The Dubai Multi Commodities Centre (DMCC) Free Zone, located in Jumeirah Lake Towers (JLT), offers a range of business benefits including flexible licensing options, streamlined office setups, and hassle-free establishment procedures. However, one of the key compliance requirements for companies operating within the DMCC is the mandatory auditing of their financial records by registered auditors approved by the DMCC Authority.
Under the DMCC Authority (DMCCA) Regulations No. 1 of 2020, which replaced the previous 2013 regulation, companies must use approved auditors from the DMCC's Approved Auditors List. This list ensures that member companies receive high-quality audit services in compliance with local and international accounting standards, including IFRS (International Financial Reporting Standards). Auditors are selected based on their reputation, adherence to best practices, and track record of conducting reliable financial audits.
As per the DMCC regulations, all member companies must submit their audited financial statements to the DMCC Authority within 90 days following the end of their fiscal year. This requirement is critical for maintaining regulatory compliance and renewing trade licenses.
The DMCC has established clear guidelines to ensure cooperation between companies and auditors. Companies are required to maintain accurate records and provide auditors with all necessary financial documentation. They are prohibited from giving false information, withholding important details, or destroying documents that are essential for the audit process.
To conduct an audit, DMCC-approved auditors require a range of documents from the company, including:
These documents help auditors assess the company’s financial status and ensure compliance with DMCC regulations.
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