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DMCC Approved Auditors 2023
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Dubai Auditors and Accountants – The best rated Auditors
Dubai Auditors and Accountants: Your Guide to Finding the Best Financial Partners.In the bustling financial hub of the Middle East, Dubai stands tall as a beacon of economic prowess and limitless possibilities. With its dynamic business landscape, it’s no surprise that Dubai attracts both local entrepreneurs and international investors looking to capitalize on its strategic location and business-friendly environment. As the demand for financial services soars, the role of Dubai auditors and accountants becomes paramount. In this article, we delve into the world of auditing and accounting in Dubai, exploring the key factors to consider when searching for the best financial partners to ensure your business’s success.
DMCC Audit Deadlines 2023 -The latest update
The DMCC audit submission deadline for 2023 has been extended to 30 September 2023, allowing additional time for businesses to fulfill their obligations.
Saif Chartered Accountants: The Best Auditors in Abu Dhabi
Auditors in Abu Dhabi : When it comes to maintaining the financial integrity of your business, hiring the right auditors is paramount. In Abu Dhabi, one name stands out among the rest – Saif Chartered Accountants. With their unrivaled expertise, commitment to excellence, and a track record of delivering outstanding results, Saif Chartered Accountants have established themselves as the best auditors in Abu Dhabi. In this article, we will delve into the reasons why Saif Chartered Accountants should be your go-to choice for all your auditing needs, and how their services can significantly enhance your company’s financial stability.
Why Saif Chartered Accountants as your DMCC Auditors?
DMCC Auditors rule is a set of rules and regulations that DMCC-approved auditors must adhere to when conducting audits on businesses within the DMCC Free Zone. These rules include guidelines for maintaining auditor independence, conducting audits in accordance with international auditing standards, and reporting any instances of non-compliance or fraudulent activity discovered during the audit process to the DMCC. DMCC-approved auditors are expected to follow these rules to ensure the accuracy and integrity of audit reports submitted to the DMCC.
Saif Chartered Accountants, the leading auditing firm in Dubai, UAE cater all your licensing needs in DMCC. Established in 1994, with offices in Dubai, Hamriyah Free Zone, Sharjah and associate offices in RAK Free Trade Zone, London, Cardiff and India. Saif Audit cater to a wide spectrum of clientele from diversified industries located in UAE. We are affiliated to SGA World, a professional services firm helping clients develop better business strategies that build on their unique inherent and potential strengths the philosophy of the company, how it is organized to understand market opportunities and customer needs, and the methods it uses to deliver products and services. We help companies to continually adapt and continually improve.
Penalties for non compliance of audit for companies in DMCC/ JLT
As per the DMCC Audit regulations, every new company licensed in DMCC has to appoint an auditor, approved by DMCC, and sumbit auditor’s appointment letter to DMCC with in 30 days of the licensing date. Its mandatory to submit the audited financial to DMCC within 90 days of the financial period . Non-compliance of the above will attract DMCC penalties.
Audit Process in DMCC Free Zone
Several regulations have been established within the DMCC Free Zone, mandating businesses and officials to collaborate with DMCC-approved auditors. Companies must not provide auditors with false, misleading, or deceptive statements. Typically, companies are prohibited from withholding information from auditors or excluding particular details.
In accordance with DMCC regulations, every company operating within the DMCC Free Zone must engage the services of an auditor to review and assess their business transactions for accuracy, propriety, and correctness. After the board of directors meeting, the company’s director is required to provide a copy of the completed audit statement and auditor’s report to the DMCC within five days. The audit reports must conform to International Financial Reporting Standards (IFRS) and provide a comprehensive overview of the company’s profit and loss for the specified period
Accurate accounting records, along with supporting documents that substantiate the company’s transactions, must be maintained by all businesses to enable them to disclose their financial position with reasonable accuracy at any point in time. Bookkeeping and record-keeping are essential aspects of the accounting process that facilitate the generation of precise financial reports, which aid in the evaluation of business performance. Maintaining detailed records is also beneficial during tax audits
DMCC requires that all shareholders of the company have a right to obtain copies of its most recent financial statements and its auditor’s report. Shareholders can make such a request by writing to or visiting the company, and it must comply with such requests within 5 business days.
Pursuant to the regulations set forth by the DMCC, a company is required to appoint an auditor during a general meeting. The chosen auditor must be registered with the DMCCA as an approved auditor, in accordance with the approved auditor rules that are periodically published by the DMCCA.
The auditor’s report is required to include an assessment of the company’s compliance with IFRS in the preparation of their accounts, as well as a confirmation that the accounts provide an accurate and unbiased representation of the company’s financial performance for the relevant fiscal year. Additionally, the report should provide information on the company’s adherence to its license restrictions and any other requirements mandated by the DMCC authority.
Furthermore, if the auditor finds any discrepancies in the company’s accounts or if they have not been provided with all necessary information and explanations during their audit, this should be explicitly stated in their report.
An auditor must verify whether the following conditions are met:
- proper accounting records have been kept by the Company;
- Proper returns adequate for the audit have been received from branches not visited by the auditor;
- The Company’s accounts are in agreement with accounting records and returns; and
- The Company’s accounts have been prepared in compliance with applicable accounting standards.
How can DMCC auditors fulfill the requirements to conduct a financial audit?
To perform the audit and assurance procedures, DMCC-approved auditors may request that companies provide relevant documents for the corresponding period. These documents are crucial for auditors to form an opinion on the financial status of DMCC companies at the end of the year and to analyze their financial statements in accordance with DMCC authority regulations.
> Bank statements
> Confirmation slips for all financial transactions
> Copies ofall invoices / bills
> DMCC portal Statement
> MoA (Memorandum of Association)/AoA (Articles of Association)
Instructions for Submitting an Audit Report to DMCCA
Members are requested to provide their auditors with a copy of the “Company Audited Financial Statements Summary Sheet” template, which can be found at www.dmcc.ae/managing-acompany > Compliance Services > Company Audited Financial Statements Summary Sheet.
The auditor will then need to complete, sign and stamp the Company Audited Financial Statements Report Summary Sheet and print it on the auditor’s letterhead.
When members have the two documents prepared, signed and stamped by the auditor, they should log on to their portal and go to Company Services. They will then click on Compliance Services and create a service request titled “Submit Company Audited Financial Statements Summary Sheet and Report”. This request is free of charge.
Members are requested to fill out the fields by entering the numbers and details as stated in the “Company Audited Financial Statements Summary Sheet”.
Members are requested to tick the declaration box to confirm that the information provided is true and correct; noting that it is an offence to enter false information. Then, click “Save”.
Members are required to update the Auditors Details by choosing the Listed Auditor Name from the drop down list.
Members will then need to upload Audited Financial Statements Report , Audited Financial, Statements Summary Sheet and then, press“Submit”.
DMCC Auditors – FAQ’s
Is an audit mandatory for DMCC companies?
Each DMCC Company must upload their Audited Financial Statements and Summary Sheet to the DMCC portal within 90 days of the end of the financial year. However, the Authority may grant an extension in certain circumstances. Additionally, the Authority reserves the right to request additional documents at any point in the process and may also request original documents during an inspection.
Does DMCC maintain a list of approved auditors?
DMCC maintains an annually-reviewed list of approved auditors, which is updated and published on a yearly basis.
What are the consequences if DMCC businesses are not audited?
Failure to submit audited financial statements within 90 days of the financial year end by an approved DMCC auditor can result in fines as per DMCC Company Regulations. Additionally, there is a risk of non-renewal of the trade license in DMCC.