DIFC Approved Auditor in Dubai
DIFC Approved Auditors
DIFC approved auditors provide independent audit services for companies and other entities operating in the Dubai International Financial Centre (DIFC). DIFC is a financial centre in Dubai with its own legal and regulatory framework for businesses established within the jurisdiction.
A DIFC registered entity that is required to have its accounts examined and reported on by an auditor must appoint an auditor registered with the DIFC Registrar of Companies (RoC). The auditor independently examines the entity’s financial statements, accounting records and supporting information and issues the applicable audit report.
For certain regulated entities, additional auditor requirements apply under the Dubai Financial Services Authority (DFSA). Public Listed Companies, Domestic Authorised Firms, Authorised Market Institutions and Domestic Funds are required to appoint an auditor registered with the DFSA.
What Are the Key Benefits of a DIFC Registered Auditor?
- Regulatory compliance: Where an audit is required, appointing an appropriately registered auditor helps the entity meet the applicable DIFC audit requirements.
- Independent financial review: The auditor examines financial statements, accounting records and supporting evidence and provides an independent opinion based on the applicable audit engagement.
- Financial reporting confidence: An independent audit can strengthen confidence in financial information used by shareholders, investors, lenders and other stakeholders.
- DIFC and DFSA expertise: An auditor familiar with the DIFC framework can help businesses understand the audit and financial reporting requirements relevant to their type of entity.
What Is a DIFC Approved Auditor?
A DIFC approved or registered auditor is an audit firm that meets the applicable registration requirements for conducting audits of relevant entities in the Dubai International Financial Centre. DIFC entities that are required to have their accounts examined and reported on by an auditor must appoint an auditor registered with the DIFC Registrar of Companies (RoC).
For certain regulated entities, separate Dubai Financial Services Authority (DFSA) Registered Auditor requirements also apply.
| DIFC Audit Area | Details |
|---|---|
| Jurisdiction | Dubai International Financial Centre (DIFC) |
| Company Auditor | DIFC RoC-registered auditor where an audit is required |
| Financial Regulator | Dubai Financial Services Authority (DFSA) for applicable regulated entities |
| Audit Review | Financial statements, accounting records and supporting evidence |
| Purpose | Independent financial reporting and applicable DIFC or DFSA compliance |
Documents Required for DIFC Auditing Process
Registered audit firms in DIFC request the relevant year’s papers from the companies to conduct the audit and assurance. This makes it easier for the auditor to perform duties, which include reviewing the financial statements at year’s end to come up with an opinion on the financial condition that complies with the rules. The following documents must be presented by the businesses:
Auditing Services at Farahat & Co.
- Articles of Association
- Memorandum of Association
- Trial Balance, Profit & Loss Statement
- Latest Trade License
- Audit schedules
- VAT and Excise Tax registration details (If Applicable)
- Books of Accounts
- Fixed asset addition details and disposals throughout the year with proper supporting
- Copies of bills and invoices
- Closing stock details and work-in-progress at the year-end
DIFC Audit Process
The DIFC audit process generally involves preparing the company’s accounting records and financial statements, confirming the applicable auditor requirements, completing the independent audit and meeting the relevant DIFC reporting requirements.
| Step | What Happens |
|---|---|
| 1. Prepare Accounting Records | Organize ledgers, bank statements, invoices, reconciliations and supporting financial records. |
| 2. Prepare Financial Statements | Prepare the financial statements for the relevant financial year under the applicable reporting framework. |
| 3. Appoint the Appropriate Auditor | Confirm the entity’s requirements and appoint an appropriately registered auditor. |
| 4. Complete the Audit | The auditor examines the financial statements, accounting records, transactions and supporting evidence. |
| 5. Issue the Audit Report | The auditor completes the audit procedures and issues the applicable independent auditor’s report. |
| 6. Complete DIFC Reporting | Complete the applicable filing or reporting requirements within the deadline relevant to the entity. |
Why Choose FAR Consulting Middle East As DIFC Auditor?
- FAR Consulting Middle East is one of the top audit firms in Dubai and an approved auditor in DIFC. In the financial services sector, we are dedicated to offering high-quality audits and risk management services. Through our expertise in audits and consulting, we have a wealth of experience assisting organizations in achieving their objectives.
- With 35 years of expertise, FAR Consulting Middle East has the depth of knowledge that clients require for an audit to be effective. We are an up-to-date company, and our skilled experts have multi-industry experience in a variety of countries.
- Among our clientele are institutions, corporations, firms, and individuals with businesses in the DIFC. Our auditing methodology adheres to the best standards, which are built on solid values and reasoned, evidence-based judgments.
What Are Our Services?
Our top-notch auditing services include:
- Internal audit services
- External audit services
- Forensic audit services
- Tax auditing services
- Compliance audit services
- Financial controls audit services
We also offer forensic accounting, legal accounting, liquidation and insolvency, VAT accounting and consultation, compliance and corporate governance, HR management, company deregistration, management control audits, payroll accounting outsourcing, internal control reviews, and fraud examinations, among many other high-quality services.
Our Mission at Farahat& Co.
Our objective is to offer our customers excellent financial and business services. We aspire to create a positive client experience by offering extremely advanced and specialized standards that will ensure client satisfaction. We are constantly looking for new customers who wish to expand their businesses by bringing in additional clients by using their financials.
If you have any questions about how we can help you with your company’s finances then please feel free to contact us today!
