Dubai Development Authority – Mandatory Submission of Audit Reports
Dubai Development Authority (DDA) was established pursuant to the Law No. 1 of 2000 and its amendments.
The Authority has the mandate to play a leading role in the future growth of Dubai’s economy by enhancing economic competitiveness and setting global standards for business and talents by providing an attractive and stimulating business environment that fosters their growth and offers a full range of integrated services related to strategic sectors and urban development.
Mandatory Submission of Audited Reports to DDA
The Dubai Development Authority Free Zone (DDA) formerly known as DCCA, has sent out a notification to DDA registered companies on 12th August 2022 stating the mandatory submission of Audited Financial Reports along with a summary sheet format as stated by the Dubai Development Authority Regulations to be prepared only by DDA approved auditors.
All DDA registered companies except freelancers are mandated to submit their audited financial reports by 30th November 2022. Furthermore the audit of financial statements are required to be prepared every year, within six months of the end of the financial year.
Following are the Penalties prescribed for Non-Compliance:
• Non Renewal of Trade License
• Penalty for Non Compliance of DDA Regulations.
This guideline is applicable to all Free Zones under DDA:
• Dubai Media City
• Dubai Internet City
• Dubai Studio City
• Dubai Outsource City
• Dubai Knowledge Park
• Dubai Production City
• Dubai International Academic City
• Dubai Science Park
• Dubai Design District
How can Excellence help you?
We Excellence are DDA registered auditors and conduct financial audits in accordance with International Standards on Auditing (ISA) and International Financial Reporting Standards (IFRS). We prepare the summary sheet as per guidelines set by the DDA without which the audit report will be reprimanded.
We also identify areas for improvement and suggests steps to achieve organizational goals and actively contribute 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.