Dubai International Academic City (DIAC) Approved Auditors
We are Approved Auditors by Dubai International Academic City.
Audit Services for Dubai International Academic City Institutions
Farahat & Co. is an approved auditor for institutions and companies registered in Dubai International Academic City (DIAC), a business district regulated under the Dubai Development Authority (DDA).
Established in 2007 by TECOM Group, DIAC is the world’s only free zone dedicated exclusively to higher education, home to more than 27 universities and colleges and more than 27,000 students from over 150 nationalities.
Every DIAC-registered entity must prepare and submit audited financial statements annually through the AXS portal, in line with DDA’s Private Companies Regulations.
Services We Offer as Dubai International Academic City Approved Auditors in UAE
As approved auditors for Dubai International Academic City, we provide tailored audit and financial services for higher education institutions and academic businesses in the UAE. Our team ensures your DIAC-registered organisation remains fully compliant.
DIAC Audit Requirements and Regulations
Legal basis
As a DDA-regulated business district, DIAC entities are governed by DDA’s Private Companies Regulations under DDA Circular No. 421. Members must appoint an auditor at each annual general meeting, and the auditor’s report must confirm whether the accounts give a true and fair view of the entity’s financial position, prepared using IFRS or another accounting standard approved by the Registrar. Financial statements and the auditor’s report are generally submitted through the AXS portal within six months of the financial year-end.
Who must comply
The requirement applies to all licensed entities registered in DIAC, including university and college branch campuses, online education providers, management development centres, and academic support and student services companies. Universities operating as branch campuses of foreign institutions should confirm whether their DIAC entity submits standalone audited financial statements or consolidated accounts alongside their parent institution. Entities should retain financial statements and supporting records for at least eight years, consistent with DDA’s broader retention requirement.
Penalties for non-compliance
Late or missing submission of audited financial statements can delay trade licence renewal and create broader compliance issues with DDA. For university branch campuses, audit compliance can also intersect with accreditation and regulatory oversight from the UAE Ministry of Education or Commission for Academic Accreditation, making timely, accurate audited financial statements particularly important for maintaining good standing across multiple regulatory relationships.
Audit Process, Documents and Higher Education Considerations
Audit process
- Confirm the entity’s financial year and organise tuition, grant and accounting records.
- Prepare financial statements in line with IFRS or another approved standard.
- Appoint an auditor and complete the audit.
- Receive the audit report and Financial Statements Report Summary Sheet.
- Submit through the AXS portal within six months of the financial year-end.
Higher education audit considerations
- University and college branch campuses: tuition fee recognition across academic terms, scholarship and financial aid provisions, and consolidation with parent institution accounts where applicable.
- Online education and e-learning providers: subscription and course-based revenue recognition, and platform-related costs.
- Management development and training centres: course fee income and corporate training contract billing.
- Academic support and student services companies: service fee income and student housing or facilities-related revenue where applicable.
Documents required
Trade licence, Memorandum and Articles of Association, general ledger and trial balance, bank statements and reconciliations, tuition fee and enrolment records, scholarship and financial aid records, payroll and WPS records, fixed asset register, VAT returns, corporate tax registration details, and previous audited financial statements where available.
Why Choose Farahat & Co. as Your DIAC-Approved Auditor
Farahat & Co. supports Dubai International Academic City institutions and companies across university branch campuses, online education, training and student services. Our audit approach reflects the tuition and academic-term revenue recognition considerations specific to higher education, rather than applying a generic commercial audit template to institutions with genuinely different financial structures than typical free zone businesses.
Beyond DIAC, Farahat & Co. holds approvals across more than 20 UAE free zones, including DMCC, JAFZA and DIFC, and supports companies across every other DDA-regulated business district, giving education groups with operations spanning DIAC, Dubai Knowledge Park and other TECOM districts a single, consistent audit partner.
About Dubai International Academic City: Free Zone Profile
Dubai International Academic City was established in 2007 by TECOM Group as the world’s only free zone dedicated exclusively to higher education, building on the earlier success of Dubai Knowledge Village. DIAC is now home to more than 27 universities and colleges from over a dozen countries, including Heriot-Watt University, Murdoch University, BITS Pilani and the University of Birmingham Dubai, enrolling more than 27,000 students from over 150 nationalities across more than 500 academic programmes.
The district spans a large master-planned campus along Dubai-Al Ain Road, including dedicated student housing, research facilities and three innovation centres focused on information technology, renewable energy and hydroponic agriculture. DIAC sits alongside sister TECOM districts Dubai Knowledge Park and Dubai Science Park, forming a broader knowledge and research ecosystem within Dubai’s education and innovation strategy.