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DMCC Auditors and Accountants
DMCC Auditors and Accountants
DMCC Auditors : Approved Auditors in DMCC
DMCC Auditors: Saif Chartered Accountants (SGA SAIF) are the approved Auditors in DMCC. We provide auditing, accounting, and tax services for all DMCC companies.
Auditing Regulations for DMCC Companies
As per the Approved Auditors Rules (AAR) issued on 12th January 2017, DMCC member companies must make available their Signed and Stamped Audited Financial Statements Summary Sheets and the Signed and Stamped Audited Financial Statements Report through a designated online service request on their member portal within 90 days after the end of each financial year. It is the responsibility of each DMCC member company to ensure that their appointed auditor is registered as an Approved Auditor with DMCCA and is listed in the Approved Auditors List (AAL). These rules do not apply to auditors appointed to audit DMCC member companies registered as a branch company provided such a company has a group auditor.
DMCC Auditors : Audit Process in DMCC Free Zone
A number of regulations have been outlined in the DMCC Free Zone that require businesses and officials to cooperate with the DMCC approved auditors. A company may not make a false, misleading, or deceptive statement to an auditor. Generally, companies are not permitted to conceal information from auditors or omit certain information.
DMCC requires that the Directors of every company operating there obtain the services of an auditor to examine and review the transactions of their business, ensuring it is accurate, proper and all information is correct. The director will have to provide a copy of the completed audit statement and auditor’s report to the DMCC within 5 days after this information has been presented to the board of directors meeting. The reports provided will be required to comply with international financial reporting standards - IFRS and show a comprehensive overview of the company’s profit and loss for the given period.
What are the requirements for DMCC-approved auditors to conduct the financial audit?
In order to carry out the audit and assurance process, auditors may ask DMCC companies to provide documents that correspond to the relevant period. The auditors will use these documents to draw an opinion on the financial position of DMCC companies at year end, as well as to analyze their financial statements at the year end and comply with DMCC authority regulations.
As your DMCC auditors, why should you choose Saif Chartered Accountants?
The Dubai Multi-Commodity Centre (DMCC) Freezone has a strict guideline regarding the auditing process of member companies. The DMCC periodically prepares a list of approved auditors who strictly adhere to regulations and International Financial Reporting Standards (IFRS). Saif Chartered Accountants is one of the leading auditing firms in Dubai, UAE that is registered with the DMCC as an approved auditors list.
We have a full-fledged team with professional qualifications and experience in the field of accounting, auditing and business consultancy. Established in 1994, with offices in Dubai, Hamriyah Free Zone, Sharjah, and associate offices in RAK Free Trade Zone, London, Cardiff and India. Saif Chartered Accountants cater to a wide spectrum of clientele from diversified industries located in UAE.
DMCC Approved Auditors 2023 – Listing Details
Updated approved auditors list for DMCC 2023: Click here
S.L Number : 154, Account Number : 148497, Name: Saif Chartered Accountants, 1106, The Prism, Business Bay, Dubai.
Phone : 04 4518600, Mob: +971 503244029 | Chat on WhatsApp :+971 50 627 3556 | Email: [email protected]
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Guidelines to Submit Audit Report to DMCC
Members are requested to advise their auditors to download the template “Company Audited Financial Statements Summary Sheet”
www.dmcc.ae/managing-acompany > Compliance Services > Company Audited Financial Statements Summary Sheet.
The auditor will then need to complete, sign and stamp the Company Audited Financial Statements Report Summary Sheet and print it on the auditor’s letterhead along with the Audited Financial Statements report.
Once members have the two documents prepared, signed and stamped by the auditor, they will need to log on their portal and go to Company Services, then click on Compliance Services, where they will need to create a service request titled “Submit Company Audited Financial Statements Summary Sheet and Report”. Please note that this service request is free of charge.
Members are requested to fill out the fields by entering the numbers and details as stated in the “Company Audited Financial Statements Summary Sheet”.
Members are requested to tick the declaration box to confirm that the information provided is true and correct; noting that it is an offence to enter false information. Then, click “Save”.
Members are required to update the Auditors Details by choosing the Listed Auditor Name from the drop down list.
Members will then need to upload the two documents and then, press“Submit”. (Audited Financial Statements Report (Only copy is required) & Audited Financial, Statements Summary Sheet (Only copy is required)
Note: The original Company Audited Financial Statements Summary Sheet should be kept safely in the company’s possession and made available upon request by the DMCC Inspection Team.
Frequently Asked Questions : DMCC Auditors
Each DMCC Company must upload their Audited Financial Statements and Summary Sheet to the DMCC portal within 90 days of the end of the financial year. However, the Authority may grant an extension in certain circumstances. Additionally, the Authority reserves the right to request additional documents at any point in the process and may also request original documents during an inspection.
DMCC maintains a yearly-reviewed roster of approved auditors, and publishes an updated list of such auditors annually.
Failure to submit audited financial statements within 90 days of the financial year end by an approved DMCC auditor can result in fines as per DMCC Company Regulations. Additionally, there is a risk of non-renewal of the trade license in DMCC.
The directors of a Company must prepare and approve financial accounts and arrange for these to be audited by an auditor approved by DMCCA and approved by the shareholders of the company within six months after the end of the financial year of the Company.
A copy of the company accounts and auditor's report must be filed with the Registrar within
five Business Days of the relevant shareholders meeting approving the audited accounts.
An auditor is appointed by the shareholders passing an Ordinary Resolution at a General Meeting. The shareholders may at any time remove an auditor by passing a Special Resolution. If an auditor resigns, the shareholders must meet to appoint a new one.
For a company to appoint an auditor, the auditor must meet the following conditions:
Regarding auditors, the following rules apply:
DMCC Approved Auditors List 2023
DMCC Approved Auditors List in Accordance to DMCC Approved Auditors Rules, version1.0Click here for complete list (S. No. 154, Account Number: 148947, Saif Chartered Accountants)
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