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Audit Services: Internal, Statutory, and Performance Audit

Stakeholders, regulators, and lenders need confidence that a company’s financial information is accurate and compliant. An audit provides that assurance through an independent examination of an organisation’s financial records, systems, and processes assessing accuracy, transparency, regulatory compliance, and operational efficiency. Under the UAE’s regulatory framework, audits strengthen corporate governance and give stakeholders confidence in the numbers.

Internal Audit

Internal audit independently evaluates and helps improve your risk management, internal controls, and governance. It is ongoing and focused on how the business actually operates.

Scope

  • Risk assessment and control evaluation
  • Process efficiency and operational reviews
  • Regulatory compliance monitoring
  • Fraud prevention and detection
  • Governance and internal control assessment

Benefits

  • Identifies operational inefficiencies and areas to improve
  • Strengthens internal controls
  • Helps mitigate business risks
  • Supports decision making with objective findings
  • Improves compliance with applicable regulations

Statutory Audit

A statutory audit is a legally required examination of an entity’s financial statements, conducted under the International Standards on Auditing (ISA). It provides an independent opinion on whether the statements give a true and fair view of the entity’s financial position and performance.

UAE Requirements

Under Ministerial Decision No. 82 of 2023, audited financial statements are required for:

  • Taxable Persons with revenue exceeding AED 50 million during the tax period.
  • Qualifying Free Zone Persons, regardless of revenue.

Benefits

  • Adds credibility to financial statements
  • Supports regulatory compliance
  • Increases stakeholder confidence
  • Helps identify financial reporting issues
  • Supports access to financing and investment

Performance Audit

A performance audit evaluates whether an organisation’s resources, processes, and operations are being used efficiently, effectively, and economically. It focuses on improving business performance by identifying operational gaps, inefficiencies, and opportunities for optimisation.

Scope

  • Review of operational efficiency and productivity
  • Evaluation of resource utilisation and cost management
  • Assessment of key business processes and controls
  • Analysis of performance against objectives and KPIs
  • Identification of improvement opportunities and best practices

Benefits

  • Enhances operational efficiency and effectiveness
  • Identifies cost saving opportunities
  • Improves resource allocation and utilisation
  • Supports strategic decision making
  • Strengthens accountability and performance monitoring
  • Drives continuous improvement across the organisation

Why Choose Legacy Partners for Audit Services

We deliver reliable, independent, and value driven audit services with a strong focus on UAE regulatory compliance and international standards. Our practical approach ensures accuracy, transparency, and compliance while providing actionable insights that strengthen governance, improve business performance, and support informed decision making.

ISA aligned methodology
audits conducted in line with the International Standards on Auditing (ISA) for reliable, defensible opinions.
UAE regulatory expertise
current with Ministerial Decision No. 82 of 2023, Federal Tax Authority (FTA) requirements, and Free Zone obligations.
Integrated advisory
audit, Corporate Tax, VAT, and corporate compliance handled under one roof, so audit findings connect directly to practical next steps.
Risk focused approach
audits target the areas that matter most to your business, stakeholders, and regulators.
Clear, actionable reporting
findings and recommendations presented in plain language your team can act on.
Experience across structures
supporting SMEs, Free Zone entities, and group structures operating in the UAE.

A statutory audit is a legally mandated examination of financial statements under ISA; internal audit is a governance function reviewing risk, controls, and processes; performance audit assesses whether resources and operations are being used economically, efficiently, and effectively.

Not every entity is required to have a statutory audit, but Taxable Persons with revenue exceeding AED 50 million during the tax period, and all Qualifying Free Zone Persons regardless of revenue, must maintain audited financial statements under Ministerial Decision No. 82 of 2023.

It is the UAE ruling that sets out which categories of Taxable Persons must maintain audited financial statements for Corporate Tax purposes, including Qualifying Free Zone Persons seeking the 0% rate.

Yes, provided independence and conflict of interest rules are respected between engagements, particularly where a statutory audit opinion is involved.

Audited financial statements support the figures reported in a Corporate Tax return and are a specific condition for Qualifying Free Zone Persons to access the 0% rate.

Typically this includes trial balances, general ledgers, bank statements, contracts, prior year financials, and supporting schedules for revenue, expenses, and fixed assets.

Duration depends on the size of the entity, the quality of underlying records, and the type of audit, and is agreed with the auditor at the planning stage.

Clients receive a formal report with findings and, for statutory audits, an auditor's opinion, together with practical recommendations presented in plain language.

Yes. Qualifying Free Zone Persons must maintain audited financial statements regardless of revenue level, as audited accounts are a condition for accessing the 0% Corporate Tax rate.

Non compliance can expose a business to administrative penalties from the Federal Tax Authority, loss of eligibility for the 0% Free Zone tax rate, and increased scrutiny or reassessment risk.

Look for a firm with relevant sector experience, familiarity with UAE mainland and free zone regulatory requirements, and a methodology aligned to International Standards on Auditing.

While mandatory thresholds like the AED 50 million revenue test apply to statutory audit, internal and performance audits are useful earlier, particularly for businesses professionalising governance ahead of growth or funding.
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