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Audit & Assurance

Audit and assurance for UAE companies

Get through audits smoothly and give stakeholders confidence that your figures stand up.

Book a consultation What we cover

An annual audit is a requirement for many UAE businesses, whether it comes from a free zone authority, company law, a lender, or the Corporate Tax rules for certain taxpayers. Beyond what is mandatory, owners, investors and buyers increasingly want independent assurance that financial information can be relied on.

How an audit goes depends heavily on preparation. When records are complete, reconciliations are done and schedules are ready, audits are quicker, cheaper and bring fewer surprises. When they are not, deadlines slip and licence renewals can be held up.

We carry out audits ourselves, from statutory and free zone audits to liquidation, internal audit, due diligence and special-purpose reports. You deal with one team from planning through to the signed report, and we tell you at the outset exactly what we need, so the audit runs to schedule.

What we cover

Audit & Assurance services

  • 01

    Statutory and external audit

    We audit your financial statements in accordance with International Standards on Auditing and issue the audit report your licensing authority, lender or shareholders require. Planning starts with a clear list of what we need from you, so information is gathered once rather than in repeated rounds. We schedule the audit around your licence renewal and Corporate Tax deadlines, and explain any findings in plain terms.

    • Audits under International Standards on Auditing
    • Clear information request at the planning stage
    • Timing aligned to licence renewal and tax deadlines
    • Management letter with practical recommendations
  • 02

    Internal audit and controls review

    Internal audit looks at how your business actually operates (purchasing, sales, inventory, payroll and cash handling) and whether the controls around those processes work. We test each process against how it is meant to run, identify weaknesses and exposure to loss or fraud, and give practical recommendations sized for your organisation. It is especially valuable once a business grows beyond the point where the owner can personally see every transaction.

    • Risk-based internal audit planning
    • Process walkthroughs and control testing
    • Fraud risk and segregation-of-duties review
    • Clear findings with prioritised recommendations
  • 03

    Due diligence reviews

    Before you buy a business, invest in one or bring in a partner, you need to know whether the numbers you have been shown are reliable. Our financial due diligence examines earnings quality, working capital, debt, tax exposure and other risks that may affect value. You receive a clear report setting out what we found and what to address in negotiations.

    • Buy-side and vendor due diligence
    • Quality of earnings and normalised profit analysis
    • Working capital, debt and contingent liability review
    • VAT and Corporate Tax exposure checks
  • 04

    Stock and inventory audit

    For trading, retail and manufacturing businesses, inventory is often the largest asset on the balance sheet and the easiest to get wrong. We conduct or attend physical stock counts, reconcile the results to your records, and review valuation and slow-moving or obsolete items. The findings support your year-end accounts and help you tighten stock controls.

    • Scheduled or surprise physical stock counts
    • Reconciliation of counts to the inventory ledger
    • Valuation and obsolete stock review
    • Recommendations to strengthen stock control
  • 05

    Liquidation and closure audit reports

    Closing a UAE company usually requires final audited accounts or a liquidation report confirming that assets, liabilities and obligations have been dealt with, and the authority will not cancel the licence until it has them. We carry out the closure audit, verify how outstanding balances have been settled and issue the report the authority requires. We also make sure tax de-registration is sequenced correctly alongside it.

    • Audit of final accounts up to the liquidation date
    • Verification of asset realisation and liability settlement
    • Closure reports for the relevant authority
    • Sequencing with tax de-registration and licence cancellation
  • 06

    Agreed-upon procedures and special-purpose reports

    Sometimes a bank, landlord, franchisor, government body or parent company needs assurance over a specific figure or process rather than a full audit. Agreed-upon procedures engagements and special-purpose reports cover exactly what that party requires, such as verifying turnover, confirming how funds were used, or checking compliance with contract terms. We agree the scope with you, carry out the procedures and report the factual findings.

    • Turnover and revenue verification
    • Fund utilisation and grant reporting
    • Contract and covenant compliance checks
    • Reports in the requesting party’s required format
  • 07

    Free zone compliance audit reports

    Many UAE free zones require companies to submit audited financial statements every year, often as a condition of licence renewal. Missing the deadline can mean fines or a blocked renewal. We audit your financial statements, issue the report in the form your free zone expects and make sure it is ready well before your renewal date.

    • Tracking your free zone’s audit requirements and deadlines
    • Annual audit of your financial statements
    • Audit report in your free zone’s required format
    • Delivered ahead of licence renewal

Process

How we work

  1. Scope the engagement

    We confirm who the report is for, what it must cover, the reporting framework and the deadline.

  2. Plan and request information

    You receive one clear list of the documents and schedules needed, so information is gathered once rather than in repeated rounds.

  3. Fieldwork and testing

    We review records, test transactions and controls, and discuss issues with you as they come up rather than at the end.

  4. Report and follow-up

    You receive the signed report, with any findings explained and practical next steps for anything that needs fixing.

Audit & Assurance

Why clients choose Shastra

  • 01

    Audits conducted in-house

    We carry out the audit ourselves, so you deal with one team from planning to the signed report.

  • 02

    Accounting and tax context

    Our accounting and tax work means we understand where adjustments tend to arise and what fixing them means for your tax position.

  • 03

    Findings you can act on

    Recommendations are prioritised and practical for a business of your size, not a generic checklist.

  • 04

    Partner involvement

    A partner of the firm is involved in planning and reviewing each engagement.

FAQs

Frequently asked questions

Have a question that is not answered here? Ask us directly, and we will give you a straight answer.

Ask a question
Is an audit mandatory for my company?

It depends on your jurisdiction and circumstances. Many free zones require annual audited accounts, company law and your own articles may require an audit, and the Corporate Tax rules require audited financial statements from certain taxpayers, including qualifying free zone persons and businesses above a revenue threshold. We can confirm what applies to your company.

What is the difference between internal and external audit?

An external audit provides an independent opinion on whether your financial statements are fairly presented, usually for regulators, banks or shareholders. Internal audit looks at your processes and controls to help management find weaknesses, prevent losses and run the business better. Many growing businesses benefit from both.

How long does an audit take?

For a small or mid-sized company with well-prepared records, fieldwork typically takes from a few days to a few weeks. The biggest factor is how ready the books are when the audit begins, which is why we send a clear information list at the planning stage.

What do I need to prepare for an audit?

Typically: finalised accounts, bank statements, sales and purchase invoices, fixed asset records, significant contracts, payroll records, and inventory details if you hold stock. We provide a checklist tailored to your business at the start so nothing is missed.

Do you carry out due diligence for acquisitions?

Yes. We carry out financial due diligence for buyers, investors and sellers, focusing on the reliability of earnings, working capital, debt and tax exposure. The scope is agreed up front to suit the size of the transaction.

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