Role of Approved Auditors in DMCC/JLT

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 :

1. 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.
2. The Audit Report is signed and stamped by the Audit Partner
3. The Summary Sheet is completed fully and accurately based on the information provided in the AFS and signed and stamped by the Audit Partner.

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.

Without limitation to the generality of the above Rule, the Approved Auditor must ensure the following:

The Auditor’s Report must state :

1. whether in the Approved Auditor’s opinion, the accounts have been properly prepared in accordance with International Financial Reporting Standards.
2. The accounts give a fair and true view of the profit and loss of the Member Company for the relevant financial year .
3. The state of the Member Company’s affairs at the end of the financial year.
4. That the Member Company is undertaking only activities permitted under its commercial licence .
5. Any of the following, when applicable to the annual accounts:
   1. An “adverse opinion”
   2. A “disclaimer of opinion”
   3. A “qualified opinion
6. Any other matter or opinion required by DMCC from time to time.