BMS Auditing has appointed a list of approved DMCC auditors to provide the best and most timely audit service in DMCC to ensure DMCC compliance in the UAE. Audit in DMCC is the critical scrutiny of financial statements by an external party to detect and prevent errors and fraud. All DMCC companies are required to submit their audited annual financial accounts to the DMCC authorities by a DMCC-approved auditor.
DMCC Free Zone Approved Auditors
DMCC Approved Auditors are professional auditing firms in UAE that DMCC has accredited to perform audits on the financial statements of companies registered within the DMCC-free zone. These auditors are authorized to assess and verify the accuracy and reliability of financial records, ensuring compliance with accounting standards and regulations.
The DMCC-approved auditor must check that the company's accounts are included in the accounting records and returns. Then, he or she must confirm that the company's accounts are under IFRS.
The audit firm should guarantee that the company follows AML and CFT requirements while doing business. If the customer is involved in money laundering operations, it is necessary to notify this.
BMS Auditing has a list of DMCC-approved auditors in UAE who can prepare and submit financial statements using the required audit documents from a DMCC Freezone company.
Audit in DMCC
DMCC Free Zone, located in the Jumeirah Lake Towers (JLT) offers a variety of advantages while setting up a company including different types and activities of licenses, flexible office structures, and hassle-free business setup procedures. For any business that is established in DMCC, it is mandatory to get their books of accounts audited by approved auditors and submit them to the (Dubai Multi Commodities Centre Authority) DMCCA. Hence, It is recommended to reach out to a reliable audit firm that is approved by DMCC
DMCC Audit Deadline
DMCC audit submission deadline for 2024 has been extended to 30 September 2024. This deadline applies to the submission of annual audited financial statements for the financial year.
It is important to note that this extended grace period will only be valid until 30 September 2024, and no further extensions will be considered beyond this date.
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Why auditing is mandatory for DMCC companies?
Every DMCC Company is required to post the Audited Financial Statements and Summary Sheet to the DMCC site within 180 days of the end of the fiscal year. In certain situations, the authorities may grant a time extension.
The DMCC Authority may request new papers at any time throughout the procedure, as well as the original documents, during the inspection.
If a business fails to file financial accounts audited by authorized auditors in DMCC within 180 days of the fiscal year-end, it would face penalties under the DMCC Company Regulations. Furthermore, there is a chance of DMCC's trading license not being renewed.
List of Documents Required for BMS Auditing
List of Documents required to be available with DMCC Entity for Annual Audits
- Corporate Governance Related Documents
- Memorandum of Association
- Articles of Association
- Company bylaws
- Bank Details
- Detailed listing of all bank accounts, including:
- Bank names
- Account numbers
- Authorized signatories
- Bank confirmations of account balances
- Records of Transactions
- A record of all transactions taking place in the company for the audit period
- Transaction documents like bills, invoices, and purchase orders
- Financial Statements
- The trial balance of the company
- This is a very important document because it forms the basis upon which all the figures represented on the financial statements will be drawn from
It is from that aspect that BMS Auditing would ensure that all such documents are available at the time of the audit. Our experts will help guide one through step by step to ensure 100% compliance with DMCC regulations and UAE Accounting Standards.
Audit Firms in DMCC
BMS Auditing is one of the top audit firms in the DMCC free zone that has the most reliable and approved DMCC auditors in UAE providing efficient and timely approved DMCC audit services in Dubai, UAE. Our experienced auditors in Dubai will help you identify the risks involved in business operations. We also specialize in offering audits for multinational companies globally and thus become a renowned firm.
Advantages of Audit services in DMCC
Companies registered in DMCC free zone can get many advantages of audit in DMCC, some of the highlights are:
- Better accuracy and transparency in the financial statements
- Assures and guarantees the authenticity of the information
- Forecast the budgets and initiate the plans for growth
- Timely renewal of trade license
- Assess the cash flows and implement internal control procedures
BMS Auditing - Approved Auditors in DMCC
BMS Auditing stands as a premier DMCC-approved audit firm in Dubai, UAE. Our expert team of chartered accountants specializes in comprehensive financial analysis and statement verification for DMCC Free Zone companies, utilizing supporting documents to ensure accuracy. As industry leaders, we're dedicated to enhancing your corporate governance practices through our diverse range of professional audit services. Our offerings include financial, external, internal, ICV, stock, IT, forensic, due diligence, and risk management audits, as well as other specialized auditing services. At BMS Auditing, we pride ourselves on delivering unique, tailored audit reports that meet varied corporate needs. For unparalleled DMCC audit expertise and services designed to add significant value to your business, we invite you to contact us today.
Our auditing company provides exceptional and unique audit reports, and we are offering all varieties of professional audit services to satisfy diverse corporate demands, including:
