Dubai International Financial Centre (DIFC)
Established in 2004, the Dubai International Financial Centre (DIFC) serves as a distinctive economic zone in Dubai, functioning as a pivotal financial hub for businesses operating in the Middle East, Africa, and South Asia (MEASA) markets. With the largest innovation community in the region, DIFC actively supports companies, fostering innovation and contributing to the generation of new economic value.
Over nearly two decades, DIFC has demonstrated a robust track record in facilitating trade and investment flows across the expansive MEASA region. Encompassing 72 countries with a collective population of approximately three billion people and boasting a nominal GDP of around USD 8 trillion, the region underscores the significance of DIFC’s role in the economic landscape.
Our Audit Approach
Requirement Assessment
We’ll determine the most suitable audit service for you based on your industry, selecting the
necessary audit cycles to prepare an accurate quotation.
Data Collection
Once services and quotations are approved, we’ll need specific data from the company for the
audit.
Developing and organizing the audit procedure
We create a personalized plan tailored to the client’s specific requirements, employing distinct methodologies for various audit types such as balance sheet audit, cash flow statement audit, fraud audit, inventory audit, cash audit, stock audit, and others.
Preparation of Audit Report
Audits are conducted across different sections, producing various reports. We scrutinize these documents to ensure alignment with the federal laws of the UAE. Following this, the reports are consolidated before being presented to the board of directors and shareholders.
Post Audit Assistance
The audit report provides comprehensive information for a thorough understanding of your company. Should you require additional support in implementing any changes based on the findings, we are at your disposal.
FAQ
1. What is the significance of engaging a DIFC Approved Auditor?
- Mandatory compliance dictates that companies must engage with DIFC Approved auditors for conducting audits. The DIFC has granted licenses exclusively to certain companies in the UAE, ensuring that only these licensed entities are authorized to carry out approved auditing processes.
2. What advantages come with employing a DIFC Approved Auditor for your financial reporting and auditing requirements?
- These auditors offer the following benefits to companies: Ensuring adherence to DIFC’s common reporting standards. Compliance with auditing laws and tax regulations. Ensuring compliance with VAT and other pertinent tax regulations.
3. How does a DIFC Approved Auditor contribute to upholding compliance with DIFC regulations and standards?
- These approved auditors guarantee the transparency of financial records in alignment with established laws and regulations. Additionally, they ensure the preparation of balance sheets under the International Financial Reporting Standards (IFRS).
