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Audit Services in Abu Dhabi Global Market

RNG Auditors LLP provides expert ADGM audit services ensuring compliance, financial transparency, and integrity for businesses in Abu Dhabi Global Market. Contact us today for a consultation!

Audit Service in Abu Dhabi Global Market (ADGM)

The Abu Dhabi Global Market (ADGM) is a premier international financial center established with a legal framework based on English common law. ADGM offers a robust and transparent platform for businesses to operate efficiently. Are you looking for Audit service in Abu Dhabi? At RNG Auditors LLP, we specialize in providing comprehensive, reliable, and compliant audit solutions tailored to the unique needs of ADGM-registered entities. Our expertise ensures your financial operations are transparent, your records are accurate, and your business adheres to all compliance requirements.

What is ADGM?

Abu Dhabi Global Market (ADGM) is an internationally recognized financial center and free zone strategically located on Al Maryah Island in Abu Dhabi, UAE. Established in 2013 and fully operational by 2015, ADGM has quickly become a hub for financial innovation, global investments, and regulatory excellence. Offering a business-friendly ecosystem, ADGM caters to startups, multinational corporations, and investment firms seeking to expand their operations in the UAE and beyond.

About Abu Dhabi Global Market (ADGM)

Established by the UAE Federal Decree, the Abu Dhabi Global Market (ADGM) operates across Al Maryah Island and Al Reem Island, encompassing an expansive area of 1,438 hectares. This makes ADGM one of the largest and most strategically positioned financial districts globally. ADGM independent authorities:

  • Registration Authority (RA): Ensures an efficient, business-friendly registration process aligned with international standards.
  • Financial Services Regulatory Authority (FSRA): Provides a top-tier regulatory environment, emphasizing fairness, efficiency, and responsiveness.
  • ADGM Courts: Administers independent courts of the First Instance and Appeal, applying English common law.
  • ADGM Authority: The authority combines strategic and support functions to enhance ADGM’s community and its services.

Who Needs an Audit in ADGM?

According to the ADGM Companies Regulations 2020 (CR 2020), annual financial accounts must be audited for most of the companies, unless the company qualifies for an exemption. ADGM welcomes a diverse range of entities, providing them with the necessary commercial licenses to operate within its jurisdiction. RNG Auditors LLP provides tailored audit and compliance services to meet the unique needs of the following entities:

  • Startups and SMEs
  • Special Purpose Vehicles (SPVs)
  • Retail
  • Subsidiaries and branches of multinational corporations

Searching for reliable audit services in Abu Dhabi? With our team of certified professionals, we deliver meticulous audits tailored to your unique needs. Contact us today for a consultation and experience the difference of working with trusted industry experts. We provide a comprehensive range of audit services tailored to the unique needs of businesses operating in Abu Dhabi, ensuring compliance with all relevant regulations and providing valuable insights for informed decision-making.

Why is Audit Important?

  • Regulatory Compliance: Meet the requirements of ADGM Companies Regulations 2020 (CR 2020) and maintain adherence to IFRS.
  • Stakeholder Confidence: Transparent and accurate audits build trust among investors, partners, and other stakeholders, enhancing your business’s credibility.
  • Risk Mitigation: Identify and address potential financial and operational risks early, preventing them from escalating into significant issues. Identify vulnerabilities and prevent financial discrepancies.
  • Operational Efficiency: Gain valuable insights into your financial processes, enabling you to streamline operations and improve overall performance.

All ADGM-registered entities, unless exempted, must prepare annual financial statements audited by ADGM registered auditors in compliance with ADGM’s regulatory standards and IFRS. Would you like to schedule a consultation with our experts at RNG Auditors LLP?

Key Considerations for ADGM Compliance

Ensuring compliance within ADGM involves understanding and adhering to specific audit and reporting standards. Here are the key considerations:

  1. Special Purpose Vehicles (SPVs)
    • Group Accounts Preparation: SPVs holding control over subsidiaries not qualifying for small company exemptions must prepare consolidated group accounts in accordance with IFRS 10: Consolidated Financial Statements.
    • Audit Requirements: Engage an ADGM-approved auditor to conduct thorough group audits.
    • Reference: See Section 389 of Companies Regulations 2020 for detailed guidelines.
  2. Consolidation Exemptions
    • Eligibility: Entities may claim exemption from preparing consolidated financial statements if their ultimate or intermediate parent is listed on a recognized stock exchange.
    • Criteria: Must meet the exemption criteria outlined in Section 390 of Companies Regulations 2020.
  3. Ineligible Groups
    • Requirement: Entities part of an ineligible group (e.g., financial institutions, public interest entities or PIEs) must audit and file their accounts with the RA, even if they meet the small company thresholds.
    • Guidance: Refer to Section 371 of Companies Regulations 2020 for compliance details.
  4. Standalone Exemptions for Subsidiaries
    • Exemption Criteria: A subsidiary is exempt from auditing its individual accounts if its parent entity is established under ADGM law and meets the conditions outlined in Section 452A of Companies Regulations 2020.
  5. Migrated Entities
    • Continuity of Operations: When a company migrates into ADGM, it retains its existing financial year and continues operations without creating a new entity, ensuring seamless regulatory compliance.

Our ADGM Audit Services

At RNG Auditors LLP, we offer a comprehensive suite of audit services tailored to meet the unique regulatory demands of ADGM-registered entities:

  1. Statutory Audits

    What Is a Statutory Audit? A statutory audit is an independent assessment of a company’s financial statements conducted by an approved auditor. Its purpose is to:

    • Ensure financial statements align with applicable financial reporting standards, such as IFRS.
    • Provide a true and fair view of the company’s financial health and performance.

    Conducting statutory audits to ensure compliance with ADGM’s legal and regulatory requirements. Our audits provide stakeholders with a transparent and accurate view of your financial health, facilitating informed decision-making.

    • Compliance with IFRS Standards
    • Detailed Financial Analysis
    • Transparent Reporting
  2. Internal Audits

    Evaluating internal controls, risk management processes, and operational efficiency. Our internal audit services identify areas for improvement, ensuring your business operates optimally.

    • Risk Assessment
    • Control Evaluation
    • Operational Efficiency Reviews
  3. Compliance Audits

    Verifying adherence to ADGM’s regulatory framework. We assist in ensuring your business meets all financial, operational, and legal obligations, safeguarding against potential compliance issues.

    • Regulatory Compliance Checks
    • Policy and Procedure Reviews
    • Corrective Action Recommendations
  4. Special Purpose Audits

    Tailored audits for specific business objectives such as mergers, acquisitions, or financial restructuring. Our specialized audit services provide comprehensive financial oversight tailored to your unique needs.

    • Due Diligence Audits
    • Merger and Acquisition Audits
    • Financial Restructuring Audits
  5. Financial Reporting and Advisory

    Preparing and filing accurate financial reports with the ADGM Registration Authority (RA). Our experts ensure your reports comply with ADGM’s reporting standards, providing actionable insights for financial improvement.

    • Financial Statement Preparation
    • Regulatory Reporting
    • Advisory Services for Financial Strategy

From statutory audits and internal audits to specialized services like forensic audits and due diligence, we offer a comprehensive suite of audit services in Abu Dhabi. Our team of qualified professionals utilizes the latest auditing methodologies and tools to ensure accuracy, efficiency, and compliance with international standards. Contact us today to discuss your audit needs and experience the difference of working with a leading audit firm in Abu Dhabi.

Benefits of Hiring ADGM Registered Auditors

Partnering with a registered auditor within ADGM offers numerous advantages:

  • Compliance Assurance: Ensures adherence to ADGM’s stringent regulatory requirements, minimizing the risk of non-compliance and associated penalties.
  • Financial Transparency: Promotes accurate and transparent financial reporting, enhancing stakeholder trust and confidence.
  • Professional Expertise: Leverages the knowledge and experience of auditors well-versed in ADGM’s legal and regulatory landscape.
  • Market Confidence: High-quality audit practices strengthen your business’s reputation, fostering greater investor and market confidence.
  • Strategic Insights: Provides valuable recommendations to optimize financial performance and operational efficiency.
  • Cost Efficiency: Prevents costly errors and penalties through meticulous audit processes and compliance checks.
  • Enhanced Decision-Making: Detailed financial analysis and reporting empower informed strategic decisions, driving business growth.

Companies that undergo regular audits report a higher rate of stakeholder trust and increase in operational efficiency.

The ADGM Audit Process

Our structured audit process ensures thoroughness and compliance with ADGM’s regulatory standards. Here’s how we conduct audits:
  1. Initial Consultation and Assessment
    • Understanding Your Business: We begin by reviewing your business operations, financial records, and specific audit requirements.
    • Audit Strategy Planning: Identify key audit areas and develop a customized audit strategy tailored to your business needs.
  2. Detailed Financial Review
    • Examination of Financial Statements: Scrutinize your balance sheets, income statements, cash flow statements, and equity changes and notes to accounts.
    • Transaction Analysis: Review financial transactions and supporting documentation to ensure accuracy and compliance.
    • Internal Controls Assessment: Evaluate your internal controls and risk management processes to identify potential areas of improvement.
  3. Reporting and Compliance Assurance
    • Audit Findings Compilation: Compile comprehensive audit findings, highlighting discrepancies, compliance issues, and areas for enhancement.
    • Recommendations: Provide actionable recommendations to address identified issues and improve financial practices.
    • Final Report Submission: Issuance of an Auditor’s report, which is required to be submitted to ADGM by the Company along with Directors report, Financial statements and Notes to Financial statements.

Choosing the Right Audit Firm for Your ADGM Entity

Selecting the appropriate audit firm is crucial for ensuring compliance and achieving financial transparency. Here’s what to consider when choosing an audit partner:

Criteria for Selection

  • ADGM Registration: Ensure the auditor is registered and authorized by the ADGM RA, demonstrating their legitimacy and compliance with regulatory standards.
  • Experience and Expertise: Look for firms with a proven track record in auditing within ADGM, possessing deep knowledge of local regulations and industry practices.
  • Comprehensive Services: Choose firms that offer a wide range of audit and advisory services tailored to your business needs, from statutory audits to specialized financial reviews.
  • Client Support: Prioritize firms that provide excellent client support, clear communication, and a collaborative approach throughout the audit process.

Questions to Ask Potential Auditors

  • What is your experience with audits in ADGM?
    • Understand their familiarity with ADGM’s regulatory environment and their success in handling similar audits.
  • How do you ensure compliance with ADGM’s audit regulations?
    • Assess their methodologies and strategies for maintaining compliance and addressing regulatory changes.
  • Can you provide references from other ADGM-registered clients?
    • Gain insights into their reliability and the quality of their audit services through client testimonials.
  • What is your approach to handling audit discrepancies or compliance issues?
    • Evaluate their problem-solving capabilities and commitment to addressing and resolving audit findings effectively.

Key Regulatory Requirements in ADGM

Operating within the Abu Dhabi Global Market (ADGM) comes with specific audit and compliance obligations to ensure financial transparency, accountability, and adherence to international standards. Understanding and meeting these requirements is crucial for all ADGM-registered entities.
  1. Statutory AuditsADGM mandates statutory audits for most entities unless exempted under specific conditions, such as being a small standalone company or dormant company. RNG Auditors LLP ensures your financial statements are audited to the highest standards.
  2. Audit ExemptionsEntities eligible for exemption must meet criteria defined under CR 2020, including turnover thresholds and group size. Our experts help determine your eligibility and file compliant statements.
  3. Maintaining RecordsAll ADGM entities are required to maintain accounting records for a minimum of 10 years, ensuring transparency and regulatory compliance.
  4. Filing DeadlinesAnnual accounts must be filed within six months for public companies and nine months for private companies of the Accounting Reference Period. If the relevant accounting reference period is the company’s first and is a period of more than twelve months, the period six months for public companies and nine months for private companies, from the first anniversary of the incorporation of the company, or three months after the end of the accounting reference period, whichever last expires.

How We Support ADGM Entities

As an ADGM-approved audit firm, we provide end-to-end services for ADGM entities. Here’s how we help your business stay compliant, transparent, and competitive:
  1. Statutory Audits
    • Ensuring compliance with ADGM’s regulatory framework and IFRS standards.
    • Conducting detailed audits to provide a true and fair view of your financial performance.
  2. Group and Consolidated Audits
    • Preparing and auditing consolidated financial statements for entities with complex structures.
    • Assisting in compliance with IFRS 10 for SPVs and multinational corporations.
  3. Audit Exemption Advisory
    • Determining eligibility for audit exemptions for small standalone companies or dormant entities.
    • Preparing unaudited financial statements for exempted entities.
  4. Compliance Filing
    • Ensuring timely submission of audited accounts and compliance reports to the RA.
    • Helping entities meet the deadlines as per type of business.
  5. Advisory Services
    • Proactively addressing regulatory changes and compliance updates.
    • Supporting entities in understanding and navigating ADGM’s enhanced Auditors’ Framework.

What are the types of companies in ADGM?

ADGM accommodates various types of companies, including:
  • Startups and SMEs
  • Special Purpose Vehicles (SPVs)
  • Public Interest Entities (PIEs)
  • Subsidiaries and branches of multinational corporations

How much is the audit fee in Abu Dhabi?

Audit fees in Abu Dhabi can vary based on the size and complexity of your business, the scope of the audit services required, and the experience of the audit firm. RNG Auditors LLP offers competitive pricing tailored to your specific needs. Contact us for a personalized quote.

Which company is best for auditing in ADGM?

Choosing the best audit firm depends on your specific needs, industry, and compliance requirements. RNG Auditors LLP is a top choice for ADGM audits due to our deep understanding of ADGM regulations, experienced professionals, and commitment to client satisfaction.

What documents are required for an ADGM audit?

Entities must prepare and submit comprehensive documentation for ADGM audits, including financial statements, accounting records, audit trail documentation, internal control policies, compliance certificates, management representations, and additional supporting documents.

How can RNG Auditors LLP assist with ADGM compliance?

RNG Auditors LLP provides expert audit services ensuring compliance with ADGM regulations. Our comprehensive audits, ongoing client support, technical publications, and advisory services bridge knowledge gaps and equip your business to handle new compliance challenges confidently.

Why Choose RNG Auditors LLP?

  • ADGM-Approved Auditors: As certified auditing firm, we adhere to ADGM’s standards and guidelines, ensuring that your audits meet all regulatory requirements.
  • Experienced Professionals: Our team possesses in-depth knowledge of ADGM’s regulatory landscape and business environment. We stay abreast of the latest regulatory changes to ensure your audits are always compliant and up-to-date.
  • Global Standards with Local Expertise: Compliance with IFRS and UAE-specific regulations for seamless global and local alignment. Approved auditors for UAE free zones and mainland businesses. Trusted by leading organizations in the UAE and beyond.
  • Comprehensive Audit Solutions: From statutory audits to internal reviews, we provide end-to-end audit services tailored to your business needs.
  • Client-Centric Approach: We work closely with you to understand your goals, identify potential risks, and provide actionable insights that drive success.
  • Timely and Transparent Service: We prioritize accuracy and efficiency, ensuring that your audit reports are delivered on time and meet the highest standards of transparency.
  • Proven Track Record: Demonstrated success in assisting a wide range of clients achieve compliance and financial transparency.
  • Ethical Standards and Integrity: Commitment to the highest ethical standards, ensuring unbiased and honest audit reports.
  • Continuous Improvement: Ongoing training and development programs for our auditors to maintain high-quality standards.

Partner with RNG Auditors LLP for Reliable Audit Services in ADGM

Whether you’re a startup or an established enterprise, RNG Auditors LLP is your trusted partner in Audit Services of ADGM. Our audit services provide the foundation for your financial success and regulatory compliance. Contact us today for a consultation to discuss your specific audit needs.

What documents are required for an ADGM audit?

For an ADGM audit, entities must prepare and submit the following documents:

Financial Statements:

  • Balance Sheet
  • Income Statement
  • Cash Flow Statement
  • Statement of Changes in Equity

Accounting Records:

  • General Ledgers
  • Subsidiary Ledgers
  • Trial Balance

Audit Trail Documentation:

  • Invoices and Receipts
  • Bank Statements and Reconciliation
  • Contracts and Agreements

Internal Control Documentation:

  • Internal Control Policies
  • Risk Assessment Reports

Compliance and Regulatory Documents:

  • ADGM Registration Certificate
  • KYC
  • Licensing Agreements
  • Previous Audit Reports

Management Representations:

  • Management Letters
  • Board Minutes

Additional Supporting Documents:

  • Fixed Asset Register
  • Inventory Records
  • UBO Register
  • Payroll Records
  • Any significant event
  • Third Party confirmation
  • VAT and Corporate Tax return and workings (if applicable)
Ensuring accuracy, completeness, and organized presentation of these documents is fundamental to a successful ADGM audit.

Contact us today!

Partner with RNG Auditors LLP for Reliable Audit Services in ADGM Whether you’re a startup or an established enterprise, RNG Auditors LLP is your trusted partner in navigating the complexities of ADGM. Our audit services provide the foundation for your financial success and regulatory compliance. Contact us today for a consultation to discuss your specific audit needs.

Comparison Between Abu Dhabi Global Market (ADGM) & Dubai International Financial Centre (DIFC)

Understanding the differences between ADGM and DIFC can help businesses make informed decisions about their financial operations in the UAE.

BasisADGM (Abu Dhabi Global Market)DIFC (Dubai International Financial Centre)
Legal Structure and Relationship with Federal LawOperates as a free zone within Abu Dhabi. Subject to Federal law, except for Federal civil and commercial laws. ADGM is developing an extensive body of civil and commercial law.Operates within Dubai. DIFC has its own civil and commercial laws that take precedence over Federal law within the free zone. However, criminal laws of the Emirate and Federation apply in DIFC.
OwnershipCompanies can be incorporated in ADGM with 100% ownership by non-UAE entities. Offers a 50-year tax exemption on profits within ADGM. Entities not incorporated in ADGM can also operate with a license.Allows incorporation of companies with 100% ownership by non-UAE entities. Foreign companies can transfer their jurisdiction of incorporation to DIFC.
Application of English LawApplies English common law and specific English equitable legal principles and trusts under ADGM regulations.Does not directly incorporate English common law. Determines applicable law based on a hierarchy, with English law as the final fallback option.
Insolvency Law“Insolvency Regulations” heavily inspired by UK insolvency legislation, including options for appointing administrators and restructuring through a “deed of company arrangement.” Cross-border insolvencies addressed under UNCITRAL Model Law.“Insolvency Law” resembles UK insolvency legislation with concepts like liquidation, receivership, and company voluntary arrangements. Does not provide for administration. Foreign companies registered in DIFC can be wound up under DIFC Insolvency Law with specific criteria.
Regulatory AuthoritiesRegistration Authority (RA), Financial Services Regulatory Authority (FSRA), ADGM Courts.Dubai Financial Services Authority (DFSA), DIFC Courts.
Business FocusEmphasizes financial services, fintech, real estate, and professional services with a growing focus on sustainability and innovation.Strong focus on financial services, banking, asset management, and insurance, with a significant presence of global financial institutions.
Geographical AdvantageStrategically located in Abu Dhabi, offering proximity to government bodies and major infrastructure projects.Centrally located in Dubai, benefiting from Dubai’s global connectivity and infrastructure.

Why Should You Conduct Business with Abu Dhabi Global Market (ADGM)?

The Abu Dhabi Global Market (ADGM) is a world-class International Financial Centre offering businesses unparalleled opportunities for growth. It provides comprehensive business solutions, including diverse legal structures, seamless company registration, regulatory guidance, dispute resolution, and access to a vibrant global network. Here’s why ADGM is the perfect choice:

Key Benefits of Doing Business with ADGM

  • Strategic Location: Gateway to the Middle East, Africa, and South Asia, connecting East and West with modern infrastructure.
  • English Common Law Framework: Ensures global compatibility, legal transparency, and independent dispute resolution.
  • Tax Benefits: Zero personal income tax, with access to UAE’s extensive double taxation treaties.
  • Business-Friendly Policies: Quick licensing, tailored regulations for fintech and SPVs, and continuous regulatory updates.
  • Thriving Ecosystem: Access to investment firms, fintech hubs, and a network of like-minded professionals.

ADGM combines innovation, financial stability, and legal certainty, making it a top destination for startups, SMEs, and multinational corporations.

What are the filing deadlines for annual accounts in ADGM?

  1. First annual accounts: For new private companies or LLPs filing their first annual accounts, it will depend on if they have a short or long first financial year.
    • If the financial year is 12 months or less, the first set of annual accounts must be filed within nine (9) months of its ARD (Accounting Reference Date).
    • If the financial year is more than 12 months, the first set of annual accounts must be filed within nine months of its first anniversary of incorporation;
  2. Subsequent annual accounts: For existing private companies or LLPs filing their second or subsequent annual accounts, the annual accounts must be filed within nine (9) months of its ARD.

How do I register for the ADGM Online Registry Portal?

Visit the ADGM Online Registry website, click on “Register”, and provide the necessary business details to create an account. If you already have an account, simply log in using your credentials.

What Are the Implications of an Audit Requirement?

Failing to comply with ADGM audit obligations can result in penalties, reputational risks, and financial setbacks. Businesses should:

  • Regularly assess their eligibility for exemptions.
  • Maintain clear and accurate financial records.
  • Engage a registered ADGM auditor when necessary.

What documents are required to file annual accounts in ADGM?

It depends on the type and size of the company, generally you need to prepare and upload the following documents:

  • Audited annual accounts audited by an ADGM Recognized Auditor;
  • Auditor’s Report;
  • Director’s Report;
  • Board resolution approving the accounts.

Ready to Elevate Your ADGM Audit Compliance?

Contact RNG Auditors LLP today to ensure your business meets all ADGM audit requirements with precision and integrity.

Trusted audit Services. Transparent solutions. 

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Branch Office 1:
SAIF Zone, Sharjah, UAE

Branch Office 2:

Musaffah, Abu Dhabi, UAE

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971-42765667

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