How does Audit work in DMCC in Dubai?
Dubai Multi Commodity Centre (DMCC) was founded in 2002 by the Government of Dubai which was directed to offer physical, market and financial set up to initiate a global commodity trading hub. It offers trading of precious products like gold, diamonds, colored stones, pearls and various other products. It is also referred as Gateway to Trade as it paves the way for Global trade.
Auditing is compulsory for all members company of DMCC (Dubai Multi Commodity Center). For such auditing to be conducted periodically, every member company must appoint approved auditor in Dubai. By approved auditor it is meant that an auditor who is registered and listed as approved auditor in DMCC.
Every member company of DMCC must submit their Audited Financial Statement and summary sheet on the official portal of DMCC within 90 days from the end of its financial year. If they fail to do so, then they will be liable to pay fine under the DMCC Company Regulations. Further, there is also a risk of non-renewal of trade license.
The following are the list of documents to be maintained and submitted for auditors in Dubai.
- Legal documents – Memorandum of Association (MOA), Articles of Association (AOA), and Trade license copy, Share certificate, certificate of incorporation Tenancy contract etc.
- Bank statements and confirmations from banks.
- Balance confirmation from debtors, creditors and third parties.
- Statement of deposits from the DMCC portal.
- Copies of Ledgers, sales invoices, purchase bills, expenses bills etc.
- Complete set of books of accounts, trail balance etc.
- Such other information as the auditor may consider necessary.
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