Approved Auditors in DMCC
Is Audit Mandatory for Companies in DMCC (Dubai Multi Commodities Centre Authority)?
Yes, Audit from a DMCC approved Auditor is mandatory for all the companies registered in DMCC. As per the regulations of DMCCA, every company must appoint an auditor who must examine and report on the financial accounts of that Company. All companies must submit its balance sheet (financial report) by the end of every financial year, audited by an approved auditor in DMCC. A copy of the annual audited accounts of each company should be submitted to the DMCCA within three months of the end of the financial year of the Free Zone Establishment or such longer period as the Authority may determine. Bader Saleh Auditing is one of the top listed and approved Auditor in DMCC (Dubai Multi Commodities Centre Authority).
Rules and Regulations associated with External Audit of companies in DMCC:
The implementing regulations No. 62, states that shareholders of the companies registered in DMCC must appoint independent auditor from a list of approved audit firms in DMCC. One of the major requirements for providing external audit services within DMCC is that auditors in DMCC must hold a professional license approved by the Economic Department of Dubai, UAE. The approved auditor appointed by a company in DMCC must perform external audit of the company’s annual accounts and submit an external audit report to the company.
What is the period to submit Audit Report for companies registered in DMCCA?
According to clause 50 of the regulation a company is required to submit a copy of its annual accounts along with the Audit Report issued by the approved auditors in DMCC to the Registrar within six months of the end of its fiscal year. A copy of the company accounts and auditor’s report must be filed with the Registrar within five Business Days of the relevant shareholders meeting approving the audited accounts.
How to appoint Auditor in DMCC:
There are some additional rules and regulations associated with the appointment of an auditor in DMCC and the content of the report of the auditor. The external audit report must contain the auditor’s opinion on whether the financial statements give a true and fair view of the company’s financial position. Auditors in DMCC are also required to assess the company’s operations and processes to ensure that the company is conducting its business activities in accordance with the implementing regulations applicable in DMCC.
The DMCC company regulation states that The shareholders of a company at the inaugural meeting shall appoint one or more auditors to hold office until the close of the next annual general meeting, and if the shareholders fail to do so, the directors shall forthwith make such appointment or appointments.
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Who can be appointed as an auditor?
A Company can only appoint an auditor if:
What if You Do Not Audit Your Books of Accounts for your company registered in DMCC?
If a company in DMCC fails to submit the audited financial statements within the time frame to the Authority through the online portal it will be liable to pay penalty for non-compliance of the DMCC Regulations. The principal hazards that companies bear for failing to submit audited financial reports is the non-renewal of their trade license in DMCC.
What role does Bader Saleh Auditing play in Audit Services in DMCC?
Bader Saleh Auditing of Accounts is the listed auditor in DMCC. Being approved auditors in DMCC, we assure the quality of professional service and conduct the audit in accordance with the requirement of International Standards on Auditing (ISA).
Who can be appointed as an auditor?
Approved & Registered
The auditors has been approved and registered auditors by DMCCA.
Auditing Appointment
The auditors has consented in writing to the appointment.
Internal Audit
The company having made reasonable enquiries,is not aware of any matter which would prevent the auditor from consenting to the appointment.
What if You Do Not Audit Your Books of Accounts for your company registered in DMCC?
If a company in DMCC fails to submit the audited financial statements within the time frame to the Authority through the online portal it will be liable to pay penalty for non-compliance of the DMCC Regulations. The principal hazards that companies bear for failing to submit audited financial reports is the non-renewal of their trade license in DMCC.
What role does Bader Saleh Auditing play in Audit Services in DMCC?
Bader Saleh Auditing of Accounts is the listed auditor in DMCC. Being approved auditors in DMCC, we assure the quality of professional service and conduct the audit in accordance with the requirement of International Standards on Auditing (ISA).
Why Choose US
We have a team of qualified professionals, such as Chartered Accountants (CA), Chartered Certified Accountants (ACCA), Certified Public Accountants (CPA) etc. with vast experience in the region of leading the Audit with professional skills and knowledge.
Our Auditors conduct the audit procedure in the clients’ premises with the aim of guiding and helping the accountants to design and prepare the financial statements in accordance with the International Financial Reporting Standards (IFRS) without affecting the independency of Audit.
We issue a management letter as well for the management to take corrective measures, if potential internal control weaknesses are noticed by us, being a responsible DMCC Approved Auditor.
We are also listed with all major banks and free zones in the UAE.
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