Many freezone manadate the audit like DMCC, DAFZA, JAFZA, DWC, DIFC etc. However, manadate of audit is depends on the license issuing

authority.

An auditor must be independent from the business & must be registered with UAE Ministry of Economy. Further freezone also issues the approved auditor
list on there websites.

A company has option to choose the year end as per his own comfort. However generally companies follows Calender year end in UAE.

Due date for submission of audit report depends on the license issuing authority, however it varies from 3 months to 6 months. May authority ask for audit report at the time of license renewal.

Accounts are prepared and audited under principle of International Financial reporting standards in UAE.

Financial statements must contains :- Statement of Financial Statement, Stament of Comprehensive Income, Statement of Cash Flows, Statement of
Change of Equity & Notes to the Financial Statement

Yes, if audit is required by the relevant authority then irrespective of operation or non operation of business, A company has to do the audit.

Yes, Audit of an individual person can be done by an UAE Auditor.

Generally at the time of audit auditors can ask for various docuemnts viz: Accouting system generated Trail balance, Balance sheet, Profit & loss account, General Ledgers, Sales invoices, purchase invoices, Expenses supporting, Bank statements and any other docuements as they deems fit to statsify himself to reach an opinion.

Yes, Stock count & valuation of the inventory of the auditee is one the major part for the audit.

Time for an audit is depend on the scope & volume of the business which changes from company to company.

Fine for the non submission of the audit report is depends on the authority requiring the audit report. It can be monetary as well as sanction of business.

It has been made clear that the regime of Corporate Tax in UAE will follow best global practices and is expected to be implemented with easy corporate tax compliance requirements. The corporate tax rate in UAE is among the most competitive in the world and the lowest in the GCC – where Bahrain has now become the only country without a CT regime.

Corporate Tax will be levied at a headline rate of 9% on Taxable Income exceeding AED 375,000/-. The total taxable income will not be taxable at 9% and taxable Income below this threshold will be subject to a 0% rate of Corporate Tax.

In case of the qualified Freezone Person the threshold limit of AED 375,000/- is not been given for taxable income earned by Qualified Freezone Person. All taxable income which does not fall into category of Qualified income shall be taxed at 9% rate of Corporate Tax.

Calculation of corporate tax can be understood from the following scenarios