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Role of Approved Auditors in DMCC

An Approved Auditor is at all times accountable for compliance by the Audit Firm with these Rules.

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.

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:

That the Auditor’s Report states:

Whether in the Approved Auditor’s opinion, the accounts have been properly prepared in accordance with International Financial Reporting Standards.

The accounts give a fair and true view of the profit and loss of the Member Company for the relevant financial year.

The state of the Member Company’s affairs at the end of the financial year.

That the Member Company is undertaking only activities permitted under its commercial licence.

Any of the following, when applicable to the annual accounts:

An “adverse opinion”;

a “disclaimer of opinion”; or

a “qualified opinion

Any other matter or opinion required by DMCCA from time to time.That the Approved Auditor is satisfied that:

The financial period and share capital stated in the annual accounts are validated according to the Articles of the Member Company;bank balances are confirmed by the banks;any absence of a Member Company bank account is highlighted;salary expenses are disclosed in the annual accounts;all notes have been fully and properly detailed and revenue generated from commercial activities that are outside the scope of licensed activities are disclosed as other income.

The Approved Auditor must conduct itself in accordance with the following principles:

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 United Auditing for Audit in DMCC?

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