Dubai Multi Commodities Centre (DMCC)
Founded in 2002 to position Dubai as a key hub for commodity trading and enterprise access to the Middle East and beyond, DMCC has evolved into a pivotal economic force. It currently contributes significantly, representing 11% of all foreign direct investment in the emirate.
Consistently ranked as the top free zone worldwide for nine successive years, DMCC is the premier destination for global business activities. Serving as a dynamic hub for business, trade, and commerce, it accommodates a diverse spectrum of 24,000 companies, ranging from innovative start-ups to multinational corporations.
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. Is Auditing Mandatory for DMCC Companies?
- Yes, auditing is obligatory for all Dubai Multi Commodities Centre (DMCC) members. According to DMCC Company regulations, every DMCC member company must have an auditor who is registered as an Approved Auditor in DMCC and listed in the Auditors List.
2. Must DMCC Companies Submit Audited Financial Statements to the Authority?
- Every DMCC company is required to upload Audited Financial Statements and a Summary Sheet to the DMCC portal within 90 days after the financial year concludes. In certain cases, authorities may grant extensions. This requirement applies to all DMCC companies, including subsidiaries and branches. The DMCC Authority reserves the right to request additional documents at any stage and may ask for original documents during inspections.
3. What are the Consequences of Non-compliance with Auditing in DMCC?
- Failure to submit audited financial statements within 90 days of the financial year end may result in fines as per DMCC Company Regulations. Additionally, non-compliance poses a risk of trade license non-renewal in DMCC.
