Role of DMCC approved auditors



 What is DMCC?

DMCC is the Dubai Multi commodities centre authority was established in 2002 by the government of Dubai. It is the largest and most recognised free zones of the UAE. To conduct any business activity by the best auditors in Dubai or on the territory of the free zone, one must obtain a DMCC licence. The types of DMCC licences include.

  1. Trading license
  2. General Trading license
  3. Service license
  4. Industrial license

Is audit necessary for every company?

A statutory Audit is a compulsory audit for all companies, registered under the Companies Act, as a Private Limited or a Public Limited company. These companies have to get their books of accounts audited every year. A licensed auditor registered under the ministry of economy is only allowed to audit the company books as per the Federal Law of the UAE.

The DMCC assurance about audit firms and auditors:

  1. The DMCC approved auditors in Dubai will ensure the best quality audit services are offered to the company’s operation.
  2. DMCC approves license of those audit firms that have reputed chartered accountants, follow the best practices & accounting standards of local and international reporting standards.
  3. The audit firms must have a proven track record of conducting financial audits and are listed as the registered audit firms with DMCC.
  4. The registered audit firm’s services are further used by DMCC to ensure audited financial statements represent the true and accurate financial position of the DMCC member companies.
  5. It is considered mandatory that all DMCC member companies must submit their audited financial statements through a DMCC approved auditor.
  6. As per DMCC the audited financial statements of the member companies need to be submitted within 90 days after fiscal year-end.

DMCC approved auditors follow these 5 principles

  1. Objectivity – The auditors must audit impartially and must not compromise on the quality of the reports.
  2. Professionalism – A thoroughly professional approach is expected from the auditors concerning data handling and client handling. A detailed knowledge of the company’s profile and abiding by rules and regulations is a must to deliver accurate services to the clients.
  3. Abiding with laws of the land – An audit firm and auditors must comply with the set of rules and directions set by DMCC
  4. Integrity – An approved auditor follows the laws of ethics with a strong sense of honesty and morality. Ensuring transparency and an honest approach works well for the growth of the company.
  5. Confidentiality – Keeping all company data confidential is the prime responsibility of the auditor as privacy plays a significant part within the development of a company. Prior permission of the company authorities to share official data is mandatory for the auditors.

JAFZA auditors in Dubai is a highly regarded audit firm and comprises of highly qualified team of auditors who help companies to present true and accurate financial statements to DMCC. The following reasons make them important:

  • Approved auditors in Dubai are of crucial importance to the companies.
  • They can help the companies in renewing their professional license.
  • Professional service with an eye to catch details.
  • They help in checking any malpractices like money laundering, poor working conditions, fraudulent and scam business practices, and the illegal manufacturing of products and services.

Internal audit firms like TGS Koya Chartered Accounts play a crucial role in maintaining and helping companies grow and keep the financial records accurately in place. DAFZA auditors in Dubai are qualified chartered accountant firms who examine and report on the accounts prepared in accordance with local and international regulations.

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