Statutory Audit Services in the UAE

1. STATUTORY STATUTORY AUDIT AUDIT Services in the UAE Services in the UAE

2. A statutory audit in the UAE is a legally required review of the financial statements of a company to verify that they present a true and fair view of its financial position. The primary goal is to ensure that the company's financial records comply with accounting standards and government regulations. These audits are typically conducted annually and are obligatory for certain types of businesses operating within the UAE. At Shuraa Tax, we are a team of highly qualified accountants, auditors, and tax advisors based in Dubai, UAE. With extensive knowledge in local and international tax laws, we provide comprehensive taxation and auditing services for businesses of all sizes across the UAE. We aim to ensure that your company remains compliant with UAE regulations while optimizing financial performance through reliable auditing practices.

3. DIFFERENCE BETWEEN DIFFERENCE BETWEEN Regulatory Audit, Statutory Audit, and Performance Audit Regulatory Audit, Statutory Audit, and Performance Audit Each type of audit serves a distinct purpose—regulatory audits ensure compliance with specific laws, statutory audits are legally mandated to verify financial accuracy, and performance audits assess the efficiency and effectiveness of business operations. 3. Performance Audit 3. Performance Audit 1. Regulatory Audit 1. Regulatory Audit 2. Statutory Audit 2. Statutory Audit A performance audit goes beyond financial compliance and focuses on the efficiency, effectiveness, and economy of business operations. This type of audit assesses whether resources are being used optimally to meet organizational goals. A regulatory audit ensures compliance with the specific regulations imposed by a governing authority, focusing on industry standards, laws, and regulations affecting business operations. It may cover environmental standards, health and safety regulations, or specific financial laws in A statutory audit in UAE, as required by law, examines a company’s financial statements to ensure they comply with legal requirements and accounting standards. It aims to protect shareholders and the public from misrepresentation and fraud in financial reporting.

4. WHO REQUIRES WHO REQUIRES A STATUTORY AUDIT IN THE UAE A STATUTORY AUDIT IN THE UAE In the UAE, statutory audits are mandatory for various types of businesses, including but not limited to: 1. 1.Public companies (PJSCs) and private companies (LLCs) Public companies (PJSCs) and private companies (LLCs) 2. 2. Entities regulated by government authorities (e.g., financial Entities regulated by government authorities (e.g., financial institutions, insurance companies) institutions, insurance companies) 3. 3. Free zone entities (depending on the specific free zone Free zone entities (depending on the specific free zone regulations) regulations) 4. 4. Companies with turnover above a specified threshold Companies with turnover above a specified threshold Even businesses that are not legally required to undergo a statutory audit may benefit from regular audits to improve financial transparency and operational efficiency.

5. STATUTORY AUDIT STATUTORY AUDIT REQUIREMENT REQUIREMENT IN THE UAE IN THE UAE To conduct a statutory audit in the UAE, businesses must prepare and provide the following essential documents: 1. Annual Financial Statements 1. Annual Financial Statements 2. General Ledger 2. General Ledger 3. Supporting Documents 3. Supporting Documents 4. Payroll Records 4. Payroll Records 5. Inventory Records (if applicable) 5. Inventory Records (if applicable) 6. Corporate Records 6. Corporate Records 7. Tax Filings 7. Tax Filings 8. Loan and Debt Documentation 8. Loan and Debt Documentation 9. Fixed Asset Register 9. Fixed Asset Register 10. Internal Audit Reports (if applicable) 10. Internal Audit Reports (if applicable)

6. PROCEDURE TO CONDUCT A PROCEDURE TO CONDUCT A STATUTORY AUDIT STATUTORY AUDIT 1. Pre-Audit Planning The auditor will review past audit reports and financial statements to plan the audit strategy. 2. Fieldwork During this phase, auditors will examine accounting records, assess internal controls, and verify transactions. 3. Verification Auditors will verify the accuracy of financial reports, checking for discrepancies and confirming compliance with accounting standards. 4. Reporting A statutory audit concludes with an official audit report, which includes the auditor’s opinion on the accuracy and fairness of the financial statements. 5. Submission The audit report is submitted to the relevant authorities, and any irregularities are addressed to maintain compliance

7. BENEFITS OF BENEFITS OF STATUTORY AUDIT IN THE UAE STATUTORY AUDIT IN THE UAE Statutory audits, while mandatory for many businesses in the UAE, offer several significant benefits beyond mere compliance: 1. ENHANCED CREDIBILITY AND TRUST 1. ENHANCED CREDIBILITY AND TRUST 2. IMPROVED FINANCIAL MANAGEMENT 2. IMPROVED FINANCIAL MANAGEMENT 3. RISK MITIGATION 3. RISK MITIGATION 4. REGULATORY COMPLIANCE 4. REGULATORY COMPLIANCE 5. INTERNAL CONTROL STRENGTHENING\ 5. INTERNAL CONTROL STRENGTHENING\

8. SHURAA TAX SHURAA TAX AUDITING AUDITING SERVICES IN THE UAE SERVICES IN THE UAE At Shuraa Tax, we offer comprehensive statutory audit services in the UAE tailored to meet the unique needs of businesses across all industries. Our auditing services ensure that your financial statements are compliant with UAE laws and international accounting standards. OUR AUDITING SERVICES INCLUDE: OUR AUDITING SERVICES INCLUDE: Financial Statement Audits Financial Statement Audits Internal Audits Internal Audits Compliance Audits Compliance Audits Tax Audits Tax Audits Risk Assessment and Control Risk Assessment and Control

9. THANK YOU CONTACT US +(971) 44081900 shuraatax.com info@shuraatax.com 601 Sheikh Zayed Road, 6th Floor, Aspin Commercial Tower – Dubai