Branch audit regardless of size
Our branch is tiny. Do we still need an audit?
The situation
A branch whose head office is outside Qatar must attach audited accounts.
The law
- Executive Regulations of Law No. 24 of 2018 (audited financial statements): Audited IFRS accounts must go with the return if capital exceeds QAR 200,000, income exceeds QAR 500,000 or the head office is abroad; accounts in Arabic from 2020
What it means for you
The head office test applies at any size, so even a branch with QAR 200,000 of revenue needs audited accounts with its return. The audit must be done by a Qatar registered auditor and the report given in Arabic. Budget for it as a fixed yearly cost.
What to do
- Plan audit.
- Keep local books.
- Prepare Arabic report.
- File.
We can do this for youStatutory audit and IFRS financial statements in Arabic for the tax return: QAR 7,500