The Dubai Multi Commodities Center Authority is known as DMCC. DMCC: In accordance with the implementing regulations, a DMCC Member Company is required to submit the auditor’s signed and stamped Audited Financial Statements Summary Sheet and the Audited Financial Statements Report via a designated online service request on the member portal within 90 days of the end of each fiscal year. According to the Authorized Auditors Regulations (AAR) published on January 12th, 2017, it is the duty of each DMCC member business to make sure that their assigned auditors are registered with DMCC as DMCC Approved Auditors and is mentioned in the Approved Auditors List (AAL). If a company is registered as a branch company and has a group auditor, then these requirements do not apply to the auditors chosen to audit the company.
DMCCA Audit Report Submission Guidelines
The template “Company Audited Financial Statements Summary Sheet” can be downloaded from https://www.dmcc.ae/download_file/534/685
The auditor must then print the Company Audited Financial Statements Report Summary Sheet on their letterhead, fill it out, sign, and stamp it before attaching it to the Audited Financial Statements report.
Members must file a service request titled “Submit Company Audited Financial Statements Summary Sheet and Report” on their portal once the two documents have been generated, signed, and stamped by the auditor. To do so, they simply log into their account, navigate to Company Services, and then select Compliance Services. The fee of this service request does not apply.
The “Business Audited Financial Accounts Summary Sheet” asks members to fill up the fields with the appropriate figures and information.
Members are asked to check the declaration box to attest that the information they have submitted is accurate and genuine; they should be aware that entering false information is illegal. Click “Save” once more.
Members must choose the Listed Auditor Name from the drop-down list in order to change the auditors’ details.
The two documents must then be uploaded by the members before pressing “Submit”. Report on the audited financial statements 1. (Only copy is required) 2. Summary of Audited Financial Statements (Only copy is required)
An original copy of the company’s audited financial statements shall be stored securely in the company’s custody and made accessible to the DMCC Inspection Team upon request.
There are many advantages to setting up a business in the Dubai Multi Commodities Centre (DMCC) Free Zone, which is situated in the Jumeirah Lake Towers (JLT). These advantages include various licence types, adaptable office layouts, and simple business setup procedures. Yet it is a requirement that companies operating in the DMCC Free Zone have their books of accounts reviewed by registered and approved auditors with the DMCC Authority.
Company Auditing DMCC Rules
In accordance with the recently published Authorized Auditors List Rules, the Dubai Multi Commodities Centre Authority (DMCCA) has added Dubai auditors to the DMCC Approved Auditors List, which replaces the DMCC Regulation No. 1 of 2013. The DMCC claims that the list of authorised auditors would guarantee the highest calibre audit services provided to the companies operating in the DMCC.
The audit firms that have reputable chartered accountants, adhere to the best practices and accounting standards of national and international reporting standards, such as IFRS (International Financial Reporting Standards), have international affiliations, and have a history of performing financial audits are listed as the registered audit firms with DMCC.
The DMCC ensures that the Audited Financial Statements accurately and honestly reflect the financial status of the Member Companies by using the services of registered auditors in Dubai.
The DMCC website states that the Authorized Auditors List Regulations, which will be implemented gradually, also require all DMCC member companies to submit their audited financial statements through a DMCC Approved Auditor. The DMCC stipulates that the audited financial accounts must be delivered within 90 days of the end of the fiscal year
Contact us at @ +971 45 570 204 / Email Us : [email protected], and one of our DMCC Approved Auditors will provide you with a free one-hour consultation.
Related Topics
Top Audit Firms in Dubai, UAE 2023
Top Audit Firms in Dubai, UAE 2022
Accounting and Bookkeeping services in Dubai
Economic Substance Regulations(ESR) Dubai UAE
