DMCC Approved Auditors
DMCC Approved Auditors
Dubai Multi Commodities Centre (DMCC) is the UAE’s largest free-trade zone, located in Dubai’s Jumeirah Lake Towers district. It is a government agency founded in 2002 to improve the commodity trade balance through Dubai.
DMCC provides more than 21,000 companies with the top-notch services, advanced infrastructure, and lively environment they require to succeed by serving as home to significant multinationals and start-ups. DMCC free zone offers numerous advantages when it comes to establishing and running a business, such as numerous licenses, stress-free business formation, and so on. Businesses in the DMCC free zone must have their finances audited by DMCC-approved auditors.
DMCC Rules & Regulations for Company Auditing
- In compliance with the newly announced Approved Auditors List Rules, the Dubai Multi Commodities Centre Authority (DMCCA) Regulations No. 1 of 2020, which superseded DMCC Regulation No. 1 of 2013, the DMCC has enlisted Dubai auditors in the DMCC Approved Auditors List.
- According to the DMCC, the list of DMCC-approved auditors will guarantee that the firm’s operations in the DMCC receive audit services of the highest standard.
- The audit companies that are listed as DMCC registered auditors are those that have reputable accounting professionals, adhere to the quality standards and accounting principles of both national and global reporting standards like IFRS (International Financial Reporting Standards), have international affiliations, and have a history of performing financial audits.
- DMCC member companies receive the highest caliber accounting services from audit firms in DMCC, which also ensure that the audited financial reports accurately reflect the business’s current state.
What Consequences May Occur if DMCC Companies Are Not Audited?
According to the DMCC Company Regulations, a corporation will be fined if it fails to present the financial statements audited by the approved auditors in DMCC within 90 days of the fiscal year’s end. Additionally, there is a chance that trade licenses in DMCC won’t be renewed.
What are the Documents Required by DMCC Approved Auditors to Conduct Financial Audit?
The following is the list of documents to be maintained and submitted for auditors in DMCC.
- Legal documents – Memorandum of Association (MOA), Articles of Association (AOA), etc.
- Bank statements
- Statement of deposits from the DMCC portal
- Confirmation slips for all financial transactions
- Bills and invoices copies
- Any additional information deemed necessary by the DMCC auditor
Auditing Process for DMCC Free Zone Firms
The following stages in the auditing process for DMCC free zone firms are followed by audit firms in DMCC:
- Preparing the accounts for audit
- Accounts maintenance
- Inform shareholders of the account information
- Appointment of auditors
- Auditor’s report to the corporation
Why Choose Farahat & Co. as Your DMCC Approved Auditors?
- Farahat & Co. is an approved audit firm in DMCC. We have 30+ years of experience in the business of auditing corporate accounts.
- We conduct the audit following the provisions of International Standards on Auditing (ISA)
- As registered auditors in DMCC, our experienced auditors will examine your DMCC Free Zone Company’s accounts and verify financial statements using supporting documentation.
- We prioritize providing exceptional service to our valued customers on time.
- As a reputable auditing firm, we provide your business with the services of our qualified accounting professionals to strengthen and enhance your corporate governance procedures.
- We are listed with Dubai International Financial Centre (DIFC), many other free zones in Dubai, UAE, and with major banks in the UAE
- Our team consists of highly skilled and experienced professionals who have completed comprehensive training to ensure that their work is carried out efficiently and effectively.