If your ADGM entity is required to appoint an auditor pursuant to the Regulations, its Articles, or the officers wish to appoint an auditor by choice, then a board resolution is required to be signed by all directors to confirm the appointment of the auditor. This board resolution must then be filed with ADGM to make the appointment.
If the reason for appointing the auditor is that the ADGM entity is a medium sized company or bigger (see table below for the thresholds for each size), then it is mandatory to appoint an ADGM Recognised Auditor. ADGM maintains a list on their website.
Company | Turnover | Employees |
Micro | < USD 2.5m | ≤ 9 |
Small | < USD 13.5m | ≤ 35 |
Medium | < USD 68m | ≤ 75 |
Other | > USD 68m | ≥ 75 |
Our fee to prepare the board resolution to appoint the auditor and file this with ADGM is USD 225 + VAT.
In order to proceed, please could you confirm:
acceptance of the fee and our accounts team will issue the invoice;
who your selected auditor is and provide us with a copy of the engagement letter for our records.