The DIFC was established in 2004 as a multinational financial centre to allow the financial businesses to enter and expand into the arising market demand in the region. The DIFC was launched in agreement with UAE Federal Decree No. 35 of 2004 as part of the Dubai government’s ambition to diversify the emirate’s profitable resources and attract further investments. The DIFC is an independent authority within the UAE having its own legal and governmental infrastructure. The DIFC hosts a wide array of financial and non-financial companies concentrating on sectors like:
The companies in the free zone are supervised and regulated via several governmental authorities.
Dubai International Financial Centre Free Zone in Dubai has mandated that the companies operating within the free zone are obliged to get their books of accounts audited by DIFC Approved Auditors.The Companies in DIFC are required to
As per the DIFC Free Zone, the book of accounts should be kept at the registered office of the company and must be open during the audit.
Failing to comply with these rules, may affect in hefty penalties and necessary for the renewal of the Trade Licence.
The mandatory audit ensures that the companies are not involved in any financial irregularities and are complying with the laws and regulations. In the DIFC, the companies in the monetary and other regulated sectors are being regulated by the Dubai Financial Services Authority (DFSA).
Firms listed in the DIFC approved auditors list are the only registered auditors that are allowed to audit the book of accounts of companies in the DIFC.
It's vital to remember that the companies won't be capable to get their business license renewed if they conduct the audit by the external auditing firms that aren't registered with the DIFC Authority.
Recognised Auditors are registered by the Dubai Financial Services Authority (DFSA) and may be appointed for the purpose of examining and reporting upon accounts of regulated DIFC individuals.
We at Excellence are DIFC approved auditors under the name of MANSOOR MULLA AUDITING OF ACCOUNTS and also provide other business services.
Excellence Auditing conducts final audits in accordance with International Standards on Auditing (ISA) and International Financial Reporting Standards (IFRS) and also follows audit regulations set by the DIFC Free Zone.
We also identify areas for improvement and suggest steps to achieve organizational goals actively contributing to business success. An audit of business books by the best UAE accounting firm helps companies comply with local and international regulations, and strengthens the company's credibility with stakeholders, governments, lenders, and other authorities.
DIRECTOR, AUTHORIZED SIGNATORY
MANAGER - TAX & ADVISORY
MANAGER - AUDIT & ASSURANCE
MANAGER - ACCOUNTING & BOOKKEEPING
MANAGER - BUSINESS CONSULTANT
MANAGER - BUSINESS DEVELOPMENT
MANAGER - BUSINESS DEVELOPMENT
ASST. MANAGER-BUSINESS CONSULTANT
SR. BUSINESS CONSULTANT
BUSINESS DEVELOPMENT EXECUTIVE
CLIENT SERVICE EXECUTIVE
SR. CLIENT SERVICE EXECUTIVE
SR. CLIENT RELATIONS EXECUTIVE
SR. ADMIN EXECUTIVE
Business Development Executive
It is mandatory that the companies operating within the DIFC are required to submit their audit report to the DIFC Authority within four months of the end of their respective financial year. The companies that fail to submit the audit report along with audited financial statements would have to face consequences like the non-renewal of their trade license. Appointing the best auditing firms in Dubai, UAE (that are listed with the DIFC Authority) will save the companies from such regulatory actions.
The companies working within the DIFC are required to maintain the proper book of accounts that give an accurate image of the company's financial position. The proper maintenance of the books of accounts is essential for the shareholders to guarantee that the company's balance sheet and profit and loss accounts are prepared with compliance with International Financial Reporting Standards (IFRS).
Registered and approved auditing firms in DIFC are subject to uphold the highest business standards themselves as well. The authorities require all companies to maintain accounting records in accordance with the IFRS laws. The exceptions are only for the international companies following other IAS or GAAP rules.
The DFSA provides comprehensive guidelines on accounting and auditing reporting. All private firms are required to adhere to the rules on accounts books, financial statements, regulatory returns, and conduct of audit from one of the approved auditing firms in DIFC.
Since it is mandatory for the companies to get their books of accounts audited by registered audited firms in DIFC, Excellence can assist the companies in DIFC with auditing. With the help of Excellence's highly qualified audit professionals, by regularly performing an audit, you can ensure compliance with any and all relevant laws and regulations. It can also help provide you with peace of mind that you are prepared for you next audit.
In order to conduct the audit and assurance, the auditors ask the companies to furnish the documents corresponding to the relevant year, which facilitates the auditor's job to draw an opinion on the financial position by analyzing the financial statements at the year-end to comply with regulations. The companies are required to present the following documents:
Memorandum of Association
Articles of Association (AOA)
Latest Trade License
Trial Balance, Balance Sheet, Profit & Loss Statement
Registration Details for VAT and Excise Tax (If Applicable)
Books of Accounts
Audit schedules (Fixed Assets Register, Ageing of Accounts receivable & payable with provision for bad debts, accruals, etc.)
Details of closing stock and work-in-progress at the year-end
Details of fixed asset additions and disposals during the year with proper supporting
Copies of bills and invoices