The Dubai Multi Commodities Centre (DMCC) Free Zone, located in the Jumeirah Lake Towers (JLT) offers a variety of benefits while setting up a company including different types of licenses, flexible office structures and hassle-free business set up procedures. However, it is mandatory that the businesses in the DMCC Free Zone get their books of accounts audited from DMCC approved auditors with DMCC Authority.
DMCC Regulations for Company Auditing
As per the Dubai Multi Commodities Centre Authority (DMCCA) Regulations no. 1 of 2020, replacing DMCC Regulation No. 1 of 2013, DMCC has enrolled Dubai auditors in the DMCC Approved Auditors List as per the recently released Approved Auditors List Rules. The DMCC states that the approved auditor’s list will ensure the best quality DMCC audit services offered to the companies operation in the DMCC. The DMCC audit firms that have reputed chartered accountants, follow the best practices & accounting standards of local and international reporting standards such as IFRS (International Financial Reporting Standards) and international affiliations and have a track record of conducting DMCC financial audits are listed as the registered audit firms with DMCC. Using the services of registered auditors in Dubai, DMCC make sure that the Audited Financial Statements represent the true and accurate financial position of the member companies.
According to the DMCC website, the Approved Auditors List Rules also mandate that all DMCC member companies must submit their Audited Financial Statements through a DMCC Approved Auditor, which will be implemented over a transitional period. The DMCC mandates that the audited financial statements need to be submitted within 90 days after fiscal year-end as part of the DMCC audit requirements.
Auditing Process in DMCC Free Zone
The DMCC Free Zone has laid out certain regulations as per which companies and company officials are required to cooperate with the DMCC approved auditors. Companies are prohibited from providing a false, misleading or deceptive statement to the auditor. Companies are not allowed to omit certain information and destroy or conceal documents from auditors to maintain DMCC compliance.
Why choose Jitendra Chartered Accountants?
The Dubai Multi Commodities Centre Freezone has a strict guideline regarding the auditing process of the member companies. The DMCC from time to time prepares a list of DMCC approved auditors to strictly adhere to regulations and International Financial Reporting Standards (IFRS). Jitendra Chartered Accountants is one of the leading DMCC free zone auditors in Dubai, UAE that is registered with DMCC as approved auditors list.
Our expert team of auditors will analyse your DMCC Free Zone Company’s accounts and verify financial statements with the aid of supporting documents. Our DMCC approved auditors will help you identify the risk involved in the business operations. Being a leading auditing firm, we offer the services of our experienced chartered accountants to improve and add value to your company’s corporate governance practices.
Requirement from DMCC Approved Auditors to Conduct the Financial Audit
In order to carry out the audit and assurance process, the auditors may ask DMCC companies to provide the documents that correspond to the relevant period and facilitates the auditor’s job to draw an opinion on the financial position, to analysis financial statements at the year end and to comply with DMCC authority regulations.
- Bank statements
- Credit/debit confirmation slips for all financial transactions
- Copies of bills and invoices
- Statement of deposits from the DMCC portal
- Memorandum of Association (MoA)Articles of Association (AoA)
- Latest trade license
- Registration Details for VAT and excise tax