Audit & Assurance

Reliable financial reporting gives shareholders, management, investors, lenders, and regulators greater confidence in a business. As businesses compare audit firms in Dubai, the right engagement should reflect the company’s reporting requirements, regulatory position and stakeholder needs.

Eighty20 provides professional audit and assurance services UAE designed to help businesses assess financial information, strengthen reporting quality, identify financial and control risks, and meet applicable statutory or stakeholder requirements.

Our services can support companies preparing for statutory audits, Corporate Tax requirements, investment transactions, financing, internal governance reviews and other assurance needs.

Where an engagement requires a statutory audit or formal assurance opinion, the work must be performed and signed by appropriately licensed and authorised professionals in accordance with the regulatory requirements applicable to that engagement.

What Are Audit and Assurance Services?

Audit and assurance services independently assess information so stakeholders can place greater reliance on it.

A financial statement audit is a specific type of assurance engagement. It involves obtaining sufficient appropriate audit evidence to allow an auditor to express an independent opinion on whether financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework.

Assurance is broader.

It can include engagements relating to:

• Financial statements
• Specific financial information
• Internal controls
• Compliance
• Sustainability information
• Agreed reporting criteria
• Other subject matter that requires independent evaluation

The appropriate service depends on why the business needs independent verification and who will use the resulting report.

Audit vs Assurance: What Is the Difference?

Audit and assurance are closely related, but they are not identical.

Area	Audit	Assurance
Meaning	A specific examination of financial statements or other defined information	A broader category of engagements designed to increase confidence in information
Typical subject	Annual financial statements	Financial or non-financial information
Primary objective	Express an independent audit opinion	Enhance intended users’ confidence in the subject matter
Level of assurance	Financial statement audits generally provide reasonable assurance	Can provide reasonable or limited assurance depending on the engagement
Procedures	Risk assessment, testing, evidence gathering and other audit procedures	Procedures depend on the subject matter and assurance standard
Output	Independent auditor’s report	Assurance report or conclusion appropriate to the engagement
Common UAE use cases	Statutory audit, lender requirements, shareholder reporting	Sustainability assurance, reviews, controls assurance and special-purpose reporting
Can every assurance engagement replace a statutory audit?	A qualifying statutory audit can satisfy an applicable audit requirement	No. Other assurance work does not replace a statutory audit where one is required

In simple terms, an audit is a type of assurance, but not every assurance engagement is an audit.

Which UAE Companies Need Audited Financial Statements?

There is no single audit rule that should be applied to every UAE business without considering its legal form, jurisdiction, tax status, and regulator.

UAE Commercial Companies Requirements

The UAE Commercial Companies Law contains annual audit requirements for relevant company types.

For example, public joint stock companies must appoint one or more auditors, and the appointed audit firm must meet applicable licensing and regulatory conditions.

Companies should separately verify the requirements applying to their legal form, including whether they operate on the UAE mainland or within a free zone.

Corporate Tax Audit Requirements

Corporate Tax legislation creates an additional audit requirement for certain taxable persons.

For tax periods covered by Ministerial Decision No. 84 of 2025, audited financial statements are required for:

• A taxable person that is not a Tax Group and derives revenue exceeding AED 50 million during the relevant Tax Period
• A Qualifying Free Zone Person, regardless of revenue
• A Tax Group, which must prepare and maintain audited special-purpose financial statements under the prescribed framework

The revenue threshold for a non-resident person is determined using revenue attributable to its UAE Permanent Establishment or nexus as specified in the Decision.

The earlier Ministerial Decision No. 82 of 2023 continues to apply to Tax Periods that commenced before 1 January 2025.

Does Every UAE Business Need a Statutory Audit?

No single answer applies to every UAE entity.

Businesses operating in free zones should also confirm whether their authority requires an auditor from a free zone approved auditor list UAE, as requirements can differ between jurisdictions.

Whether an audit is mandatory can depend on:

• Legal form
• Mainland or free-zone jurisdiction
• Corporate Tax status
• Annual revenue
• Qualifying Free Zone Person status
• Shareholder requirements
• Licensing authority requirements
• Sector regulator requirements
• Financing agreements

This is why a professional audit assessment should begin by establishing the company’s legal and regulatory position rather than assuming all UAE companies have identical obligations.

Who Can Perform Audit Services in the UAE?

Audit engagements that require a statutory audit opinion should be undertaken and signed by appropriately licensed professionals and approved auditors UAE, based on the requirements of the particular engagement and jurisdiction.

The framework regulates professional licensing and the provision of professional accounting and audit services.

Audit engagements that require a statutory audit opinion should therefore be undertaken and signed by professionals and firms holding the approvals required for that particular engagement and jurisdiction.

For regulated companies, additional auditor-registration or approval requirements may also apply.

Audit & Assurance Services We Offer

The appropriate engagement depends on the business objective, regulatory requirement and intended users of the report.

External Financial Statement Audit

An external audit services in the UAE involves an independent examination of financial statements and supporting accounting information.

Typical procedures can include:

• Understanding the business and its environment
• Assessing risks of material misstatement
• Testing selected transactions and balances
• Reviewing accounting estimates
• Evaluating financial statement presentation
• Obtaining audit evidence
• Considering relevant internal controls
• Evaluating disclosures
• Issuing an independent audit report

The exact procedures are determined by the auditor based on professional standards and audit risk.

Statutory Audit

A statutory audit is performed where an audit is required by legislation, a licensing authority or another applicable regulatory framework. Businesses looking for a statutory audit firm Dubai should first confirm the requirements applying to their legal structure and jurisdiction.

Internal Audit

Internal audit focuses on how effectively an organisation manages risk, controls and governance.

Areas may include:

• Finance processes
• Procurement
• Revenue controls
• Payroll
• Inventory
• IT controls
• Compliance
• Delegation of authority
• Fraud risks
• Operational processes

Internal audit does not replace an external financial statement audit.

Interim Financial Review

An interim review can be conducted during the financial year to assess selected financial information before the year-end audit.

This can help management identify reporting issues earlier and prepare for year-end close.

A formal interim review and a management accounting review are not necessarily the same engagement, so the scope and level of assurance should be agreed clearly.

Financial Due Diligence

Financial due diligence supports investors, buyers and businesses evaluating a transaction.

Depending on scope, the work may consider:

• Historical financial performance
• Revenue quality
• Earnings
• Working capital
• Debt
• Cash flows
• Customer concentration
• Financial liabilities
• Accounting policies
• Transaction risks

Due diligence is different from a statutory audit because it is designed around a specific transaction and the information needs of the client.

Forensic Accounting and Investigation Support

Where fraud, misconduct, or financial irregularities are suspected, a targeted forensic engagement may be more appropriate than a normal audit.

Potential areas can include:

• Unusual payments
• Misappropriation of assets
• Expense manipulation
• Revenue manipulation
• Procurement irregularities
• Related-party concerns
• Payroll fraud
• Transaction tracing

A statutory audit is not designed primarily to detect every instance of fraud.

Agreed-Upon Procedures

An Agreed-Upon Procedures, or AUP, engagement involves performing specifically agreed procedures and reporting the factual findings.

Unlike an audit, the practitioner does not express an audit opinion or assurance conclusion.

The users of the report evaluate the factual findings themselves.

Special-Purpose Audit and Assurance

Some stakeholders may require independent reporting relating to a specific purpose rather than full annual financial statements.

This may include:

• Contractual reporting
• Specific accounts or transactions
• Investor requirements
• Lender requirements
• Project reporting
• Regulatory submissions

The scope should be clearly defined before the engagement begins.

Sales and Revenue Audit

Sales or revenue reviews may be required where contracts depend on reported revenue.

Examples include:

• Franchise arrangements
• Royalty calculations
• Revenue-sharing agreements
• Commercial leases with turnover components
• Distributor agreements

The engagement can focus on whether the relevant reported amount has been calculated according to the agreed contractual criteria.

ESG and Sustainability Assurance

As sustainability reporting becomes more important to businesses, investors and regulators, organisations may seek independent assurance over selected ESG information.

Depending on the reporting framework and agreed scope, assurance may cover data such as:

• Emissions
• Energy consumption
• Workforce information
• Governance metrics
• Sustainability KPIs

The assurance criteria and reporting framework should be identified before the engagement.

What Documents Are Usually Required for a UAE Audit?

The exact document request depends on the company and audit scope, but businesses are commonly asked to provide the following.

Financial Statements and Accounting Records

• Trial balance
• General ledger
• Statement of financial position
• Statement of profit or loss
• Cash flow statement
• Statement of changes in equity
• Journal entries
• Supporting schedules

Bank and Cash Records

• Bank statements
• Bank reconciliations
• Loan statements
• Facility agreements
• Cash records

Accounts Receivable

• Customer ageing
• Sales invoices
• Credit notes
• Customer reconciliations
• Relevant contracts

Accounts Payable

• Supplier ageing
• Purchase invoices
• Supplier reconciliations
• Purchase agreements

Fixed Assets

• Fixed asset register
• Purchase documents
• Disposal records
• Depreciation schedules
• Lease documentation

Inventory

Where applicable:

• Inventory listings
• Stock-count records
• Valuation calculations
• Inventory movement reports

Payroll and Employee Costs

• Payroll reports
• Employee cost summaries
• Leave or benefit provisions where relevant
• Supporting HR records

Tax Information

Depending on the business:

• VAT returns
• Corporate Tax information
• Tax reconciliations
• Relevant FTA correspondence
• Supporting tax schedules

Corporate and Governance Documents

• Trade licence
• Incorporation documents
• Memorandum or Articles
• Shareholder information
• Board or shareholder resolutions
• Material agreements

Contracts

Important contracts can include:

• Loan agreements
• Lease agreements
• Customer contracts
• Supplier contracts
• Shareholder agreements
• Related-party agreements

Providing organised records can make the audit process considerably more efficient.

How Does Audit Support UAE Corporate Tax Compliance?

Businesses may decide to hire an external auditor UAE where audited financial statements are required under Corporate Tax rules, company legislation, free-zone requirements or other applicable obligations.

Corporate Tax calculations begin with Accounting Income, which is then adjusted according to Corporate Tax legislation to determine Taxable Income.

Reliable audited financial statements can therefore provide an important foundation for the Corporate Tax process.

Audit procedures may identify financial reporting matters that could also affect the information used for tax calculations, including:

• Revenue recognition
• Expense recognition
• Provisions
• Related-party transactions
• Asset values
• Depreciation
• Accruals
• Accounting estimates

However, an audit opinion is not the same as a Corporate Tax compliance opinion.

Tax treatment should be assessed separately under UAE Corporate Tax legislation.

UAE Corporate Tax Audit Requirements at a Glance

Category	Corporate Tax Audit Position
Taxable Person with revenue above AED 50 million	Audited financial statements required
Qualifying Free Zone Person	Audited financial statements required irrespective of revenue
Tax Group	Audited special-purpose financial statements required under the applicable framework
Other taxable businesses below AED 50 million	Corporate Tax rules do not automatically impose the same audited-financial-statement requirement solely because they are taxable, although another law, authority or agreement may still require an audit

These rules should be assessed alongside statutory, free-zone and sector-specific audit requirements.

Does Small Business Relief Remove Audit Requirements?

Not automatically.

In August 2026, the UAE Ministry of Finance extended the availability period for Small Business Relief to tax periods ending on or before 31 December 2029, while retaining the AED 3 million revenue threshold, subject to the relevant conditions.

Small Business Relief relates to Corporate Tax treatment and simplified compliance.

It should not be interpreted as automatically cancelling an audit obligation imposed under:

• Commercial Companies legislation
• A free-zone authority
• A sector regulator
• A financing agreement
• Shareholder requirements
• Another applicable rule

Our Audit Process

Step 1: Determine the Engagement Requirement

We first establish why the audit or assurance engagement is required.

This may involve:

• Statutory compliance
• Corporate Tax requirements
• Shareholder reporting
• Bank financing
• Investment
• Internal governance
• Transaction support
• Special-purpose assurance

Step 2: Understand the Business

The audit team develops an understanding of:

• Business operations
• Revenue model
• Industry
• Accounting systems
• Internal controls
• Significant transactions
• Financial reporting processes

Step 3: Audit Planning and Risk Assessment

Areas with a higher risk of material misstatement are identified so audit resources can be focused appropriately.

Step 4: Obtain and Evaluate Audit Evidence

Depending on the assessed risk, audit procedures may include:

• Inspection
• Recalculation
• Reperformance
• Analytical procedures
• External confirmations
• Observation
• Management enquiries
• Substantive testing

The nature and extent of procedures are determined by the auditor.

Step 5: Review Financial Statements

The audit team assesses financial statement presentation, material disclosures and consistency with the applicable financial reporting framework.

Step 6: Discuss Findings

Significant audit matters and proposed accounting adjustments are discussed with management as appropriate.

Step 7: Final Audit Report

Once the required procedures are completed and outstanding matters are resolved, the auditor determines the appropriate audit opinion and issues the final report.

What Affects the Cost of Audit and Assurance Services?

The cost of an audit in UAE depends on the actual scope and complexity of the engagement rather than one standard fee.

Common factors include:

Factor	Why It Matters
Company size	Larger companies usually have more transactions and balances to assess
Transaction volume	Higher volumes may require additional audit work
Number of entities	Groups and subsidiaries increase coordination and reporting complexity
Industry	Certain sectors have specialised accounting or regulatory requirements
Record quality	Incomplete or unreconciled books can increase audit effort
Inventory	Inventory-intensive businesses may require additional procedures
Locations	Multiple sites can increase audit complexity
Reporting framework	More complex financial reporting can require additional specialist input
Deadline	Very compressed reporting schedules can affect resource planning
Engagement type	Audit, review, AUP and other assurance engagements require different procedures

A professional proposal should therefore define the scope before confirming the final audit fee.

Industries We Support in the UAE

Our audit and assurance approach can be tailored to the risks and reporting requirements of different sectors.

Retail and E-Commerce

Focus areas may include:

• Revenue
• Inventory
• Payment gateways
• Returns
• Supplier balances
• VAT accounting

Real Estate and Construction

Relevant areas may include:

• Project revenue
• Contract costs
• Property classification
• Work in progress
• Receivables
• Provisions

Healthcare

Audit considerations may include revenue cycles, medical inventory, payroll, receivables and regulatory reporting.

Technology and Professional Services

Key areas can include:

• Service revenue
• Subscription revenue
• Contract assets
• Staff costs
• Receivables
• Intangible assets

Trading and Distribution

Typical audit areas include:

• Inventory
• Cost of sales
• Supplier balances
• Customer receivables
• Import-related costs
• Revenue cut-off

Hospitality

Audit areas may include:

• Daily revenue
• Cash controls
• Inventory
• Employee costs
• Supplier expenses
• Fixed assets

Family-Owned and SME Businesses

Growing businesses may particularly benefit from more structured financial reporting, governance and internal controls. Companies searching for the best audit firm for SME Dubai should consider the firm’s relevant experience, audit scope, licensing requirements and understanding of the company’s industry rather than relying only on price.

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