Approved Auditors in DWTC
Dubai World Trade Centre (DWTC) is the leading epicentre for events and businesses in the heart of the city. They provide an amazing space to host events, celebrations and business gatherings. They have strategically located themselves in the centre of the region’s economy. WIth over 1 million square feet of space, Dubai World Trade Centre is the first choice for industry gatherings. To make sure your business thrives in DWTC, Auditing in Dubai World Trade Centre is required. This article will discuss:
| – | Types of business in DWTC |
| – | Why is Auditing in DWTC Required? |
| – | Requirements to choose an Auditor for DWTC |
| – | Auditing services in DWTC |
| – | Documents required for auditing in DWTC |
| – | How can Mubarak Al Ketbi Chartered Accountants help you in Auditing your DWTC Company? |
Types of business in Dubai World Trade Centre:
There are many types of business in DWTC, but the most common ones include:
| – | Sole Trader |
| – | Partnership |
| – | LLC |
| – | Government Owned |
| – | Public/Private Limited Company |
Why is Auditing in Dubai World Trade Centre required?
Laws and regulations must be followed in the United Arab Emirates. Financial statements, newly introduced corporate tax filings, and VAT filings must all be submitted to the government for examination. Heavy penalties and potential detention must be imposed if their auditors discover even the smallest error. These sanctions are so severe that they are detrimental to growing companies. A corporation needs effective auditing in order to have error-free accounting, which is necessary to stop such things from happening.
Auditing is the process of correcting the errors that occur during accounting.
Requirements to choose an Auditor in Dubai World Trade Centre:
There are two criteria that must be fulfilled when choosing an auditor for your business:
| 1. | Self auditing is not possible. Although accounting may be completed internally, that is, using the enterprises that have their own finance department), external audits by employing an auditor or auditing firm is required. |
| 2. | Approval of the auditor is required. The Dubai Silicon Oasis must appoint the auditor as qualified to audit a firm in DSO. In addition, they need the Ministry of Economy’s consent to conduct audits, along with documentation of their degrees, certifications, and exams. You may get assistance from Mubarak Al Ketbi Chartered Accountants, who are DSO registered accountants! |
Auditing Services in Dubai World Trade Centre?
As previously mentioned, all businesses participating in DSO are required to hire an external auditing company. The auditing company will review the primary entry books, financial accounts, corporate records, and ledgers to identify and correct any errors. The auditing company will also ensure that the accounting process complies with international accounting standards (IFRS) and specific UAE-based laws like Combating Financing of Terrorism (CFT) and Anti-Money Laundering (AML).
Documents required for Auditing in Dubai World Trade Centre:
The documents required are:
| 1. | Business License |
| 2. | Memorandum of Association. |
| 3. | Articles of Association. |
| 4. | All owners/shareholders visas, passports & customs documents. |
| 5. | Financial Statements. |
| 6. | Bank Statements |
| 7. | Trial Balance. |
| 8. | All accounting ledgers. |
| 9. | Sales & Purchases invoices. |
| 10. | Receipts & proof of transactions |
How can Mubarak Al Ketbi Chartered Accountants help you in auditing your Dubai World Trade Centre Company?
Hiring an outside auditing firm is required in the UAE for your auditing needs. The Ministry of Economy, the appropriate free zone, and appropriate industry experience should all have granted approval to that firm. Mubarak Al Ketbi Chartered Accountants is one of the best auditing firms in the United Arab Emirates. We have more than 2,000 satisfied customers and more than 20 years of expertise in a wide range of services, such as corporate tax, accounting, auditing, and company liquidation. Get in touch with us now, and we’ll provide you with excellent service