A Comprehensive Guide to the Top Audit Firms in Dubai

For corporate account opening

Many banks in Dubai require an audit report before opening a business account, especially for offshore and free zone companies. A reputable audit firm can provide the necessary documentation to ensure your account setup goes smoothly.

For filing tax returns

Companies in Dubai that are subject to taxation, such as those registered for corporate tax or those with an annual revenue exceeding AED 50 million, are generally required to provide audited financial reports for corporate tax filing purposes. Auditors help to ensure that your financial reports are accurate and compliant with tax laws, preventing any potential penalties.

Smaller businesses and those located in certain free zones, particularly those with tax exemptions, might not be required to submit audited reports for tax filings unless they meet certain conditions.

For branches

Audit requirements can apply to company branches in Dubai. Whether a branch requires an audit depends on its legal structure, the jurisdiction it operates in (mainland or free zone), and the parent company's requirements.

• Mainland branches of foreign companies generally must undergo audits, as they are subject to the same financial transparency and compliance rules as other mainland businesses.
• Free zone branches often require annual audits as well, especially in zones like Meydan Free Zone, where audited financial statements are mandatory for license renewal.

In both cases, auditing a branch ensures financial accountability and compliance with local regulations, just like for standalone companies.

Audit requirements in Dubai

Dubai has distinct regulations for audits depending on where your business operates. It’s important to understand these differences to ensure compliance and avoid penalties.

Audits in mainland

Businesses operating on the mainland are subject to the regulations set by Dubai’s Department of Economic Development. Audits are required to confirm that your company is in line with the legal and financial standards enforced by the government.

Audits in free zones

Each free zone in Dubai has its own set of rules for audits. For example, DMCC and Jebel Ali Free Zone (JAFZA) require annual audits, while others may have different requirements. Free zone companies usually have to send their audit reports to the free zone authority to follow the rules and stay compliant.

Types of audits performed by firms in Dubai

Audit firms in Dubai offer various services depending on your company’s needs. Here’s what they typically do:

• Statutory audit. Mandated by law for companies operating in the UAE, particularly those in free zones. These audits ensure compliance with International Financial Reporting Standards (IFRS) and accurately represent the company's financial status. Various regulatory bodies, including the Dubai International Financial Centre (DIFC) and the Abu Dhabi Global Market (ADGM), oversee these requirements.
• Internal audit. The aim is to evaluate and enhance a company's internal controls, risk management, and operational efficiency. While not obligatory for all companies, they are commonly conducted by larger organizations and those in regulated sectors. These audits may be performed by in-house teams or external auditors and focus on internal processes rather than financial statements.
• External audit. Provide an independent assessment of a company's financial statements, often aligning with statutory audit requirements and adhering to IFRS standards. The outcome delivers an unbiased opinion to stakeholders and shareholders.
• Forensic audit. Investigate potential fraud, financial misconduct, or regulatory breaches. Typically initiated in response to suspected irregularities or legal inquiries, these audits result in a thorough analysis that can serve as evidence in legal proceedings or internal reviews.
• Compliance audit. Verifies adherence to specific regulations, such as Anti-Money Laundering (AML) laws, VAT regulations, or other industry standards. This type of audit is prevalent in the finance, insurance, and healthcare sectors, yielding reports that outline compliance status and suggest areas for improvement.
• Tax audit. Conducted by the UAE Federal Tax Authority (FTA), tax audits verify compliance with VAT and corporate tax regulations. These audits assess the accuracy of tax returns and payments and are mandatory for companies that meet specific tax thresholds or report discrepancies.
• Operational audit. Assess the efficiency and effectiveness of a company’s operations, identifying areas for improvement in performance and processes.

Top audit firms in Dubai – 2024

Dubai is home to some of the world’s top audit firms. Below are the best options for 2024.

PwC Dubai

A global leader in auditing and has a strong presence in Dubai. They offer comprehensive audit services, including financial audits, tax consulting, and compliance services.

KPMG Dubai

The company is known for its deep industry expertise, particularly in real estate, financial services, and healthcare. They are trusted advisors for businesses looking for strategic insights along with their audit services.

Ernst & Young (EY)

Focuses on helping companies improve performance while ensuring compliance with local regulations. Their audit services are backed by innovative technologies, ensuring accurate and efficient reporting.

Grant Thornton UAE

It is a strong player in the UAE audit market, offering services tailored to both small businesses and large corporations. They specialize in audits, tax, and advisory services, making them a versatile partner.

Deloitte Dubai

Provides a broad range of audit and assurance services. They are well-known for their advanced audit methodologies and deep understanding of Dubai’s regulatory environment.

PKF UAE

It is an international network of audit firms with a local branch in Dubai. They are a popular choice for SMEs due to their personalized approach and competitive pricing.

Kreston Menon

Has built a reputation for providing reliable audit services across various industries. Their team of auditors is experienced in both mainland and free zone audits.

Saif Chartered Accountants (SGA)

A trusted local firm that offers high-quality audit services at competitive rates. They are especially popular among SMEs and startups.

BMS Auditing

A well-established firm in Dubai that offers a range of services, including internal audits, VAT consulting, and compliance audits.

HLB HAMT

A regional player with a strong presence in Dubai’s audit scene. They specialize in providing tailored audit solutions for companies operating in both the mainland and free zones.

Other notable audit firms

In addition to the firms listed above, there are other reputable audit firms worth considering, such as Crowe UAE, RSM UAE, and Moore Stephens. Each offers specialized services tailored to different business needs.

Factors to consider when choosing a firm for audit in Dubai

When selecting an audit firm, there are several factors to keep in mind to ensure you make the right choice.

1. Expertise in your industry
   Choose an audit firm with experience in your specific field. This ensures they understand your business's unique challenges and regulatory requirements.
2. Firm reputation and client portfolio
   A firm’s reputation is crucial. Look for firms with a strong track record and a portfolio of reputable clients, which indicates trust and reliability.
3. Range of professional services
   Consider whether the firm offers a full suite of audit and assurance services, such as financial audits, internal audits, and tax consulting. This will ensure that all your audit needs are met under one roof.
4. Compliance with Dubai's regulatory standards
   Make sure the firm is up to date with Dubai’s regulatory requirements. Firms that specialize in the UAE market are better equipped to handle local compliance issues and offer valuable insights.
5. Benefits of partnering with a top audit firm
   Working with one of Dubai's top audit firms provides a range of benefits that can enhance your business operations.
6. Improved financial transparency
   A thorough audit can reveal the true state of your company’s finances, helping you make informed business decisions and increasing transparency for stakeholders.
7. Enhanced compliance and risks under control
   By ensuring compliance with local regulations, audit firms help reduce the risk of fines and penalties. They also identify potential risks in your financial operations, allowing you to address them before they become serious issues.
8. Strengthened credibility and trust
   Partnering with a reputable audit firm can enhance your company’s credibility. Investors, banks, and partners are more likely to trust your business when your financial reports have been verified by a respected auditor.

Finding your trusted audit partner in Dubai

Choosing the right audit firm in Dubai is a critical decision that can impact your business's financial health and compliance. By considering factors like expertise, reputation, and service range, you can find the right partner to ensure your business remains transparent, compliant, and trusted in the market.

If you already have a business in the UAE or are just planning to start one, expert support will be very helpful. It’s not always easy to navigate legal, financial, and tax matters on your own. To avoid wasting valuable resources (time and money) searching for solutions, you can rely on business experts in Dubai. At Emirabiz, we have profound knowledge of the UAE market, regulatory and banking requirements, and the specifics of doing business in the Middle East. We will help you not only establish a company from scratch, fully complying with UAE laws, but also support your business by handling accounting, tax matters, reporting, including audit reports.

Frequently Asked Questions

What services do audit firms offer in Dubai?

Audit firms in Dubai provide a wide range of services, including financial statement audits, internal audits, tax audits, forensic audits, and compliance consulting. They help businesses maintain transparency, comply with local regulations, and manage risks. Many firms also offer additional services like VAT consulting, financial advisory, and business restructuring support.

How to choose the right audit firm for your business?

To choose the right audit firm, consider their expertise in your industry, their reputation, and the range of services they offer. It’s also important to ensure the firm is well-versed in Dubai’s regulatory standards. A good audit firm should have a strong client portfolio and experience working with businesses similar to yours.

What are the costs associated with audit services in Dubai?

The cost of audit services in Dubai can vary depending on the size of your business, the complexity of the audit, and the reputation of the firm. Smaller firms may offer competitive rates, while larger firms with a global presence typically charge more due to their broader expertise and resources. It’s important to discuss your specific needs with the firm to get an accurate quote.

Do all businesses in Dubai need an annual audit?

Not all businesses in Dubai are required to have an annual audit. However, certain types of companies, particularly those on the mainland or in specific free zones like Meydan FZ, must submit annual audit reports to renew their business licenses. Additionally, companies with high revenues or those subject to VAT laws may also require annual audits to comply with regulatory requirements.