In the UAE, the submission of accurate, audited financial statements is a mandatory requirement for maintaining licenses in Free Zones, renewing trade permits on the Mainland, and complying with the Corporate Tax (CT) Law. These reports must strictly adhere to the International Financial Reporting Standards (IFRS). FrankDigit Accounting Services specializes in preparing your complete set of financial statements in a format that ensures immediate approval by external auditors, minimizing audit queries and securing your regulatory standing.
We apply the principles of IFRS for SMEs or full IFRS, turning raw financial data into clear, professional reports that instill confidence in investors, banks, and regulators. Guided by Confidentiality, Transparency, and Integrity (CTI), Bilal Mogul’s team delivers financial accuracy that makes your annual audit a smooth, non-disruptive process.
An Audit-Ready Financial Statement is a complete set of accounts prepared in line with IFRS that is fully supported by accurate, reconciled records and a clear audit trail. In the UAE, the Commercial Companies Law and Free Zone regulations mandate this. Audit-readiness is essential because it:
- Verifies Compliance: Proves adherence to the UAE Commercial Companies Law, Free Zone requirements, and the foundation for Corporate Tax calculation.
- Enhances Credibility: Builds trust with banks and investors who rely on IFRS for global comparability and decision-making.
Reduces Risk: Streamlines the audit process, preventing delays, reducing auditor scrutiny, and avoiding penalties for non-submission.
We prepare the full set of IFRS-mandated financial statements, tailored for external auditor consumption and regulatory submission.
| Delieverable | How FrankDigit Delivers |
|---|---|
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Complete IFRS Statements |
Preparation of the mandatory four-part financial report: Balance Sheet, Income Statement, Cash Flow, and Statement of Changes in Equity. |
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Comprehensive Notes & Disclosures |
Drafting all necessary supporting schedules, notes, and disclosures required by IFRS, such as Revenue Recognition (IFRS 15) and Leases (IFRS 16). |
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Record Reconciliation Assurance |
Guaranteeing that the General Ledger and Trial Balance are perfectly reconciled with bank confirmations and all underlying transactional evidence. |
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Fixed Asset Management |
Reviewing and correcting the Fixed Asset Register and applying the correct IFRS depreciation and impairment policies. |
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Corporate Tax Alignment |
Financial data and disclosure notes are positioned to seamlessly support the calculation and filing of the annual CT Return. |
A successful audit defense rests on the integrity of your underlying documentation, which is why we prioritize meticulous record-keeping.
The core of audit-readiness is impeccable supporting documentation. UAE law requires retaining records (invoices, contracts, bank statements, payroll data) for a minimum of five to seven years. Our process ensures that every material entry in your financial statements is verifiable with an accessible source document. This proactive approach prevents the auditor from issuing a qualified opinion or extending the audit duration due to “missing records.”
Failure to submit an Audited Financial Statement by the relevant regulatory deadlines (DED/Free Zone) can lead to penalties (e.g., up to AED 5,000 per month in some Free Zones), and ultimately result in the suspension of your Trade License. Furthermore, if the FTA or auditors discover gross non-compliance with IFRS, it can lead to financial restatements, loss of reputation, and severe administrative fines under the Tax Procedures Law.
We eliminate the year-end scramble by embedding audit-readiness into your financial cycle.
- Decode (Policy Confirmation): We confirm your accounting policies align with IFRS and review your trial balance for any inconsistencies or large variances that would flag an external auditor.
- Simplify (Statement Compilation): We apply all necessary IFRS adjustments, prepare the full set of statutory statements, and draft the critical notes and disclosures into a final, professional Audit-Ready Report.
- Automate (Liaison & Sign-Off): We hand over the complete, organized file to your external auditors, address their specific queries directly, and facilitate the swift issuance of the final audit opinion.
Ready to ensure a clean audit and safeguard your trade license? Start preparing your IFRS-compliant financials today.
📞 Contact FrankDigit Accounting Services for guaranteed Audit-Ready Financial Statements.