DMCC Approved Auditors– United Auditing a Division of Emirates CA Group
United Auditing Division of Emirates Chartered Accountants Group is the Approved Auditors in DMCC. United Auditing is one of the top listed Auditors in DMCC approved Auditors list (Sl. No 169 – United Auditing). Dubai Multi Commodity Centre (DMCC) was founded in 2002 by the Government of Dubai which was directed to offer physical, market and financial set up to initiate as a global commodity trading hub. It offers to the trade of precious stuff like gold, diamonds, coloured stones, pearls and various other sectors.
Is Audit Mandatory for Companies in DMCC?
Yes, Auditing is mandatory for all Dubai Multi Commodity Centre (DMCC) Member Companies. In accordance with DMCC Company regulations, an auditor has to be appointed by every DMCC Member Companies. Each DMCC companies should ensure that the appointed auditor is registered as an Approved Auditor in DMCC and is listed in the Approved Auditors List.
Should DMCC Companies submit their Audited Financial Statement to the Authority?
Every DMCC Company has to upload the Audited Financial Statements and Summary Sheet to the portal of DMCC within 90 days after the end of the financial year. In certain cases, the authority may provide an extension of such period.
Submission of Audited Financials is applicable to all DMCC companies including subsidiaries and branch companies. DMCC Authority can request additional documents at any stage of the process as well as can request the original documents during the inspection.
What are the consequences if businesses in DMCC are not audited?
If a company fails to submit the financial statements audited by the approved auditors in DMCC, within 90 days from the financial year-end, it will attract fine as per the provisions of the DMCC Company Regulations. Further, there is a risk of non-renewal of trade license in DMCC as well.
How can United Auditing help you with your Audit in DMCC?
United Auditing being the DMCC approved auditors audit the books of accounts in accordance with the provisions of International Standards on Auditing (ISA). Further, we help you to design and prepare your financial statements in accordance with the International Financial Standards (IAS /IFRS) without affecting the independence of auditing. We recommend improving the internal control measures which will enhance the operating efficiency.
What are the documents to be maintained for Audit?
The following are the list of documents to be maintained and submitted for auditors.
- Legal documents – Memorandum Of Association (MOA), Articles Of Association (AOA), Trade license copy, Share certificate, certificate of incorporation Tenancy contract etc.
- Bank statements and confirmations from banks
- Balance confirmation from debtors, creditors and third parties (as per the samples given by the auditors).
- Statement of deposits from the DMCC portal, copies of Ledgers, sales invoices, purchase bills, expenses bills etc.
- Complete set of books of accounts, trial balance etc.
- Such other information as the auditor may consider necessary.
Why Choose United Auditing for Audit in DMCC?
We United Auditing, a Group Company of Emirates Chartered Accountants Group, Head Quartered in Dubai:
- Conducts audit in accordance with the provisions of International Standards on Auditing (ISA).
- Listed auditor as per the Approved list of auditors under DMCC (Sl. No 169 – United Auditing).
- Focusing to provide quality service in a time-bound manner to our clients.
- Members firm in the IECNet, an international association of accountants, auditors and tax professionals
- Our vision is to ensure clients progress financially and socially.
- ISO Certified Chartered Accountants Firm
- Listed with all major banks and free zones in the UAE.
Other Audit & Assurance Services:
Audit in DMCC
Mr. Praveen
+971 50 887 3115 | +971 4 2500290
praveen@emiratesca.com
Mr. Pradeep Sai
+971 55 653 0001 | +971 4 2500290
sai@emiratesca.com
Sep 25,2024VAT Treatment for Charities in the UAE
