Audit
Preparing for a First Statutory Audit
A first audit is usually slower than subsequent ones, largely because opening balances need to be established and supporting documentation assembled for a period that has already closed.
The items most often missing are bank confirmations, signed agreements for significant contracts and related-party arrangements, fixed asset records with supporting invoices, and inventory records at the reporting date.
Preparing these as part of the year-end close, rather than in response to the audit request list, shortens the process considerably and reduces the volume of queries raised during fieldwork.
It is also worth confirming the reporting basis and the audit requirement that applies to your entity early, since these determine the form of the financial statements being prepared.
SR Accounting Advisory Team
This article is general information based on UAE legislation and published FTA guidance at the time of writing. It is not advice for a specific business — please get in touch to discuss how the rules apply to your circumstances.
