Auditing & Financial Statements in Fujairah

It depends on your jurisdiction. Most free zones require annual audited financial statements for license renewal. Mainland companies with limited liability (LLC) are required to appoint an auditor under the Commercial Companies Law. Additionally, businesses subject to Corporate Tax should maintain audited financials to support their tax filings.

Full IFRS is a comprehensive set of standards designed for large public companies. IFRS for SMEs is a simplified version suitable for small and medium enterprises that do not have public accountability. Most UAE SMEs can use IFRS for SMEs, which is less complex and requires fewer disclosures.

A standard audit for an SME takes 2-4 weeks from planning to report issuance, depending on the complexity of operations and the quality of your financial records. Larger companies or first-time audits may take longer. Having organized records significantly speeds up the process.

Yes. As a Fujairah-based firm at Creative City Fujairah Twin Towers, we conduct audit fieldwork locally. For Fujairah businesses, this means in-person audit procedures, on-site document verification, and face-to-face meetings with management — reducing the time and cost compared to using auditors based in other emirates.

Fujairah oil storage audits include tank inventory measurement verification, throughput fee revenue cut-off testing, storage agreement contract review, and hedging instrument fair value assessment. We work with independent surveyors to verify physical oil inventory quantities at year-end.

Creative City Fujairah generally requires audited financial statements for license renewal. However, freelancers and micro-businesses with very low revenue may be able to submit certified financial statements instead of full audits. Check with the Creative City authority for current requirements specific to your license category.