Audit of Accounts is beneficial for the Company for all the necessary reasons which are mentioned above and even more. Though audit report is not necessary in most of the free zones and none of the mainland still, some forms of entities in the free zones companies (FZCO) and free zone Establishment (FZE) where the Audit of Accounts is mandatory.
As per the UAE law it is important for businesses to maintain their records for no less than five years. In order to finalize the audit report, the accounting records and documents must be available and well maintained.
Companies produce the financial statements to get the information about their financial positions and performance. Since, this information is the audit report of the company’s finance, it is used by a wide range of the stakeholders and in making economic decisions.
As per the new UAE Commercial Companies Law, Federal Law No. 2 of 2015, Article 27, Chapter 2, every company shall appoint auditors for auditing their books of accounts by a licensed auditor registered under Ministry of Economy in the UAE. But many companies do not follow this requirement. In general, companies belonging to SME category get their books of accounts audited in the following circumstances.
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