Approved Auditors in Dubai Textile City
Dubai Textile City (DTC) is the joint venture between TEXAS and Dubai Port and Customs Authority to enable the textile dealers in the Emirate and other parts of the sphere. This free zone has a number of features like easy business setup and 24*7 assistance which can be a big boost for the companies’ setup in the area. DTC is an entity located in Al Awir Free Zone, promoting the storage of textile fabrics for long periods without enticing customs duty, which is 5% currently.
| – | Why is Auditing in DTC Required? |
| – | Requirements to choose an Auditor for DTC |
| – | Auditing services in DTC |
| – | Documents required for auditing in DTC |
| – | How can Mubarak Al Ketbi Chartered Accountants help you in Auditing your DTC Company? |
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Why is Auditing in Dubai Textile City required?
Any firm in the United Arab Emirates needs accounting. But because accounting is such a complex subject, mistakes can occur. In the United Arab Emirates, they may be quite lethal despite their abundance. Due to its popularity as a business location, the United Arab Emirates (UAE) has a number of rules and documentation that must be followed, including company liquidation documents, VAT filings, and corporate tax law. You face the risk of having your company shut down and facing heavy fines if you ignore them!
It is advised that your DTC firm undergo an audit in order to prevent these types of issues. Your accounting files may include inaccuracies that may be found and corrected by auditing, hence fixing their issues.
Requirements to choose an Auditor in Dubai Textile City:
There are two requirements to look out for when hiring an auditor:
| 1. | Auditing must be done externally. While accounting can be done both internally & externally (i.e from the financial department), auditing must be done externally by a third-party company. This is because auditing is a complex subject of accounting which requires degrees & qualifications to achieve. |
| 2. | The free zone must approve this auditor. The Dubai Textile City Authority must have the auditor in their “approved auditors list”. Mubarak Al Ketbi Chartered Accountants can audit your DTC Company, as we are approved by the DTC Authority! |
Auditing Services in Dubai Textile City:
The main service of an auditor is to find & remove errors from the accounting. They will review your ledgers, books of entry, entry notebooks, and financial accounts. Another of their main services is ensuring that accounting procedures comply with international standards like IFRS and UAE-based laws like Anti-Money Laundering (AML). The valuation of textile inventories is the last significant function provided by auditing a DTC company.
How can Mubarak Al Ketbi Chartered Accountants help you in Auditing your Dubai Textile City Company?
The auditing process can be quite difficult and must be done from an external auditor. This means that you must hire a quality auditor instead of hiring a cheaper one to save costs. One of the top auditing firms in the UAE is Mubarak Al Ketbi Chartered Accountants. We provide services in accounting, auditing, company liquidation, corporate tax & more. We have over 2000+ happy clients & 20+ years of experience working in the UAE. Contact us, and we promise you an excellent experience!
Documents required by an Auditing Company in Dubai Textile City:
The documents required are:
| 1. | Financial Statements. |
| 2. | Bank Statements. |
| 3. | Credit/ debit confirmation for all transactions. |
| 4. | Proof of bills and invoices. |
| 5. | Memorandum of Association (MoA). |
| 6. | Articles of Association (AOA). |
| 7. | Trade License. |
| 8. | Registration Details for VAT and Excise Tax. |
| 9. | Books of Accounts. |