Auditing for ADGM
HLB HAMT Management Consultancy (HHMC) is recognized as a leading auditing firm dedicated to offering exceptional audit services specifically for businesses operating in the UAE Global Market (ADGM). As an approved auditor for key free zones and regulatory authorities, we understand the importance of compliance, accountability, and transparency in building trust with stakeholders. Our knowledgeable team is committed to guiding clients through regulations while maintaining the highest standards in financial reporting.
Overview of the UAE Global Market (ADGM)
The ADGM was established under UAE Federal Decree Law No. 4 of 2013, situated on Al Maryah Island, with recent expansion to include Al Reem Island following UAE Cabinet Resolution No. 41 of 2023. This expansion aims to enhance UAE’s financial sector and elevate its global standing from 2023 to 2027.
Important Timeline: Businesses in ADGM can operate without certain registration and licensing requirements until December 31, 2024, providing them with time to obtain necessary permits.
HLB HAMT Management Consultancy (HHMC) is here to guide companies in understanding ADGM regulations. We offer services such as company formation, regulatory compliance, and tailored audit solutions designed specifically for businesses in this thriving financial hub. With our expertise, we ensure that your operations are fully compliant, supporting your success in UAE.
Requirements for Auditing in ADGM
Every business in the ADGM is required to keep financial records for at least 10 years and submit annual accounts to the ADGM Registration Authority (RA) based on their Accounting Reference Date (ARD).
Audited Accounts Requirement: Unless exempted, all entities in ADGM must have their accounts audited by a registered statutory auditor, like HLB HAMT Management Consultancy (HHMC). The audited annual accounts must include:
- Director’s Report: A summary from the company’s directors discussing financial performance.
- Independent Auditor’s Report: An objective review from an external auditor offering their opinion on the accounts.
- Individual Accounts: Financial statements reflecting the performance of the individual entity.
- Group Accounts: Combined financial statements representing all related companies.
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Why HLB HAMT Management Consultancy (HHMC) Is Your Ideal Audit Partner
- Access to Global Insights: Through our affiliation with the HLB International network, we provide best practices and industry standards tailored for the UAE market.
- Adherence to IFRS and FSRA Standards: Our auditing procedures align with International Financial Reporting Standards (IFRS) and Financial Services Regulatory Authority (FSRA) guidelines, ensuring thorough and compliant services.
- Commitment to Data Security: We hold an ISO/IEC 27001:2015 certification, which guarantees that your confidential information remains safe and secure.
- Utilizing Cutting-Edge Technology: We implement the latest tools and technology to enhance the efficiency and precision of our auditing processes.
- Focus on Quality: We maintain high standards that comply with local and international regulations, solidifying our reputation as a trusted auditor within the ADGM.
- Skilled and Diverse Team: Our team comprises experienced professionals from various backgrounds, offering insightful and tailored advice to meet your organization’s specific needs.
FAQS
All businesses in the UAE Global Market are required to prepare annual financial statements and have them audited by a registered auditor.
We strictly follow International Financial Reporting Standards (IFRS) and Financial Services Regulatory Authority (FSRA) guidelines during our audit processes to ensure thorough compliance.
We offer registered auditors for ADGM businesses, as well as SCA-approved auditors specializing in Public Joint Stock Companies (PJSC) to ensure complete regulatory compliance.
Our extensive understanding of the regulatory landscape in ADGM, combined with our personalized service approach, makes us a reliable choice for businesses in need of auditing assistance.
If a business fails to comply with ADGM audit regulations, it may face penalties, legal challenges, and damage to its reputation. HLB HAMT Management Consultancy (HHMC) ensures that your audit processes meet all compliance requirements to avert any risk.
Our team stays informed about the latest regulations affecting ADGM through participation in industry seminars, workshops, and continuous professional training.
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