Financial statement audit
An independent examination planned around the company’s activities, material balances and reporting framework. Agree the financial period and intended users before the engagement begins.
Explore the service →Meydan Free Zone · Dubai
Meydan Free Zone Auditors
This page is for an independent audit of a Meydan company’s financial statements when an authority, tax rule, bank or owner requires a report. Monthly bookkeeping and preparation of the accounts are separate services.
Beyond the licence
A reporting plan built around your Meydan business.
Launching a company and maintaining reliable accounts are different tasks. A growing consultancy, an online retailer and a group service company need different evidence, even when they share the same free-zone address.
Established in the UAE in 1994, SAIF Chartered Accountants helps business owners and finance teams turn year-end records into a clear financial reporting package.
Our starting point is the company’s actual activity, legal structure, accounting framework and intended use of the report. We establish which work is needed, what management must provide and whether additional tax or accounting support should be separately agreed.
That gives the engagement a practical focus: identify gaps early, keep the figures consistent and leave time for evidence, review and approval. An audit is an independent assessment—not simply a stamp added to a spreadsheet.
Meydan audit requirements
Separate the authority request from the tax obligation.
Start with the current rules and the company’s own notices. Do not rely on a generic renewal date or a blanket exemption.
What the regulations say
Clause 42.1 of Meydan’s Companies and Licensing Regulations requires financial statements and submission of audited statements within 30 days of an authority request. Clause 44 provides for auditor appointment or removal by ordinary resolution and notification to the authority.
What to do before engagement
Provide the notice, reporting period and current portal instructions. Check the signing firm’s professional registration and any appointment conditions. Confirm the submission route and authorised signatory before the report is prepared.
| Reporting need | Question to resolve | Practical next step |
|---|---|---|
| Authority or renewal | Which period and documents have been requested? | Keep the notice, deadline and submission instructions with the engagement file. |
| Corporate tax | Does a separate audited-account requirement apply? | Assess tax status and reconcile the accounts with supporting tax workings. |
| Bank, investor or group | Is a statutory set of accounts sufficient? | Agree any extra schedules, reporting framework or special-purpose assignment. |
Sources: Meydan company regulations, Part 9 and official financial audit guidance. The latter describes a licensed, Ministry of Economy-registered signing auditor. Confirm current requirements for your entity; the 30-day provision is tied to a request, not automatically to year-end.
Our services
Audit, accounting and related reporting support.
A defined scope keeps the independent audit, preparation work and advisory services clear.
Accounting and year-end preparation
Bring the ledger, reconciliations and supporting schedules into a consistent reporting file. Accounting assistance is separately scoped and subject to independence safeguards where an audit is also requested.
Explore the service →Authority and stakeholder reporting
Identify the report required by Meydan, a lender or shareholders. Agree any submission support, additional schedules or specific forms rather than assuming that one standard report meets every request.
Explore the service →Corporate tax coordination
Reconcile financial statements to the tax computation and supporting analysis. Review the actual activities and income of the business before relying on any free-zone tax treatment.
Explore the service →Transfer pricing and benchmarking
Review intercompany services, trading and financing. Document the commercial arrangement and assess the appropriate pricing analysis, with benchmarking where it supports the transaction.
Explore the service →Closure and special-purpose reporting
For a proposed company closure, restructuring or specific recipient request, establish the required reporting date and scope. Liquidation work and special-purpose reports are separate from a routine annual audit.
Explore the service →Evidence in context
Different transactions. Different audit questions.
Prepare a file that explains the commercial activity behind each material balance.
Consultancy and project services
Connect income to contracts, milestones and work performed. Explain customer advances, unbilled work and subcontractor costs. Distinguish a payment received from the accounting basis for recognising revenue.
E-commerce and online sales
Keep marketplace and payment-gateway exports. Reconcile sales, refunds, commissions and amounts withheld before comparing settlements with the bank. A net receipt alone may not explain the full transaction.
Trading and overseas supply chains
Trace purchases and sales to shipping and ownership documents. Support stock held by third parties, goods in transit and transactions around year-end. Agree evidence arrangements early where inventory is outside the UAE.
Shareholder-funded and group businesses
Separate capital, loans and reimbursements from trading income. Retain group agreements, reconcile both sides of intercompany balances and document how shared costs are allocated.
Example: follow an online sale through the records
- 01 · Sale and fulfilmentOrder, invoice and delivery evidence explain the underlying transaction.
- 02 · Platform reconciliationMatch refunds, charges and retained balances to the platform statement.
- 03 · Bank and ledgerReconcile settlement receipts and outstanding amounts to the accounts.
Preparation workflow shown for planning. The accounting treatment and audit procedures depend on the contracts and evidence.
Preparation checklist
Documents for a Meydan Free Zone audit.
Start with one final trial balance and supporting schedules that agree to it. Share sensitive records only through the agreed secure channel.
Company and authority records
Trade licence, incorporation documents, ownership details, financial year, previous accounts and any Meydan request. Include the actual notice and deadline, not only a description of it.
Ledger and bank accounts
Final trial balance, general ledger, statements and reconciliations for every company bank account. Explain outstanding reconciling items, cash transactions and owner-funded payments.
Sales and customer balances
Contracts, invoices, credit notes, customer ageing and subsequent receipts. Include platform exports, foreign-currency transactions and evidence of services performed or goods delivered.
Costs, assets and inventory
Supplier records, payable schedules, lease agreements and the fixed-asset register. Where goods are involved, provide count records, valuation workings and third-party warehouse information.
Payroll and connected parties
Employee records and benefit calculations, shareholder loans, director balances and group agreements. Reconcile intercompany accounts and explain the basis of management or service charges.
Tax, estimates and commitments
Tax filings and reconciliations, material estimates, guarantees, disputes and significant subsequent events. Identify the assumptions behind provisions, recoverability and going-concern assessments.
New, inactive or behind on bookkeeping?
Explain the position before requesting a completion date. A company with no sales may still have incorporation costs, funding, rent and bank transactions. For incomplete books, agree a reconstruction plan before expecting an audit opinion.
Read the Meydan accounting and audit preparation guide →A coordinated engagement
Four stages from brief to reporting.
Keep responsibilities visible, especially when the owner, bookkeeper and tax adviser work from different locations.
- 01
Define the assignment
Share the licence, financial period, trial balance and reporting request. Confirm eligibility, independence, scope, responsibilities and fees.
- 02
Prepare the evidence
Complete reconciliations and supporting schedules. Nominate a finance contact, identify missing records and agree a realistic document timetable.
- 03
Examine and resolve
The audit team evaluates evidence and discusses questions and proposed adjustments. Management resolves accounting matters and approves the statements.
- 04
Report and follow up
Issue the appropriate report once the work is complete. Retain the signed pack, complete agreed submission steps and track any recipient queries.
Deliverables and fees
Know what the reporting pack includes.
Agree the applicable financial reporting framework, including IFRS requirements where relevant. A complete set normally addresses financial position, performance, changes in equity, cash flows and explanatory notes, with comparatives as applicable.
The auditor’s report expresses an independent opinion on the financial statements. It provides reasonable, not absolute, assurance. Management remains responsible for preparing the accounts, selecting policies, making estimates and approving the final statements.
A management letter, lender form, group reporting package or submission assistance may be useful but should be expressly included in the scope. Keep the final accounts and any tax reconciliation consistent after adjustments.
What determines the audit fee?
- Quality of bookkeeping and unresolved opening balances.
- Transaction volumes, currencies and payment platforms.
- Stock locations, asset valuations and complex contracts.
- Related parties and evidence from outside the company.
- Reporting deadlines and additional deliverables.
Ask for a written proposal separating audit, cleanup and advisory fees. Agree milestones after the records have been assessed; an incomplete file cannot be made audit-ready simply by choosing a shorter deadline.
Corporate tax and free-zone status
Reliable accounts support the tax analysis.
For tax periods beginning on or after 1 January 2025, Ministerial Decision No. 84 of 2025 requires audited statements for QFZPs and non-Tax-Group taxable persons with revenue exceeding AED 50 million. Tax Groups have a separate audited special-purpose statement requirement.
A Meydan licence alone does not establish a 0% tax outcome. Review the company’s actual income, activities and applicable conditions, and document the bridge from accounting profit to the tax computation.
Corporate tax services →Related-party transactions need evidence
Keep agreements and calculations for group services, management charges, royalties or financing. Explain what was provided, who benefited and how the charge was determined. The transfer pricing analysis should follow those facts.
Transfer pricing services →Keep accounting and tax changes connected
If an audit adjustment changes revenue, expenditure or a balance, assess its effect on the tax workings rather than keeping two unexplained versions. Record who approved the change and whether any submission needs updating.
Plan the reporting calendar
Track authority requests, tax work, bank reviews and shareholder reporting separately. Give each task an owner and keep evidence of the completed submission. One finished report does not close every compliance obligation.
Frequently asked questions
Meydan audit questions, answered.
Practical starting points for owners and finance teams. Confirm current requirements for the company and its reporting period.
Speak with our team →01Is an audit mandatory for a Meydan Free Zone company?+
Assess the company’s authority instructions, tax status and contractual obligations together. Meydan’s regulations provide for audited statements on authority request; separate Corporate tax rules can require an audit without such a request.
02What is the Meydan audit submission deadline?+
The published company regulations specify submission within 30 days of an authority request. Read the actual notice and current portal instructions, and keep that date separate from renewal, tax and lender deadlines.
03How do I choose a Meydan-approved auditor?+
Check the legal name of the firm signing the report, its current UAE professional registration and its suitability for the intended submission. Confirm any entity-specific appointment requirements with Meydan before engagement.
04Does a small company automatically qualify for an audit exemption?+
No. Low revenue alone does not settle the question. Review the authority request, tax status and other reporting obligations. A company should not assume it is exempt simply because it operates from a flexi-desk or has few transactions.
05What if the company has no revenue or has not started trading?+
Capital, licence charges, bank fees and owner-paid costs may still create accounting entries. Prepare accurate records and establish which reporting obligations apply; do not equate no sales with no financial activity.
06Can an overseas owner coordinate the audit remotely?+
Much of the coordination and document sharing can take place securely online. External confirmations, inventory procedures or other evidence may require additional arrangements. Agree signatories and availability before starting.
07What documents are needed for a quotation?+
Send the licence, financial period, trial balance, prior report and required date. Add approximate transaction volumes, bank accounts, stock locations, overseas activity and related-party details. Flag incomplete records early.
08How much does a Meydan Free Zone audit cost?+
The fee depends on scope, transaction complexity, record quality and evidence requirements. Request a breakdown covering the audit, any accounting cleanup, tax work and additional deliverables. No fixed price is quoted without reviewing the brief.
09How long will the audit take?+
Agree a timetable after the records are assessed. Missing documents, confirmation responses, accounting adjustments and management approval can affect completion. An urgent request does not remove the need for sufficient appropriate evidence.
10Can you prepare the accounts as well as perform the audit?+
These are distinct services. Any combined request requires an independence assessment and appropriate safeguards. Management remains responsible for the records, accounting policies, estimates and approval of the financial statements.
11Will audited accounts guarantee 0% Corporate tax?+
No. An audit does not establish every condition of Qualifying Free Zone Person status. The tax analysis must separately consider the company’s activities, income, substance and other applicable conditions.
12Can an audit report replace a tax return or guarantee bank acceptance?+
No. A report, a tax return and a bank application have different purposes. Confirm each recipient’s requirements and submission process. Neither a clean audit opinion nor a completed filing guarantees an authority’s or lender’s decision.
Relevant guidance
Meydan reporting and related tax insights.
Free ZonesMeydan Free Zone, Dubai: Accounting and Audit Preparation Guide
A practical guide for Meydan Free Zone businesses: organise accounting records, reconcile online sales and owner funding, and prepare a clear year-end reporting file.
Read insight ↗
Corporate TaxQualifying Free Zone Person Assessment: UAE Corporate tax Guide
Assess QFZP eligibility, qualifying income, excluded activities, de minimis, substance, audit and transfer pricing requirements under UAE Corporate tax.
Read insight ↗
Transfer PricingHow a Transfer pricing Benchmarking Study Works in the UAE (2026 Guide)
Understand UAE transfer pricing benchmarking: documentation thresholds, comparable searches, methods and practical examples for margins, loans and director remuneration.
Read insight ↗Official references
Read the source guidance.
- Meydan — Companies and Licensing Regulations, Part 9
- Meydan — financial audit report guidance
- Ministry of Finance — audited financial statements, Decision No. 84 of 2025
Updated 17 September 2026. General guidance, not entity-specific advice. Confirm current notices, professional eligibility and applicable tax rules before acting.
SAIF Chartered Accountants · Meydan
Bring the reporting brief. We’ll help define the next step.
Share your licence, financial year, trial balance and required date for a scoped audit and reporting proposal.
Discuss your Meydan company →