Statutory Audit
Statutory Audit Services in UAE: Professional Assurance with Hallerbos
A Statutory Audit in UAE is an exhaustive verification of a company’s financial documents and statements for accuracy and conformity to UAE rules. Aside from ensuring completeness, a review of a company’s files or accounts is done to guarantee compliance with the Federal laws of the UAE and other rules set by authorities for a particular industry.
At Hallerbos, we know that performing audits is a highly skill and detail-oriented task. Our licensed auditors offer professional tailor-made statutory audit services to clients within the regulatory framework of the UAE.
Why Statutory Audits Are Important for UAE Businesses
In the United Arab Emirates, statutory audits fulfill several meaningful and critical objectives for businesses.
Legal Compliance: Statutory audits satisfy relevant requirements of authorities in the United Arab Emirates and help to avoid a variety of penalties.
Transparency of Financial Information: Statutory audits provides stakeholders with reliable financial information.
Investor Confidence: Statutory audits instill confidence in existing and potential investors.
Fraud Prevention: Statutory audits help to detect missing information while preventing fraudulent activities.
Business Improved Operational Efficiency: Statutory audits expose weaknesses and help reveal areas of inefficiency that are unnecessary for business.
Our statutory audit services in UAE allow businesses to comply legally, while gaining relevant insights into your financial health and operations.
Key Differences
Understanding the distinctions between different audit types is crucial for UAE businesses:
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Audit Type
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Primary Focus
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Main Purpose
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|---|---|---|
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Statutory Audit
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Financial statements and records required by law
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Verifies financial statement accuracy and compliance with UAE laws
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|
Regulatory Audit
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Specific product or sector compliance
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Ensures adherence to industry-specific regulations
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|
Performance
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Operational efficiency and effectiveness
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Identifies ways to improve business processes and performance
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While each audit type serves a distinct purpose, statutory audits stand out as the most comprehensive, providing a complete assessment of an organization’s financial position and compliance status.
Who Can Perform Statutory Audits in the UAE?
In accordance with UAE Commercial Companies Law, statutory audits must be conducted by auditors who:
- Are licensed and registered with the UAE Ministry of Economy
- Meet specific qualifications and experience requirements
- Maintain independence from the audited company
- Follow international auditing standards
Hallerbos employs qualified professionals who meet all regulatory requirements to perform statutory audits across the UAE.
Statutory Audit Requirements in the UAE
The UAE Commercial Companies Law mandates that businesses maintain proper financial records and undergo statutory audits. Companies must prepare for audits by gathering essential documentation:
- Bank statements and financial receipts
- General ledger and trial balance
- Fixed asset registers
- Trade payables and receivables documentation
- Tax-related documents and VAT returns
- Employment contracts and payroll records
- Operating licenses and commercial registrations
- Board meeting minutes and shareholder resolutions
Our experienced auditors guide clients through this preparation process, ensuring all necessary documentation is properly organized and available for review.
Hallerbos Statutory Audit Process
Our comprehensive statutory audit approach follows a structured methodology:
Planning and Understanding
We begin by gaining a thorough understanding of your business operations, industry, and internal control systems.
Risk Assessment
Our team identifies areas of significant risk that require special attention during the audit.
Evidence Collection
We examine financial records, supporting documents, and conduct interviews with key personnel.
Analysis and Evaluation
Our auditors analyze the collected evidence and evaluate compliance with accounting standards and UAE regulations.
Benefits of Choosing Hallerbos for Statutory Audit Services in UAE
Expert Knowledge of UAE Regulations
Our team stays current with all UAE financial regulations and international accounting standards.
Comprehensive Audit Approach
We go beyond basic compliance to provide valuable insights for business improvement.
Timely
Delivery
We understand the importance of meeting statutory deadlines and deliver our services efficiently.
Transparent
Communication
Throughout the audit process, we maintain clear communication with our clients.
Industries We Serve
Our accounting services in Dubai cater to diverse sectors, including:
Real Estate and Construction
Retail and E-commerce
Manufacturing and Industrial
Healthcare and Pharmaceuticals
Hospitality and Tourism
Technology and Communications
Financial Services
Import and Export
- Why Choose Hallerbos for Your Statutory Audit Needs?
Hallerbos is a trusted financial services provider in the UAE with:
- A team of certified and experienced auditors
- Deep understanding of UAE business regulations
- Track record of successful audits across various industries
- Client-focused approach that respects your time and business needs
- Commitment to maintaining the highest standards of professional ethics
Our statutory audit services in UAE not only ensure compliance but also add value to your business by identifying areas for improvement and growth.
Contact Hallerbos for Statutory Audit Services in UAE
Ensure your business meets all statutory requirements while gaining valuable insights into your financial health. Contact Hallerbos today to discuss your statutory audit needs in the UAE.
Frequently Asked Questions
Who is required to conduct a statutory audit in the UAE?
Companies that fall under the scope of the UAE Commercial Companies Law, including LLCs, private and public shareholding companies, and branches of foreign companies, will generally need to conduct a statutory audit.
How often must statutory audits be conducted?
Statutory audits have to be conducted every year, since the financial statements will be issued at the end of each financial year.
What is the difference between a statutory audit and internal audit?
A statutory audit is a legal requirement, conducted by an external auditor. An internal audit is usually conducted voluntarily, by the company’s employees, to provide an avenue for improvement in internal processes.
How long does a statutory audit take?
It can depend on the size and complexity of the company, but can take anywhere from 1 week to several months.
Can statutory audits help with tax compliance?
Yes, since statutory audits will ensure that financial statements properly and accurately depict the company position, they will be integral to proper tax compliance.