Audit & Assurance Practice.
TaxBay prepares financial statements and supports internal controls. Where an external audit is required, an appointed independent auditor performs it and issues the opinion.
Audit & Assurance Practice Matrix
Statutory & Financial Statement Audit
Free Zone entities with audit requirementsFinancial statement preparation and coordination with an independent external auditor.
Internal Audit & Controls Review
Mid-market firms with decentralized teamsOperational governance audits to prevent financial leakage and fraud.
IFRS Compliance & Advisory
Multi-year contract businessesNavigating complex IFRS standards (IFRS 15, 16, 9) with technical precision.
Risk & Process Assessment
Regulated commercial entitiesUncovering hidden operational, regulatory, and credit vulnerabilities.
Financial Due Diligence
Acquiring companiesQuality of Earnings (QoE) reviews and balance sheet verification for M&A.
Management & Financial Reporting
Multi-branch groupsExecutive MIS packages and multi-entity consolidation for boardrooms.
Institutional Quality & Assurance Standards
Statutory financial statement audits adhering strictly to International Standards on Auditing.
Risk mitigation, segregation of financial duties, and fraud detection frameworks.
Mandatory approved auditor reporting for DMCC, DIFC, JAFZA, and DAFZA corporate renewals.
Statutory Audits: Mandatory for Qualifying Free Zone Status
Under Ministerial Decision No. 139 of 2023, Free Zone entities must maintain audited financial statements under IFRS to qualify for the 0% Qualifying Free Zone Person (QFZP) corporate tax rate and renew trade licenses.