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Dubai South/ Dubai World Central is a development currently under construction, which will serve as an economic zone to support a number of activities including logistics, aviation, commercial, exhibition, humanitarian, residential and other related businesses around Al Maktoum International Airport. Dubai South has a planned annual capacity of 12 million tons of cargo and 160 million passengers. The construction area is 145 square kilometers, almost two times the size of Hong Kong Island.
The DWC free zone authority is responsible for regulating the companies and the business environment within the DWC. The free zone authority is also responsible for establishing requirements for Business formations, business license renewal and financial reporting of companies within the DWC free zone. The authority also requires the companies operating within the Dubai World Central to submit to them their audited financial statements annually.
Alya Auditors one of the top auditing firms in Dubai, auditing firms in dwc continuously serves with quality in various fields, having competitive auditors in Dubai as specialists in audit and assurance. We have an edge when it comes to this service as we have more than 30 years of experience, making us be one of the top audit firms in UAE.
Because we care about your business, we can provide you with information regarding the myths about audit that you should avoid, helping you to make the right decisions. We can present you with valuable auditing solutions that are beneficial for the growth of your business that makes us distinct from other audit firms in DWC. Please book a consultation with us here for you to find out yourself why we are one of the top audit firms in UAE.
Yes, Auditing is mandatory for all Dubai World Central (DWC) Member Companies. In accordance with DWC Company regulations, an auditor has to be appointed by every DWC member Companies.
Every DWC Company has to submit the Audited Financial Statements and Summary Sheet to the DWC before the renewal of their trade license.
Submission of Audited Financials is applicable to all DWC companies including subsidiaries and branch companies. DWC Authority can request additional documents at any stage of the process as well as can request the original documents during inspection.
If a company fails to submit the financial statements audited by the approved auditors in DWC, within 90 days from the financial year end, it will attract fine as per the provisions of the DWC Company Regulations. Further there is a risk of non-renewal of trade license in DWC as well.
The following are the list of documents to be maintained and submitted for auditors.
Alya Auditing being the DWC approved auditors audit the books of accounts in accordance with the provisions of International Financial Reporting Standards (IFRS). Further we help you to design and prepare your financial statements in accordance with the International Financial Standards (IAS /IFRS) without affecting the in dependency of auditing. We recommend to improve the internal control measures which will enhance the operating efficiency.
Our auditors will perform a comprehensive assessment on your financial statements to see its fairness and accuracy. The financial records will be made certain to be in compliance with international accounting and auditing standards.
There will be a detailed analysis that will be conducted on your business activities to identify what should be done for the further improvement of your business.
Regulatory standards are ensured to be complied to by the internal policies and procedures of your company.
A broad audit that has the combination of financial and operational audits with information technology will be used to assess the quality other compliance materials that are in need of analyzing.