Dubai World Central (DWC)
Dubai World Central, also recognized as Dubai South Free Zone, is situated in Jebel Ali, approximately 37 kilometers southwest of Dubai, and officially inaugurated on June 27, 2010. It constitutes the central component of Dubai South, an extensively planned complex encompassing residential, commercial, and logistics facilities.
Upon its full completion, the airport is envisioned to integrate various transportation modes, logistics infrastructure, and value-added services, including manufacturing and assembly, within a unified free economic zone. Positioned close to Al Maktoum International Airport and strategically adjacent to the Expo 2020 grounds, this Dubai free zone is experiencing growing popularity. Capitalizing on its strategic positioning that connects major air and seaports, Dubai South is conveniently accessible with a brief 5- 10-minute drive from Jebel Ali seaport, a globally renowned port.
Dubai World Central serves as a crucial gateway to the vibrant markets of the Middle East, Africa, and South Asia. With a primary focus on logistics and aviation, it currently hosts over 800 diverse business activities, spanning transportation, retail, hospitality, food and beverage, education, and information technology.
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. When is the deadline for submitting audited financial statements to the DWC authority?
- Registered entities must submit their audited financial statements to the authority within 90 days from the conclusion of the respective financial year.
2. What are the justifications for the External Audit Requirement?
- The External Audit requirement is driven by various factors, one being that independent audits offer the authorities essential insights to ensure effective regulation of the business environment within the free zone. Conducted by impartial auditors, the External Audit report assures the free zone authority that financial statements are comprehensive and compliant with relevant accounting standards and regulations. Additionally, the audit report serves to detect any potential wrongdoing or misconduct by the companies.
3. Is an audit obligatory for DWC?
- Yes, companies in DWC are mandated to submit their audited financial statements within 90 days from the conclusion of the company’s financial year. Audits for DWC companies must be conducted exclusively by auditors approved by DWC. Failure to adhere to the submission deadline may result in fines, as well as non-renewal or suspension of licenses.
