Does my DFSA-regulated firm need an external audit?
Audit and Assurance • Audit for Business • Corporate Audit • Financial Services • Insight
In accordance with GEN Rule 8.4.1, an entity regulated by the DFSA requires an annual external audit. The audit report must be signed off by a Registered Auditor – we provide this service through Buzzacott Chartered Accountants Limited.
When is my first audit required?
Your first period of accounts cannot be longer than 18 months, therefore this depends on when you incorporated the entity and obtained your approval from the DFSA.
For example, if you incorporated the entity on 1 March 2026, received your approval on 1 April 2026 and had an accounting reporting date of 31 December 2026, your first audit would be for the 10-month period ending 31 December 2026.
When do my financial statements need to be approved by?
The audited financial statements need to be approved and filed with the DFSA within four months of your accounting reporting date.
For example, if your first period of accounts is for the period ending 31 December 2026, your audited financial statements will need to be approved and filed with the DFSA by 30 April 2027.
Are there any other external audit procedures that I need to be aware of?
Depending on your permissions, we may need to prepare and submit other auditor reports such as the Regulatory Returns, Client Money and Safe Custody Investments Auditor’s Report.
The level of work required by us will depend on your activity to adhere to the requirements included in the Auditor Module in the DFSA’s Rulebook.
If you are setting up, you may want to consider a track record review – we can assist with the preparation of this in accordance with the Global Investment Performance Standards (‘GIPS’) or an alternative framework.
What if I have set up a branch rather than an entity?
The requirements for a branch differ to that of an entity and will depend on the where its head office is incorporated, however the reporting deadlines remain the same or similar to that of an entity.
How can we help?
We specialise in financial services audits and work with firms globally to meet their annual filing deadlines.
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