Auditing is required for all companies registered in the Dubai South Free Zone (DWC) under the SAIF Zone. According to the rules of the Dubai South Authority, companies registered under Dubai South (DWC) are required to appoint only approved auditors in DWC. Additionally, these licensed auditors should audit the books of accounts in DWC every financial year. Intellect Chartered Accountants is a DWC-approved auditor that provides excellent auditing services in the Dubai South Free Zone and throughout the UAE. We guarantee that the audit reports are given to the authorities without fail, in addition to ensuring the independence of the auditing in Dubai South Free Zone.
Dubai’s South Audit (DWC-Dubai World Central)
Dubai World Central Free Zone, also known as Dubai South Free Zone, is a leading plan city centered on the individual’s pleasure. It is the most popular destination to live, work, and invest in the world, as well as a vital economic hub. It promotes all types of businesses and industries, as well as job creation. It is the site of major events such as the 2020 World Expo and the Dubai Air Show. Professional external audit services and license renewal services are provided by DWC accredited auditors to companies based in Dubai South Free Zone. The companies in the Dubai South Free Zone are permitted to conduct business in the UAE without restriction:
- The company can open a bank account in the UAE.
- 100 percent foreign ownership and 100 percent capital and profits.
- There is no corporate tax and personal income tax.
- Infrastructure that is unique to the area.
- The fact that it is near to the Dubai Logistics Corridor.
- Import and export tariffs are completely waived.
- A safe and controlled environment.
- High-quality freehold and lease at affordable prices.
- Client relationship management that is comprehensive.
- Documentation collection and processing.
Auditing Benefits in Dubai South Free Zone
When conducting an audit in the Dubai South Free Zone, it aids businesses in:
- Simplify the company’s business procedures and financial flow.
- Better judgments about the company’s future can be made.
- Consider your investing possibilities and profitability.
- The company’s financial information will be transparent, allowing for prospective expansion.
- Implement various internal control processes to manage cash flow.
What is the procedure for doing an external audit in Dubai South Free Zone?
Companies in the Dubai South Free Zone are required to comply with the following audit regulations:
- Within 90 days of the end of the financial year, enterprises must submit audited financial accounts to the Dubai South authorities.
- Approved auditors must sign the audit report.
- Failure to submit audit reports has the following consequences: penalty for non-renewal of (Dubai South) DWC trade license
Procedures for auditing
- The customer in Dubai South and the approved auditor in the south zone sign an official audit engagement letter.
- A thorough examination of the client’s business and volume of business is carried out.
- The books and records, supporting documentation, legal documents, and financial statements are all reviewed by approved auditors.
- International auditing standards (ISAs) and International Financial Reporting Standards (IFRS) compliance is monitored.
- The UAE Commercial Company Law, VAT Law, and Economic Substance Regulations are all checked for compliance.
- Verify that the company complied with the Dubai South (DWC) requirements.
- Examine whether VAT regulations are being followed like VAT returns and record keeping.
- Issuance of an audit report that presents a true and fair picture.
Why should you pick Intellect Chartered Accountants?
Our auditing professionals have devised a system for conducting effective audits. We provide you with the most effective auditing technique for identifying risks in your organization and ensuring a high-quality, complete audit (review) of your financial operations.
We collaborate with our clients to learn more about their needs and ensure that our services in the UAE are self-contained. In the United Arab Emirates, we have a skilled team of auditors and we provide prompt auditing services and assist them in creating a more favorable business climate.
We ensure that all material matters relevant to the proper presentation of financial information are adequately disclosed. We help firms maintain long-term growth by analyzing major issues and recommending solutions. We propose and implement a variety of strategies to address system deficiencies and deliver high-quality audit reports that meet industry requirements.
Financial Advisory Services, Tax Consulting Services, Management Consulting Services, VAT Registration, VAT Deregistration, Internal/External Audit for Companies, Business Advisory Services, and other services are provided by Intellect Chartered Accountants in the UAE.
Contact us to begin a conversation, and one of our specialists will provide you free consultation.