External audit, on a timeline we commit to.

Scope of audit: what an external audit covers

Our audit and assurance practice examines your financial statements and the systems that produce them, and issues an independent opinion in accordance with International Standards on Auditing (ISA). The audit report is addressed to shareholders and is accepted by UAE free zone authorities, banks, government buyers, ICV certifying bodies and the Federal Tax Authority.

The work includes planning and risk assessment, testing of controls and transactions, verification of balances, review of IFRS disclosures and a management letter that sets out control weaknesses and practical fixes.

When a UAE company needs an audit

• Free zone licence renewal: ADGM, KIZAD, Masdar City, twofour54, DMCC, JAFZA, DAFZA, DIFC, RAKEZ and most other free zones require audited financial statements annually.
• Corporate tax: taxable persons with revenue over AED 50 million, and all qualifying free zone persons, must maintain audited financial statements under Ministerial Decision 82 of 2023.
• ICV certification: the ICV score is calculated from audited accounts, so the audit is the first step in certification.
• Banks and lenders: facility renewals and new borrowing usually require an audit report less than 12 months old.
• Tenders and pre-qualification: ADNOC, government and large private buyers ask for audited accounts during vendor registration.
• Shareholders and investors: partners, parent companies and buyers in a transaction rely on audited figures.

How we run the audit

We agree a timeline before fieldwork starts, and we keep to it. A typical SME audit runs two to three weeks from receipt of a complete trial balance and supporting documents. Larger or first year audits take longer and we say so up front.

Because ZS also provides accounting and ICV certification, we know what the year end file needs to contain for each purpose and we tell you before the audit, not after.

Audit approach

Our approach is risk based and follows ISA. We focus testing where errors are most likely and most material, which keeps the audit efficient without cutting corners. Every engagement is led by a chartered accountant and reviewed by a partner before the opinion is signed. Independence is protected: we do not audit accounts we have prepared for the same period without the safeguards the standards require.

Other assurance services

• Special purpose audits and agreed upon procedures for regulators, landlords and lenders
• Liquidation audits for company closure
• Review engagements where a full audit is not required
• Due diligence for acquisitions and investments