Is it necessary for DMCC companies to conduct audits?

Yes, Auditing is mandatory for all Dubai Multi Commodity Centre (DMCC) Member Companies. In accordance with DMCC Company regulations, an auditor possesses to be appointed by every DMCC member Companies. Each DMCC companies should confirm that auditor is registered as an Approved Auditor in DMCC and is listed within the Approved Auditors List.

When should DMCC Financial Reports be submitted? 

Within 90 days following the end of the financial year, the company must submit its financial accounts to be audited by a DMCC Approved Auditor. If the company fails to meet this deadline, the company may be fined and its business trade license may be revoked.

What is the DMCC Audit Process for a Business?

A DMCC corporation is expected to keep all of its financial records for the previous five years. It is also recommended that these firm records be audited on a regular basis to avoid any unexpected surprises when the documents are submitted to the DMCC authority at the conclusion of the financial year.

There are numerous benefits to having a business audited, including assisting company management in understanding the current financial status of the company and assisting in the maintenance of financial records that are useful for filing taxes.

What records are necessary during a company’s audit?

If the need arises, the Authority in DMCC has the authority to request any required document from the client during the audit.

Why choose Parker Russell UAE for the Audit in DMCC?

In the DMCC Free Zone, Parker Russell UAE can help you with all of your auditing and accounting needs. We are DMCC-approved auditors who have assisted hundreds of businesses in the DMCC Free Zone with their audits.

Our team of seasoned chartered accountants goes beyond the basics to bring real value, ensuring that auditing plays a strategic and productive role in today’s corporate governance climate.

 

Interested to learn more about our external audit?