VARA Compliance Audit Support in Dubai
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VARA AUDIT & COMPLIANCE SUPPORT IN DUBAI
If your business holds a licence from Dubai's Virtual Assets Regulatory Authority (VARA), ongoing financial reporting, governance, and compliance requirements remain important after licensing.
Elevate Accounting & Auditing supports VARA-licensed businesses with independent audit, financial reporting, internal controls, and AML/CFT review requirements. Our work focuses on audit and assurance within the agreed engagement scope for each specific audit engagement undertaken – we do not issue licences, approve registrations, or act on behalf of VARA.
WHAT IS A VARA AUDIT?
For VARA-licensed entities, audit requirements can include an independent external audit of the financial statements for the annual report, together with other internal audit, compliance, and reporting requirements that may apply to the business.
The exact scope depends on the entity, its licence, applicable VARA Rulebooks, and the agreed audit engagement.
A VARA-related audit engagement may consider three areas:
- ➔Financial reporting – whether relevant records and financial statements are complete, appropriately prepared, and supported.
- ➔AML and CFT procedures – whether applicable policies, controls, and supporting records are maintained and followed.
- ➔Governance and controls – how key decisions, approvals, responsibilities, and internal processes are documented and reviewed.
WHAT OUR AUDIT SUPPORT COVERS
Financial statement audit for VARA-licensed entities
Independent audit work performed in accordance with the applicable engagement and reporting requirements.
Governance and internal controls review
Assessment of relevant processes, approvals, responsibilities, and documentation, with findings reported clearly.
AML/CFT procedure review
Reviewing how established AML/CFT procedures and controls are documented and applied within the agreed scope.
Regulatory reporting support
Assistance with organising financial records and supporting documentation relevant to the entity's reporting responsibilities.
OUR VARA AUDIT APPROACH
Initial consultation
We understand the entity, applicable requirements, engagement scope, and documentation currently available.
Fieldwork and review
Our team reviews the financial records, controls, procedures, and supporting information relevant to the agreed engagement.
Reporting and recommendations
Findings, observations, and recommendations are documented clearly and explained in practical terms.
Ongoing support
Where required, we can provide periodic audit, accounting, and compliance support as applicable requirements change.
WHY WORK WITH ELEVATE
- ➔An audit team experienced in supporting UAE businesses operating within regulated environments and formal reporting frameworks.
- ➔Straightforward reporting – findings and observations are communicated clearly, with the relevant context and supporting information.
- ➔An established firm – ISO 9001:2015 certified, working across the UAE since 2013.
WHAT YOU CAN EXPECT
Clear Scope
A defined audit scope based on the engagement and applicable requirements.
Structured Review
A methodical assessment of relevant financial, governance, control, and compliance information.
Documented Findings
Clear reporting of observations, findings, and areas that may require attention.
Practical Guidance
Professional input focused on records, controls, documentation, and process improvements.
FREQUENTLY ASKED QUESTIONS
The scope depends on the engagement and applicable requirements. It may include financial statements, accounting records, internal controls, governance, policies, procedures, and supporting compliance documentation.
No. Our role is focused on audit, accounting, assurance, compliance review, and related professional support. Licensing and regulatory approvals remain with VARA.
No. Elevate does not grant, verify, or approve VARA licences or registrations. Businesses should deal directly with VARA for licensing and regulatory approval matters.
VARA's current rules require licensed entities to appoint an independent third-party auditor to audit their financial statements for an annual report, subject to the applicable framework and requirements.
This service is intended for businesses that already hold a VARA licence and require independent audit, financial reporting, controls review, or related compliance support.
Yes. Where included within the engagement scope, Elevate can review established AML/CFT procedures, controls, and supporting documentation. Separate implementation support may fall under our dedicated AML/CFT services.
Review Your Compliance Framework
If your business holds a VARA licence and needs audit or assurance support for an upcoming reporting cycle, contact our team to discuss the applicable scope and documentation requirements.
Contact Our Advisory Team ➜*Scope of Our Services
Elevate Accounting & Auditing provides audit, assurance, accounting, and compliance support to businesses that already hold a VARA licence. We do not issue, verify, approve, or grant VARA licences or registrations, and we do not act as VARA or exercise regulatory authority. Licensing, registration, and regulatory approval matters should be addressed directly with the Virtual Assets Regulatory Authority.