimer of opinion means auditors are unable to form any opinion due to limitation of scope or insufficient audit evidence, and an adverse opinion indicates that there are significant material misstatements in the financial statements and as a result the financial records are unreliable.