Audit &
Business
Consultants

As per DMCC regulations every Company must appoint an auditor who must examine and report on the financial accounts of that Company.

The directors of a Company must prepare and approve financial accounts and arrange for these to be audited by an auditor approved by DMCC and approved by the shareholders after the end of the financial year of the Company as per the due date of the concerned authority.

A Company can only appoint an auditor, if the auditor has been approved and registered by DMCC and they have been listed in the Approved Auditors List.

It is compulsory to conduct an Audit for a company in the DMCC. To that end, every company in the DMCC free zone is expected to maintain its audited financial reports for the past 5 years. In case the business fails to submit the required documents to the free zone authority, it could be penalized for up to AED 5,000 or the trade licence could be rejected at the time of renewal.

Before an audit process, businesses need to properly organize their documents in compliance with accepted standards. As a business owner, you are required to answer the questions posed by the auditors in Dubai during the annual audit. You need to present the auditor with documents such as trial balance, VAT Return Filings, Important General Ledger, Important business contract, legal documents (trade license copies and MoA), fixed assets schedule with the calculation of the depreciation, schedule of payables and accrued expenditures, List of advances and prepayments and list of the customers, list of the suppliers and bank reconciliations etc. The papers should be prepared appropriately to make the process easier for you as well as the auditor.

Excellence is one of the leading audit firms in Dubai, UAE, registered with DMCC as approved auditors. As standard practice, we at Excellence follow the statutory requirements and International Financial Reporting Standards (IFRS Standards) and International Standards on Auditing (ISAs) and strive to provide the best audit experience. Our objective is to examine accuracy of books of accounts, verify the authenticity and validity of transactions, and to issue an auditors' report that includes our opinion.