Is audit mandatory for companies in Ras Al Khaimah?

Yes. Most companies registered in Ras Al Khaimah, including Free Zone and Mainland entities, are required to maintain audited financial statements. The requirement depends on the licensing authority and business activity. Free Zones such as RAKEZ generally require annual audited reports.

Is audit compulsory for companies in Dubai?

In many cases, yes. Companies operating in Dubai, especially Free Zone entities and LLCs under mainland regulations, are required to prepare audited financial statements. Compliance requirements vary depending on the regulatory authority and business structure.

What is a statutory audit in the UAE?

A statutory audit is an independent examination of a company’s financial statements to ensure they comply with UAE laws and International Financial Reporting Standards (IFRS). It verifies accuracy, transparency, and regulatory compliance.

Why is an external audit important for businesses?

An external audit ensures regulatory compliance, enhances credibility with banks and investors, identifies financial risks and control weaknesses, improves internal financial processes, and supports VAT and corporate tax compliance. Audited statements are often required for visa renewals, bank facilities, and license renewals.

How long does an audit take?

The duration depends on company size, transaction volume, record quality, and internal control systems. Typically, audits for SMEs in Ras Al Khaimah or Dubai take between 1 to 4 weeks.

What documents are required for an audit?

Common documents include trade license, Memorandum of Association (MOA), bank statements, sales and purchase invoices, VAT returns if applicable, general ledger and trial balance, and payroll records. Organized records significantly reduce audit time.

Do Free Zone companies require audited financial statements?

Yes, most Free Zone authorities in Ras Al Khaimah and Dubai require annual audited financial statements for license renewal and regulatory compliance. Requirements may vary depending on the Free Zone authority.

What is the difference between internal audit and external audit?

Internal audit focuses on evaluating internal controls and operational efficiency, while external audit is conducted by an independent auditor to verify financial statements and ensure legal compliance. Both are important for strong corporate governance.

How much does an audit cost in Ras Al Khaimah and Dubai?

Audit fees depend on business size, complexity of transactions, industry, and regulatory requirements. Fees for SMEs vary case by case based on scope and documentation.

When should a company start its audit process?

Companies should begin the audit process immediately after financial year-end to avoid delays in license renewals, banking requirements, or compliance deadlines.

FMA Accounting and Auditing Services List - Accounting and Auditing services in Ras Al Khaimah, Dubai, Sharjah, UAE Free Zone Audit Services

FMA Accounting and Auditing Services List

Audit & Assurance Services

Statutory Audit (UAE)
Internal Audit
Special Purpose Audit
Agreed-Upon Procedures (AUP)
Share Capital Verification Reports
Audit Reports for Banks & Free Zones
Liquidation Audit Reports

Accounting & Bookkeeping Services

Accounting & Bookkeeping Services
Monthly / Quarterly Accounting
Accounting Outsourcing
MIS & Management Reporting
Accounting System Setup (Tally, Zoho, QuickBooks)

Financial Statement Preparation
Corporate Tax Services (UAE)

Corporate Tax Registration
Corporate Tax Return Filing
Small Business Relief (SBR) Advisory
Free Zone Corporate Tax Advisory (QFZP)
Corporate Tax Compliance Review
Corporate Tax Health Check

VAT Services

VAT Registration & Deregistration
VAT Return Filing
VAT Advisory & Compliance
VAT Refund Support
VAT Audit Assistance
VAT Penalty & Late Registration Support

Company Formation & Business Setup

UAE Company Formation
Mainland Company Formation (DED)
Free Zone Company Formation
Offshore Company Formation (RAK ICC)
Trade License Assistance
Business Activity Selection & Structuring
MOA & Shareholder Documentation
License Amendment & Renewal Support

Compliance & Advisory Services

Economic Substance Regulation (ESR) Compliance
AML Compliance Support
Business Advisory & Consultancy
Financial Due Diligence
Company Liquidation & Deregistration Support

FMA Accounting and Auditing LLC

Email: info@fmaaudit.com

Phone: +971 52 276 2124

Location: Ras Al Khaimah, UAE

RAKEZ Approved Auditors

Website: https://www.fmaaudit.com

FMA Accounting and Auditing Services List

FMA Accounting and Auditing Services List

Our Services

Recent Post