Approved Auditors in DIAC
Dubai International Academic City (DIAC) is a free zone dedicated to higher education, housing key global and local internationally accredited universities, and attracting students from all around the world. Dubai International Academic City plays a key role in enabling, advancing and promoting Dubai’s position on the regional and global education scale. In order for your educational business to grow, proper auditing is required. This article will discuss:
| – | Why is Auditing in DIAC Required? |
| – | Requirements to choose an Auditor for DIAC: |
| – | Auditing services in DIAC: |
| – | Documents required for auditing in DIAC: |
| – | How can Mubarak Al Ketbi Chartered Accountants help you in Auditing your DIAC Company? |
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Why is Auditing in Dubai International Academic City Required?
In the UAE, accounting is necessary for all companies. Accounting may assist in assessing a firm’s financial data, including its profitability, ability to pay off debt, and whether or not it should go through corporate liquidation. For items like company deregistration, VAT deregistration, or new corporate tax filings, it also helps to file the appropriate paperwork.
Errors may be quite deadly in the accounting process, and this is a very real possibility. It can distort the company’s financial picture, and submitting false paperwork to comply with legal requirements can easily result in significant fines. This is the location of audits. Auditing helps the company eliminate mistakes from its accounting by finding and eliminating them.
| – | Sole Trader |
| – | Partnership |
| – | LLC |
| – | Government Owned |
| – | Public/Private Limited Company |
Auditing Services in Dubai International Academic City:
As was previously mentioned, all businesses operating in the DIAC are required to use an external auditing company. To find and fix any mistakes, the auditing firm will examine the bank accounts, ledgers, main entry books, and corporate documents. In addition, the auditing firm will guarantee that the accounting procedure complies with the particular laws of the United Arab Emirates, such as those pertaining to international financial standards (IFRS), anti-money laundering (AML), and anti-terrorist financing (CFT).
Documents required for Auditing in Dubai International Academic 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 |
How can Mubarak Al Ketbi Chartered Accountants help you in Auditing your Dubai International Academic City?
For your auditing needs in the United Arab Emirates, you have to work with an independent auditing company. The Ministry of Economy and Dubai International Academic City must have given its permission to such a company. Mubarak l Ketbi Chartered Accountants is one of the leading auditing firms in the United Arab Emirates. We have over 2,000 satisfied customers and over 20 years of expertise. We provide a wide range of services, such as accounting, auditing, corporate taxation, and business liquidation. Kindly get in touch with us right now, and we will be happy to help!