IMPORTANCE OF AUDITING IN DMCC AS WELL AS AUDITING IN JLT

As per the regulations of DMCC, clause no   62.1 the shareholders of a company in the first meeting will appoint auditors to act as the auditors of the company till the end of the first annual general meeting. In case the shareholders of the company did not appoint auditors as mentioned above, the directors shall make such appointment.  

As per the clause no 62.2 of the DMCC regulations, the shareholders of a company will appoint auditor/s in each general meeting of the company, as auditors of DMCC companies auditor of JLT companies as the case may be and such appointment of auditors will be valid till the end of the upcoming annual general meeting.

But due to any reason, if the appointment of auditors in DMCC companies/appointment of auditors in JLT companies is not made as above, the auditors already appointed as auditors of DMCC company will continue, until a new one is not appointed.  

Further, the clause 62.5 of the DMCC regulations discloses no person will be appointed as auditor of a DMCC companies/ auditors JLT companies who are employed in such company or affiliated company or who is an employer, partner or employee of any such employee. Audit firm/s registered under the Ministry of Economy, and licensed in Dubai are eligible to act as auditors of DMCC companies as well as Auditors of JLT companies.

We United Auditing, the audit division of Emirates Chartered Accountants Group is an audit firm headquartered at Dubai and serves hundreds of clients in DMCC as well as JLT.

The financial year of the companies registered under DMCC regulations is to be from first January of every year till thirty-first December of the same year, except in the case of the first year of audit. In the case of the first year, the financial year will start from the date of registration of the company in the commercial register. Audit division United auditing is ready to serve your company registered under DMCC/ JLT. For our service as well as for more details, please contact us on info@emiratesca.com