M&M Al Menhali Auditing (M&M) has been providing audit and assurance services in Dubai, UAE since 2001.
As one of the leading audit firms in Dubai, UAE, we provide high-quality audit and assurance services while upholding the strictest standards of professional ethics, thanks to our internally developed audit tools, resources, and processes.
UAE Commercial Companies Law No 32 of 2021 applies to public and private joint stock companies, limited liability companies, branches of foreign companies. Filings are done with the Ministry of Economy and Commerce and with the local licensing authority. Presently, the requirement to submit financial statements to the Federal Ministry is not always rigorously applied and certain licensing authorities request audited financial statement as part of the license renewal process.
Free zone companies have to file their financial statements within due dates specified by respective Free Zone authorities. For example, Free zone establishments in the Jebel Ali Free Zone are required to submit their annual audited financial statements to the Jebel Ali Free Zone authority within 90 days from the financial year-end.In addition, certain business activities may be required to file their financial statements with other government agencies.
As per Commercial Companies Law No 32 of 2021 companies shall prepare annual financial accounts including the balance sheet and the profit and loss account and shall apply the International Accounting Standards and Practices for preparing its periodical and annual accounts, to give a clear and accurate view of the profits and losses of the Company.
Moreover, the law specifically states that each Joint Stock Company or Limited Liability Company shall have one or more auditors to audit annually the books of accounts and it requires application of International Financial Reporting Standards (IFRS)/International Accounting Standards (IAS) to give a clear and accurate view of the financial position and profit and losses of the Company. The Company’s board of directors shall approve such accounts and forward the same to the General Assembly, together with auditor’s report within 4 months from the end of each fiscal year.
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) and is the global standard for preparing the public listed company financial statements.
International Accounting Standards (IAS) are older standards often confused with IFRS, some of the IAS have been superseded by IFRS, but most are still relevant and needs to be applied in the preparation of financial statements. IAS’s were originally issued by the International Accounting Standards Committee (IASC) which has been since then replaced by the IASB.
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