Approved Auditors in DIFC
Dubai International Financial Centre (DIFC) is a leading world-class business & lifestyle free zone. It is an ideal place for many financial businesses, as they have an Innovation Hub, Corporate Academy & Family Wealth Centre. In order for your financial business to grow, proper auditing is required.
| – | Why is Auditing in DIFC Required? |
| – | Requirements to choose an Auditor for DIFC: |
| – | Auditing services in DIFC: |
| – | Documents required for auditing in DIFC: |
| – | How can Mubarak Al Ketbi Chartered Accountants help you in Auditing your DIFC Company? |
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Why is Auditing in Dubai International Financial Centre Required?
Accounting is a must for any business in the United Arab Emirates. Accounting may help evaluate a company’s financial information, such as its profitability, debt-paying capacity, and suitability for corporate liquidation. It also helps to complete the necessary documentation for things like new corporate tax filings, VAT deregistration, and business deregistration.
In the accounting process, errors have the potential to be quite lethal. It can skew the company’s financial image, and it can easily result in large fines if fake documentation is submitted to meet legal requirements. This is where audits are held. By identifying and removing errors, auditing assists the business in getting rid of accounting errors.
Requirements to choose an Auditor for Dubai International Financial Centre:
When selecting an auditor, keep the following two points in mind:
Auditing must be done externally. Accounting can be handled internally, but auditing needs to be handled by an outside auditor or auditing firm. This is due to the fact that auditing necessitates extensive training, credentials, and degrees in order to get qualified.
| 1. | Auditing must be done externally. Accounting can be handled internally, but auditing needs to be handled by an outside auditor or auditing firm. This is due to the fact that auditing necessitates extensive training, credentials, and degrees in order to get qualified. |
| 2. | The auditor must meet some criterias him/herself. The Ministry of Economy must certify them. The authorities of the free zone should also approve their request to audit that business. The Dubai International Financial Centre has certified Mubarak Al Ketbi Chartered Accountants to conduct audits for businesses located inside the free zone! |
Auditing Services in Dubai International Financial Centre:
As was previously noted, using an external auditing organisation is mandatory for all enterprises operating inside the DIAC. The auditing company will review the bank accounts, ledgers, main entry books, and business papers in order to identify and correct any errors. Furthermore, the accounting method will be ensured to comply with the specific regulations of the United Arab Emirates by the auditing company. These laws include those related to international financial standards (IFRS), anti-money laundering (AML), and counterintelligence financing (CFT).
Documents required by an Auditor in Dubai International Financial Centre:
| 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 Financial Centre:
For your auditing needs in the United Arab Emirates, you have to work with an independent auditing company. Such a corporation must have received approval from Dubai International Academic 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. Please contact us at this time, and we will be pleased to assist you
