Statutory Audit in Qatar: Complete Compliance Guide 2025
In Qatar, statutory audits are legal and regulatory procedure requirements for businesses operating in Qatar. Statutory audits ensure that businesses are in compliance with the legal and regulatory frameworks. Audits also help to safeguard stakeholder interests and maintain market reputation for the business. In 2025, compliance has become more stringent due to recent regulatory upgrades and evolving audit requirements overseen by the Ministry of Commerce and Industry and the General Tax Authority.
In this article, we will understand everything about statutory audits, how businesses can stay in compliance with the Qatari laws, and how to conduct statutory audits.
What is a Statutory Audit?
A statutory audit refers to an independent examination of the financial statements of the companies as required by specific laws and regulations. An audit helps to determine whether or not the financial statements of the company are presented fairly, in all material respects, and in accordance with applicable financial reporting standards and audit regulations. Statutory audits are carried out in Qatar to ensure transparency, accuracy, and compliance with domestic law and international standards.
What are the Regulatory and Legal Frameworks in Qatar?
Law No. 8 of 2020 On the Regulation of the Auditing Profession
Qatar’s Law No. 8 of 2020 on the Regulation of the Auditing Profession lays down the guidance for auditing in Qatar. This is the main law governing the regulations of audits in the Qatar. Important aspects of this law are as follows:
- Registration or licensing of auditors and audit firms. Only audit offices licensed under Law No. 8 of 2020 are allowed to carry out statutory audit work.
- Compliance with accounting and auditing standards which have been approved in Qatar.
- Ethical requirements – auditors should comply with the code of ethics and avoid conflicts of interest. For example, no management should be involved in the audit process, and there should be no credit or debt relation between the auditor and the client.
Auditing Profession Guide (MOCI, 2025)
The Ministry of Commerce & Industry (MOCI) has issued a guidance document that addresses the audit activities that are permitted, the registration and regulatory requirements for audit firms, and how to ensure the quality of audit reports and resolve complaints filed against audit firms. The guidance document seeks local consistency with international standards.
Who is Required to Conduct a Statutory Audit?
Statutory audit requirements in Qatar apply to a wide range of businesses operating in Qatar. Businesses fulfilling the below criteria are required to get themselves audited as per the legal and regulatory requirements:
- All public listed companies
- Companies whose capital or profit exceeds QAR 100,000. For example, companies with capital or profit exceeding QAR 100,000 must file audited financial statements with their tax returns.
- Entities required for various purposes by QFC rules.
- Certain financial institutions, banks, insurance companies, investment funds, etc., would be subject to a more restrictive regime and oversight.
- Depending on specific criteria (turnover, ownership, capital), there may be exemptions for small entities from audit, although those exemptions are stringent.
Key Audit Requirements and Standards
To comply with the statutory audit in Qatar in 2025, businesses must ensure they comply with the following requirements:
| Area | Requirement |
| Accounting Standards | Use of International Financial Reporting Standards (IFRS) as issued by the IASB for financial statements. |
| Auditing Standards | Audits should be conducted in accordance with International Standards on Auditing (ISAs). All the approved auditing & assurance standards must also align with Law No. 8/2020. |
| Ethics & Independence | IESBA Code adopted, auditor independence, no conflicts between the auditor and management, no management involvement, and so on. |
| Audit Firm Licensing & Qualification | The auditor or the firm must be licensed and registered in Qatar. Audit firms must satisfy minimum experience, i.e., minimum years in practice, to audit certain types of entities. |
| Reporting & Financial Statements | Statements must include a statement of financial position, profit & loss statement, cash flow statement, changes in equity, and notes. The audit report must state an opinion.
For public companies, publication is sometimes required to be done in both English & Arabic. |
| Record Keeping | Books of account, registers, and source documents must be maintained and preserved for at least 10 years. Financial records must be maintained locally. |