Dubai Development Authority Business Services

a. Verification of Financial Statements: Auditors thoroughly examine the financial statements of the company, including the balance sheet, income statement, and cash flow statement. Their objective is to validate the accuracy, completeness, and reliability of the financial information provided.

b. Identification of Fraud and Mismanagement: Audit services aim to uncover any instances of fraud, mismanagement, or irregularities that may have occurred within the company. By conducting thorough reviews of financial records and transactions, auditors can detect any suspicious activities and help protect stakeholders’ interests.

c. Assessment of Assets and Liabilities: Auditors assess the company’s assets and liabilities to determine their fair value and identify potential risks or challenges during the liquidation process. This evaluation helps liquidators make informed decisions regarding asset disposal, debt repayment, and distribution of funds to stakeholders.

d. Compliance with Legal and Regulatory Requirements: Audit services ensure that the liquidation process adheres to the legal and regulatory framework established by the DDA. Auditors review financial records, contracts, and other relevant documents to identify any discrepancies or non-compliance issues, facilitating timely rectification and mitigating potential legal consequences.

e. Transparency and Accountability: Audits provide transparency and accountability in the liquidation process. By conducting independent reviews of financial records, auditors offer an unbiased assessment of the company’s financial position, transactions, and operations. This transparency fosters trust among stakeholders and ensures a fair and equitable distribution of assets.

a. Appointment of Liquidators: DDA assists in the appointment of qualified liquidators who oversee the entire liquidation process. These liquidators act in the best interest of stakeholders and ensure compliance with legal requirements.

b. Asset Evaluation and Distribution: Liquidators, with the support of auditors, assess the company’s assets, determine their value, and prepare an inventory for distribution among stakeholders. This process aims to maximize the return for creditors and distribute the remaining assets fairly.

c. Debt Repayment and Settlement: Liquidators facilitate the settlement of the company’s debts and obligations. They prioritize the repayment of creditors according to the legal hierarchy, ensuring a fair and orderly resolution of outstanding liabilities.

d. Closure and Deregistration: Once all obligations have been met, liquidators oversee the closure of the company’s operations and initiate the deregistration process with the relevant authorities. This step ensures the legal termination of the company’s existence.

Farahat & Co. is a trusted professional services firm in Dubai offering audit and liquidation services. Choose Farahat & Co. for Dubai Development Authority services due to their extensive experience, comprehensive service range, expertise in DDA regulations, tailored solutions, client-centric approach, and trusted reputation. With their expertise and reputation, Farahat & Co. provides businesses with efficient and trustworthy support during the audit and liquidation processes.