Auditing is an important part of every business. It’s proof that a company’s reporting benefits from unrestricted and accurate auditing. Furthermore, it improves reporting openness, trustworthiness, and relevance. Assessments identify all opportunities for evaluating the opinion, ideally through dialogue, and then providing critical suggestions to improve plans and increase operational effectiveness.
Each firm must appoint an auditor, according to article (62) of the DMCC Company Regulations. The auditors must report to the company’s shareholders and prepare an audit report of the annual accounts, according to clause (64) of the DMCC Company Regulations. A punishment is imposed if a corporation fails to produce audited financial accounts within three months of the year’s end.
Under DMCC Company Regulations Article 71.3, within six months after the end of the financial year of the Company, the accounts for that period must be:
(a) Prepared and approved by the Directors;
(b) Examined and reported on by an auditor approved by DMCCA; and
(c) Laid before a General Meeting for discussion and, if thought fit, approved by its Shareholders together with a copy of the auditor’s report.
The AFS and summary sheet needs to be submitted for Company Name considering the following Financial Year Information:
Financial Year Start Date: (01/01/2021)
Financial Year End Date: (31/12/2021)
Final Submission Date: (29/06/2022)
The signed and stamped AFS copies and summary sheet must be uploaded online through the member portal.
Failure to submit the said AFS by this date would be incurred with a sanction on DMCC member portal account, and therefore may not be able to submit any form of request including renewal of license until AFS has been submitted.
As DMCC Approved Auditors, Excellence ensures that DMCC member companies abide all the DMCC Free Zone’s rules and regulations. With our assistance, we guarantee you that the audit for your companies is completed and submitted in compliance with the DMCC rules and regulations by the deadline.
