Approved Auditors in DMCC
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An Approved Auditor must complete the Auditor’s Report in accordance with Section 11 of the Company Regulations. In performing its role pursuant to Section 11 of the Company Regulations, the Approved Auditor must ensure the following:
The annual accounts are approved by the board of directors of the Member Company and signed on their behalf by at least one of them;
The Audit Report is signed and stamped by the Audit Partner and make sure that the Summary Sheet is completed fully and accurately based on the information provided in the AFS and signed and stamped by the Audit Partner.
Let us look into detail about some common FAQ's on Audit in DMCC
The role of the Approved Auditor is to obtain reasonable assurance that the annual accounts prepared by the Member Company are free from material misstatements, whether due to fraud or error and are properly prepared in accordance with International Financial Reporting Standards.
Principle 1 Integrity:
The Approved Auditor must act with integrity at all times.
Principle 2 Due skill, care and diligence, including professional competence:
The Approved Auditor must act with due skill, care and diligence in performance of professional audit services to its appointing Member
Company. The Approved Auditor must ensure that its employees enhance their knowledge, skills, and other competencies through continued professional development to ensure they remain current on all changes in law, regulation and practice.
Principle 3 Objectivity:
The Approved Auditor must maintain impartiality and avoid any conflict of interest.
Principle 4 Confidentiality:
The Approved Auditor must maintain the confidentiality of information acquired in the course of their appointment with the Member Company.
Disclosure of confidential information is permitted if required by law including for the purposes of investigation and/or enquiry by DMCCA.
Principle 5 Cooperation with DMCCA:
The Approved Auditor must deal with DMCCA in an open and cooperative manner and must disclose information regarding a Member Company reasonably required by DMCCA.
Why Choose Alya Auditors for Audit in DMCC?
We Alya Auditors is a leading Chartered Accountants Firm, Head Quartered in Dubai:
- Conducts audit in accordance with the provisions of International Standards on Auditing (ISA).
- Listed auditor as per the Approved list of auditors under DMCC (Sl. No 27 – Alya Almarzooqi Auditing).
- Focusing to provide quality service on a time bound manner to our clients.
- Our vision is to ensure clients progress financially and socially.
- ISO Certified Chartered Accountants Firm
- Listed with all major free zones in the UAE.
Frequently asked questions
Is Audit Mandatory for Companies in DMCC?
Yes, Auditing is mandatory for all Dubai Multi Commodity Centre (DMCC) Member Companies. In accordance with DMCC Company regulations, an auditor has to be appointed by every DMCC member Companies. Each DMCC companies should ensure that the appointed auditor is registered as an Approved Auditor in DMCC and is listed in the Approved Auditors List.
Should DMCC Companies submit their Audited Financial Statement to the Authority?
Every DMCC Company has to upload the Audited Financial Statements and Summary Sheet to the portal of DMCC within 90 days after the end of the financial year. In certain cases the authority may provide extension of such period.
Submission of Audited Financials is applicable to all DMCC companies including subsidiaries and branch companies. DMCC Authority can request additional documents at any stage of the process as well as can request the original documents during inspection.
What are the consequences if businesses in DMCC are not audited?
If a company fails to submit the financial statements audited by the approved auditors in DMCC, within 90 days from the financial year end, it will attract fine as per the provisions of the DMCC Company Regulations. Further there is a risk of non-renewal of trade license in DMCC as well.
What are the documents to be maintained for Audit?
The following are the list of documents to be maintained and submitted for auditors.
- Legal documents – Memorandum Of Association (MOA), Articles Of Association (AOA), Trade license copy, Share certificate, certificate of incorporation Tenancy contract etc.
- Bank statements and confirmations from banks
- Balance confirmation from debtors, creditors and third parties (as per the samples given by the auditors).
- Statement of deposits from the DMCC portal, copies of Ledgers, sales invoices, purchase bills, expenses bills etc.
- Complete set of books of accounts, trail balance etc.
- Such other information as the auditor may consider necessary.
Approved Auditors in DMCC
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