We Are Approved Auditors in DMCC : All You Need To Know

Dubai Multi Commodities Centre (DMCC) is a free zone authority in Dubai, established in 2002. It is the world’s largest and leading hub for global trade and innovation. DMCC has emerged as one of the most crucial economic drivers, contributing to 15%of foreign direct investment in Dubai. DMCC is home to over 20,000 registered companies and is the favorite spot for businesses ranging from startups to MNCs. The authorities regulate all these companies and ensure that all its member companies’ activities are as per DMCC rules and regulations.

The reason why DMCC has become the favorite business hub is that it provides:

• 100% ownership of the business and its profits
• Zero duties and taxes
• State of the art infrastructure
• Access to global markets
• Simplified setup and licensing

As a leading audit firm in Dubai, Intellect Chartered Accountants is delighted to say that we are an Approved Auditor in DMCC. Having 21+ years of experience in accounts and auditing, our expertise and dedication to delivering high-quality audit services helped us to become a DMCC Approved Auditor.

To ensure compliance with DMCC regulations, businesses must ensure proper annual audits, and that too by a DMCC Approved Auditor. Our team of professionals has in-depth knowledge of the regulations of DMCC, ensuring that our clients get timely and accurate DMCC audit reports.

Benefits of appointing an Approved Auditor in DMCC

As DMCC is one of the largest business hubs and freezone in the UAE, the audit process in DMCC will demand the knowledge and expertise of registered auditors who are familiar with the regulations of the zone.

Working with an approved auditor in DMCC has numerous benefits for businesses:

Ensuring Regulatory Compliance

Having a DMCC Approved Auditor ensures that your business adheres to the regulatory standards of DMCC. Non compliance to the audit will incur penalties and other legal issues.

Proficient in the DMCC Audit Process

Approved auditors in DMCC are well experienced in the entire audit process, ensuring they can handle all the challenges that come with auditing DMCC registered companies. Apart from that DMCC  Auditors conduct the audit as per the International Financial Reporting Standards (IFRS).

Enhanced credibility and integrity

Companies choosing Auditors in Dubai, especially those approved DMCC auditors ensure that the financial records and statements are verified thoroughly and the DMCC Audit Report has been prepared to its perfection.

Ensuring assurance to stakeholders

By having a detailed and thorough audit, the approved auditors give the stakeholders, investors, and its clients an assurance that the company’s financial statements are sound. This enhances the reputation of the company and attracts more clients. 

DMCC Audit Deadline Extension

Here is the good news for all the DMCC businesses, DMCC authority has recently extended the audit deadline to September 30th. The extension is in response to the growing number of businesses operating within the DMCC Freezone. This extension will give you additional time to find an approved auditing firm in Dubai, especially Audit firms in DMCC to prepare and submit your DMCC audit report.

The DMCC Audit Process

• Fieldwork and Documentation

To start with the audit process, the first step is to conduct an on-site visit to the company and collect all the documents like trade license, memorandum of association, articles of association, financial statements like profit & loss, balance sheet, bank statements, invoices, etc. Having these documents ready will facilitate an efficient audit process

• Review Financial Statements

Before the audit begins, thoroughly verify the financial statements to ensure the accuracy and credibility of the documents, this will help in resolving any discrepancies.

• Appoint Auditors

It is always better to appoint a DMCC Auditor as early as possible without nearing the deadline, as it will give enough time to the auditors to study and understand the business, review the financial records, and ensure compliance with standards

• Preparing Audit Report 

The appointed audit firm in Dubai prepares and submits the DMCC audit report, clearly specifying its findings and recommendations. The auditor should confirm that the financial statements and records show an accurate and unbiased picture of the company’s profit or loss.

• Follow up and Review

The auditors will include recommendations in their report, and the company must implement the required changes. Additionally, the company should monitor the recommendations and assess the progress made.

Documents for DMCC Audit

DMCC Approved Auditors will request certain documents for the review process. These documents include:

• Trade License
• Bank Statements
• DMCC portal deposit statements
• Memorandum of Association (MoA)
• Articles of Association (AoA)
• VAT and Excise Tax registration details
• Invoice and Bills copies

Why Choose Intellect Chartered Accountants?

As we discussed first, Audits in DMCC should be done only by approved auditors in DMCC and the DMCC publishes a list of approved auditors regularly who follow the freezone rules and regulations.

Intellect Chartered Accountants is the Approved DMCC Auditor having in-depth knowledge of DMCC regulations and strictly complying with the International Financial Reporting Standards (IFRS). Being the registered auditor in DMCC we ensure that our clients receive an accurate audit report. The DMCC audit report establishes credibility and fosters trust among its stakeholders, playing a vital role in facilitating informed decision-making within the organization.

Apart from DMCC Audit, we provide other audit services like:

• External Audit
• Internal Audit
• Due Diligence Audit
• Forensic Audit
• Revenue Audit

Intellect Chartered Accountants being included in the list of approved auditors is a recognition of our expertise and commitment to delivering top-quality audit services.