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DMCC Approved Auditor

DMCC Approved Auditor

Cost-effectiveness is a major determinant of organizational growth. A company’s growth and advancement are possible if the company can use its limited resources. Auditing is essential in building company plans that optimize your resources by determining which key expenditure areas give the highest return on investment. DMCC is known as one of the UAE's fastest-expanding free zones, with a reputation for maintaining high levels of integrity and expecting the same from the accredited auditors on the list.

We've seen that a few auditors who couldn't keep up with the DMCC's demands are no longer on the list. Business owners should exercise extreme caution when selecting an approved audit firm in DMCC, in such circumstances. Farahat & Co., the top auditing firm in Dubai, can help you make your organization more cost-effective by providing professional auditing services in DMCC.

DMCC Company Auditing Regulations

According to the Dubai Multi Commodities Centre Authority (DMCCA) Regulations No. 1 of 2020, which replaced DMCC Regulation No. 1 of 2013, the DMCC has enlisted auditors in DMCC, following the newly announced Approved audit firms in DMCC List Rules.

DMCC-approved auditor list will ensure that the firms operating in the DMCC receive the highest quality audit services. Registered audit companies with DMCC have reputable chartered accountants, adhere to best practices and accounting standards of local and worldwide reporting standards such as IFRS (International Financial Reporting Standards), and have a track record of completing financial audits. DMCC ensures that the Audited Financial Statements depict the genuine and accurate financial status of the member firms by employing the services of authorized auditors in Dubai.

The DMCC Approved Auditors List Rules also require all DMCC member firms to file their Audited Financial Statements by a DMCC Approved Auditor, according to the DMCC website, which will be implemented during a transitional period. The audited financial accounts must be presented to the DMCC within 90 days of the fiscal year's conclusion.

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dmcc approved auditors

The DMCC Free Zone Auditing Process

Companies and corporate personnel are expected to comply with DMCC-accredited audits under specific restrictions established by the DMCC Free Zone. It is illegal for a company to make a false, misleading, or deceptive statement to the auditor. Companies are not authorized to withhold specific information from auditors or destroy or conceal records.

1. Preparation of Accounts

Directors of any business operating in the DMCC are required to seek the preparation of accounts for each fiscal period. It must observe the International Financial Reporting Standards (IFRS) and provide a clear status of the profit and loss for the period in question.

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dmcc approved auditors

The Advantages Of Auditing In DMCC

If you're a DMCC-registered business, an audit can help you with:

  • Financial statements that are more accurate and transparent
  • Assures and ensures the information's validity.
  • Budgets will be forecasted, and growth plans will be implemented.
  • Renewal of a trade license promptly or processes for winding up a business
  • Examine the cash flow situation and put in place internal control processes.

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DMCC Approved Auditors

A Financial Audit By DMCC Approved Auditors Is Required For Filing A Report Before The Deadline

Auditors may ask DMCC companies to provide documents that correlate to the relevant period to carry out the audit and assurance process, which simplifies the auditor's job of drawing an opinion on the financial position, analyzing financial statements at year-end, and complying with DMCC authority regulations.

The filing of the Audit Report to DMCC has a limitation every year. Only DMCC DMCC-approved auditors with skilled and enough staff can work proactively to meet clients' needs by producing an error-free audit report accepted throughout the UAE, avoiding any difficulty for company owners. If the DMCC Audit report is not provided on or before the deadline, the Owner's DMCC portal will be blocked, and they may face financial penalties. The DMCC web platform is so well-designed that even business owners may use it to apply for visas, renew licenses, cancel personnel contracts, and upload financial audits and summary sheets in DMCC-approved formats.

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dmcc approved auditors

How Farahat & Co. May Assist You?

The DMCC Free Zone strictly regulates the auditing procedure of member firms. The DMCC prepares a list of DMCC certified auditors to ensure compliance with rules and International Financial Reporting Standards (IFRS). Farahat & Co. is a renowned auditing Company in Dubai, UAE, and is on the DMCC's list of accredited auditors. Our experts will examine your DMCC Free Zone Company's financial statements and verify them with supporting papers. Our DMCC approved auditors will assist you in identifying the risks associated with your Company's operations. As a top auditing firm, we can help you enhance and add value to your Company’s corporate governance standards by utilizing the expertise of our professional chartered accountants.

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