Everything about DWC Approved Auditors in Dubai!
Dubai South Free Zone also known as the โDubai World Central free zoneโ is a
strategic business hub established by the Government of Dubai. It is the most
preferred place to live, work as well as invest in the global economy. It supports
every possible kind of business, and industry and creates jobs for people. It is
the host landmark of famous events in Dubai such as the World Expo 2020 and
the Dubai Air show. All DWC-approved auditors provide professional external
auditing and license renewal services to companies that is registered in Dubai
South Free Zone.
How does Auditing in DWC work?
Audiing is a must for all Dubai South Free Zone ( DWC) companies registered
under the โSAIFโ Zone. The companies registered under Dubai South ( DWC) are
subject to appointing only approved auditors in DWC as per the requirements of
Dubai South Authority should own a free zone trade license which is
required to be submitted with an audited annual financial statement at the time
of renewal of their free zone trade licenses. CDA is one of the leading
DWC-approved auditors, which provide outstanding auditing services in the
Dubai South Free Zone across the UAE.
The following are the benefits of doing business in the Dubai South Free Zone
without any restrictions,
โ The company can hold a bank account in the UAE
โ 100% foreign ownership and 100% repatriation of capital and profits
โ Uniquely built infrastructure
โ You will have close proximity to the Dubai Logistics Corridor
โ You can get complete exemption from all import and export duties
โ Experience a secure and regulated environment
โ Quality freehold and lease at competitive rates
โ Manage comprehensive client relationship management
โ Collection and processing of all documentation
You can also,
โ Streamline your business processes and cash flows of the company
โ Better decisions can be made regarding the future of the company
โ Decide the potential investment options and profitability
โ Transparency of the financial information of the company to make sure
there is potential growth
โ Control the cash flow by implementing various internal control procedures
External Auditing in DWC (Dubai South Free zone)
As per the regulations of audit in Dubai South Free Zone companies:
- All companies need to submit the audit financial statements to the Dubai
South authorities within 90 days from the end of the financial year - The audit report must be signed by approved auditors
- The consequence of failure to submit audit reports would be non-renewal
of (Dubai South) DWC trade license and penalties.
- ย
- ย
Audit Procedures
The following are the Audit procedures done with he help of registered auditors
in DWC:
โ An official audit engagement letter is signed by the client in Dubai South
and approved auditor in the south zone
โ A systematic study of the clientโs business and the volume of the business are
conducted
โ All approved auditors review the books and records, supporting
documents, legal documents, and financial statements
โ Compliance with international standards of auditing (ISAs) and
International Financial Reporting Standards (IFRS) are monitored
โ Compliance with the UAE Commercial Company Law, VAT Law, Economic
Substance Regulations are verified
โ Ensure the company has followed the Dubai South (DWC) regulations as
well
โ Review the compliance with VAT Regulations. VAT filings, Record
maintenance
โ Issuance of the audit report with a true and fair view
Why is Audit mandatory for DWC companies?
All DWC companies are obligated to audit their book of accounts by a DWC
registered auditor in order to,
- Ensure Trade License Renewal
- Prevent suspension of the existing trade license
- Avoid massive fines
- ย
- ย
According to the Memorandum of Association of DWC (Dubai South Free Zone), the DWC registered
company is required to submit their audited ๏ฌnancial reports within 90 days before the end of their
respective ๏ฌnancial year.
The document requirements should be:
-
- Submitted 90 before the end of the ๏ฌnancial year
- Signed by the authorized signatory
- Audited by an external DWC Registered Auditor
- ย
- ย
Why choose us for your audit services?
Nadeem and Umendra Chartered Accountants (NUF) is one of the exceptional
audit firms with DWC-approved auditors in Dubai, UAE. Our expert auditors will
offer you the best and right auditing approach to avoid intense risks and
assures exact detailed audit reports of your business’s financial operations. We
make your business environment evolve in the most efficient way.
With these essential insights into how DWC auditing works, its procedures and
requirements, get the right solution from the right experts for your Auditing
procedures!
Sign up today!
