Most audit delays have nothing to do with the audit. They come from the week it stalls while someone hunts for a document that should have been ready on the first day. In ADGM, how smoothly an audit runs is largely decided before fieldwork starts, by what the company has prepared, and the firms that take that preparation seriously get a faster audit, fewer queries and a cleaner result.
The list below is what we ask ADGM clients to have ready before we begin. When these are in place, organised and reconciled, most of the friction disappears.
The 12 documents to have ready
- Final trial balance and general ledger. The complete, locked trial balance for the year, with the general ledger behind it accessible. If the numbers are still moving, the audit cannot settle.
- Draft financial statements. Your own draft under the applicable framework, ideally with prior-year comparatives already in place.
- Bank statements, reconciliations and confirmations. Year-end statements for every account, reconciliations that tie to the ledger, and the details needed to send confirmation requests early.
- Fixed asset register. A register that agrees to the ledger and shows additions, disposals and depreciation for the year.
- Revenue support. A clear trail from signed contracts through invoices to receipts, particularly for significant or long-term arrangements where the timing of recognition matters.
- Lease agreements and IFRS 16 workings. Every active lease and the calculations behind the right-of-use assets and lease liabilities. This is one of the most common areas of last-minute rework.
- Payroll records and end-of-service provision. Payroll summaries, WPS records where applicable, and the end-of-service benefit calculation.
- Related-party and intercompany details. A schedule of related parties, the agreements governing transactions with them, and intercompany balances that reconcile on both sides.
- Loan and financing agreements. Facility agreements, repayment schedules and confirmations for any borrowings, with covenant terms clearly identified.
- Corporate Tax and VAT filings. Filed returns and the workings behind them, so the audit and the tax position tell the same story.
- Board minutes, resolutions and constitutional documents. The year's minutes and resolutions, alongside the current shareholder and governance documents.
- Prior-year signed accounts and management representations. The signed prior-year statements as the opening position, and readiness to provide the management representation letter at completion.
Documents clients usually forget
- IFRS 16 lease calculations. The contracts get found; the supporting calculations rarely do.
- Intercompany reconciliations. Balances that agree across both sides, not just one.
- ESR and UBO filings. Often held by someone other than the finance team, and forgotten until asked for.
- Going-concern support. Cash flow forecasts or budgets behind the going-concern basis, especially after a difficult year.
- Subsequent-events information. Significant things that happened after year-end but before sign-off.
Issues to disclose before fieldwork, not during it
- Significant related-party transactions. Raise them early; they always draw attention.
- Any doubt over going concern. A concern flagged upfront is manageable. Found late, it is disruptive.
- Litigation, claims or contingencies. Anything that could crystallise into a liability.
- Changes in accounting policy or major estimates. Flag the change and the reasoning before the team builds on the old basis.
- Known errors in the prior year. Much better surfaced by you than found by the auditor.
Why the disclosures matter as much as the documents
The documents get you a faster audit; the disclosures get you a calmer one. Auditors are not thrown by problems raised early, because that is what the work is built to handle. What causes friction, and sometimes a harder conversation with the board, is a material issue that surfaces halfway through and looks like something that was hidden rather than simply not yet mentioned. Raising it first is almost always in the company's interest.
ECOVIS JRB runs ADGM audits partner-led and sends clients a tailored version of this checklist before starting, so nothing on it becomes a surprise. If you have an ADGM audit coming and want to go into it prepared, we are happy to share the working version and talk through anything not yet in place.
Salman Rafique is Founding Partner for Assurance & Compliance at ECOVIS JRB, part of the ECOVIS International network. He works with companies across ADGM, DIFC and the UAE mainland on statutory audit, regulatory compliance and outsourced compliance functions.