Approved Auditors in DMC
Dubai Media City (DMC) is the region’s most popular media free zone that houses the largest global and local media brands. It’s a community where freelancers, startups and large enterprises co-exist, contributing to Dubai being named “The capital of Arab Media 2020”. They offer services such as: Commercial Services, D/Quarters & Boutique Studios. In order for your media-based company in DMC to grow, proper auditing is required. This article will discuss:
| – | Types of business in DMC |
| – | Why is Auditing in DMC Required? |
| – | Auditing services in DMC |
| – | Documents required for auditing in DMC |
| – | Requirements to choose an Auditor for DMC |
| – | How can Mubarak Al Ketbi Chartered Accountants help you in Auditing your DMC Company? |
Types of Businesses in Dubai Media City:
There are many different types of business in DMC, but the most common ones include:
| – | Sole Trader |
| – | Partnership |
| – | LLC |
| – | Government Owned |
| – | Public/Private Limited Company |
Why is Auditing in Dubai Media City required?
For many businesses in the UAE, profit & growth are the main objectives. Accounting helps to achieve that goal by two different ways:
| 1. | To keep record of a company’s finances. Whether the company is making a profit/loss, if the company is able to pay off their debts, or if the company should undergo company liquidation. |
| 2. | For correct filing. UAE is a prime region for business & trade. In response, they have a lot of requirements to follow and documents to be filled. Documents like VAT Filing, Financial Statements & the newly-implemented Corporate Tax filing |
Auditing allows you to maintain correct accounting records by detecting & removing errors.
Auditing Services in Dubai Media City:
When selecting an auditor for your company in D3, you need to make sure the following two requirements are met:
As was already noted, hiring an independent auditing firm is mandatory for all enterprises operating in DMC. To find and fix any mistakes, the auditing firm will examine the ledgers, bank accounts, main entry books, and business documents. In addition, the auditing firm will guarantee that the accounting procedure conforms to the United Arab Emirates’ particular rules, such as those pertaining to countering the financing of terrorism (CFT) and anti-money laundering (AML), as well as international financial standards (IFRS)
Documents required for Auditing in Dubai Media City:
As previously mentioned, all businesses operating in the D3 are required to hire an independent auditing agency. The auditing company will review the primary entry books, financial accounts, business records, and ledgers to identify and correct any errors. Furthermore, the auditing company will ensure that the accounting process complies
with international financial standards (IFRS) and specific laws implemented in the United Arab Emirates, including those concerning anti- money laundering (AML) and countering the financing of terrorism (CFT).
Documents required for Auditing in Dubai Media City:
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 |
Requirements to choose an Auditor in Dubai Media City
When choosing an auditor for your business in DMC, you must ensure that the two conditions listed below are satisfied:
| 1. | Auditing cannot be done internally. Businesses with their own finance department can manage accounting internally, but external audits require the assistance of an auditor or auditing company. |
| 2. | The auditor must be approved by the free zone. The Dubai Media City Authority must approve an audit before a Dubai auditor may audit a firm in a DMC. The Ministry of Economy has to verify their credentials, degrees, and exams before they may conduct audits. Since Mubarak Al Ketbi Chartered Accountants is an auditing company approved by Dubai Media City, we can assist! |
How can Mubarak Al Ketbi Chartered Accountants help you in Auditing your Dubai Media City Company?
For your auditing needs in the United Arab Emirates, you must use an outside auditing firm. A company like this must have received approval from Dubai Media City and the Ministry of Economy. Among the top auditing companies in the UAE is Mubarak Al Ketbi Chartered Accountants. With more than 20 years of experience, we have more than 2,000 happy clients. We offer a broad variety of services, including corporate taxation, accounting, auditing, and business liquidation. Contact us right now, and we’ll provide you with excellent assistance