Staying compliant
Accounting and audit
Bookkeeping, IFRS accounts and coordination of the statutory audit
In short
DIFC companies prepare accounts under IFRS and, unless exempt, have them audited by an auditor registered with the DIFC. We handle the bookkeeping, prepare the statements, manage the auditor relationship and file with the Registrar on time.
What you get
- Monthly or quarterly bookkeeping
- IFRS financial statements
- Appointment and coordination of a DIFC registered auditor
- Audit file preparation and response to auditor queries
- Filing with the Registrar within the statutory deadline
- Figures prepared in the form the corporate tax return needs
Timeline: Ongoing, with audit typically completed 2 to 3 months after year end
The audit is a prerequisite, not just a filing
Audited financial statements are a condition of claiming Qualifying Free Zone Person status for corporate tax. An entity that skips or delays the audit is not just late with a Registrar filing, it has put the zero per cent rate at risk for the period.
That connection is new enough that it is still catching people out. Treat the audit as a tax deadline as well as a corporate one.
Questions
Which DIFC companies are exempt from audit?
The exemption is narrow and turns on size and activity. Prescribed Companies generally fall outside the audit requirement. Most operating companies with employees do not.
Can any accountant audit a DIFC company?
No. The auditor has to be registered with the DIFC. We appoint from the registered list and coordinate the engagement.
Not sure which DIFC licence you need?
Answer eight questions and we will tell you the licence route, the likely cost and the realistic timeline. It takes about two minutes and there is no obligation.