Since UAE corporate tax arrived, more companies need audited financial statements: those with revenue above AED 50 million, and free zone companies claiming the 0% rate. Banks, investors and free zone authorities often ask for them too. A smooth audit starts months before the auditor arrives.
The checklist
Books and records
- All bank accounts reconciled to statements at year-end.
- Receivables and payables aged, with old balances followed up or provided for.
- Fixed asset register matching the ledger, with depreciation calculated.
- Inventory counted and reconciled, where relevant.
- Related-party balances agreed with the other side.
Financial statements
- Draft IFRS financial statements: balance sheet, income statement, cash flow and changes in equity, with notes.
- Revenue recognised under IFRS 15, with the judgements written down.
- Leases accounted for under IFRS 16.
- Any valuations (investments, goodwill, share options) supported by documentation.
Supporting files
- Contracts for major customers, suppliers, leases and loans.
- Board minutes and shareholder resolutions for the year.
- Corporate tax and VAT returns, reconciled to the accounts.
- Payroll records and end-of-service benefit calculations.
People and timing
- One person who owns the auditor's request list.
- An agreed timetable with the audit firm.
- Answers ready for the judgement areas the auditor will probe.
Where iConsult helps
We prepare audit-ready IFRS statements, review them the way an auditor would, fix issues before fieldwork, and support you during the audit itself. The audit is carried out by your licensed audit firm; we work on your side to make it fast and clean.
See our audit readiness and tax services or book a free consultation.