DMCC Approved Auditors : Saif Chartered Accountants (SGA World International) is one of the best rated approved auditors and accountants in DMC. (DMCC Approved Auditors List number: 148497 – Saif Chartered Accountants )
Are audits mandatory for companies in the DMCC?
Yes, auditing is mandatory for all Dubai Multi Commodity Centre (DMCC) member companies. Each company must appoint an auditor. DMCC specifies that the auditor meet certain qualifications, and the auditor is listed on the Approved Auditors List.
What is the process for submitting Audited Financial Statement to DMCC?
All DMCC companies must upload their audited financial statements and summary sheets to the portal within 90 days of the end of the year. The authority may provide extensions of these deadlines, as well as request additional documents at any stage of the process.
Why Saif Chartered Accountants as your DMCC Auditor?
Saif Chartered Accountants, the certified public accountant and leading auditing firm in Dubai, UAE. We cater all your licensing needs in DMCC.
Established in 1994 with offices in Dubai, Hamriyah Free Zone and in Sharjah. We also have associate offices in RAK Free Trade Zone, London, Cardiff and India.
Saif Audit provides accounting and auditing services to businesses, regardless of industry or location in the UAE. We develop better strategies for our clients through affiliation with SGA World International, a professional services firm.
How can Saif Chatered Accountants help you with your audit in DMCC?
Auditing Standards : Saif Chartered Accountants, approved auditors for the DMCC, comply with DMCC requirements. We also prepare financial statements in accordance with International Financial Reporting Standards* (IFRS).
Our Auditing Services – Audit and assurance Service, Internal Audit, Bookkeeping services
DMCCA AUDIT : PENALTIES FOR NON COMPLIANCE OF AUDIT
As per the DMCC Audit regulations, every new company licensed in DMCC has to appoint an auditor, approved by DMCC. The appointment letter must be submitted to DMCC within 30 days of the licensing date.
If a company fails to submit its audited financial statements within 90 days of the end of its financial year, as stated in DMCC’s Company Regulations, it will attract a fine. In addition, there is also a risk of non-renewal of its trade license.
How is the audit process at DMCC Free Zone? What documents are maintained for audit?
- Memorandum of association (MOA), Trade license copy, Articles of association (AOA), Share certificate and Tenancy contract etc.
- VAT Return details
- Bank statements and confirmations from banks
- DMCC Portal Statement
- Complete set of books of accounts, trail balance etc
- In addition to the above information, the auditor may require other information.
Auditor’s Duties and resposnibilites in DMCC
The company’s auditor in DMCC has to investigate whether the company has kept proper accounts. DMCC approved auditors make sure the company’s accounts match the accounting records and returns, and they make sure that the company follows AML & CFT guidelines while conducting business.
If the client is involved in money laundering, the auditor must report it.
1106, The Prism, Sheikh Zayed Road, Business Bay – Dubai
DMCC updating DMCC Approved Auditors List as per the Approved Auditors List Rules every year. Approved Auditors list aim to register auditors who will ensure the best quality audit services offered to DMCC member companies and provide the assurance that the Audited Financial Statements represent true and accurate financial position.
The Approved auditors list rules mandate that all DMCC companies. DMCCA Companies must submit their Audited Financial Statements through a DMCC Approved Auditor.
*International Financial Reporting Standards (IFRS) : International Financial Reporting Standards (IFRS) developed by the International Accounting Standards Board (IASB).