In compliance with UAE Federal Laws, the directors of the firm may determine its fiscal year and set out in the Articles of Association. All ensuing fiscal years, with the exception of the first, have to last twelve months. A company’s first financial year should not be less than six months, although it can last up to eighteen months. The next fiscal year begins right away once the previous one concludes.

Financial statements utilized by government agencies, creditors, lenders, and shareholders are known as general purpose financial statements. However, financial statements designated for a specific user or purpose, such as a project, are known as special purpose financial statements.

The list of necessary supporting documents is provided below. Remember that depending on the organization requesting your audited financial accounts, other documentation may be needed in addition to these.

• Trade license
• Bank statements
• Memorandum of Association (MoA)
• Articles of Association (AoA)
• Share certificates
• Certificate of Incorporation
• General Ledger

Below we have mentioned some of the entities that may require your audited financial statements:

• Banks
• Licensing authorities
• Creditors
• Investors
• Suppliers
• Shareholders
• Insurance companies

In the United Arab Emirates, a financial statement audit typically takes ten to fifteen days. This timescale, however, could alter based on several factors, such as whether your account books are organized.