Dubai Multi Commodities Centre DMCC is recognized as the fastest growing and largest Free-Zone in the world with over 19,000 registered companies. It is a government entity established in 2002 to enhance commodity trade flows through Dubai, performing several roles which have firmly established Dubai as a regional and international commodities trading hub.

DMCC regulates, promotes and facilitates trade across a range of commodities including gold, diamonds, pearls, precious metals, coffee and tea. Major multinational companies, SMEs and start-ups in the commodities sector have made DMCC Free Zone their home.

BENEFITS OF COMPANY FORMATION IN DMCC

DMCC's facilities and free zone benefits foster all the needs and requirements of all types of business activities in the world. DMCC has been rated 'A' by Standard and Poors. Setting up a company in DMCC will not only bring a great brand name for your company, but also you will be benefited from the following advantages:

  • 100% foreign business ownership
  • Total exemption from corporate tax and personal income tax, guaranteed for 50 years
  • 100% capital repatriation and retention of business profits
  • Easy licensing procedures for a range of business activities
  • Plug-and-play office installations
  • Easy lease or sale optional available for offices at competitive rates
  • Immigration services to take care of all visa and work permit requirements
  • Networking opportunities like events, workshops, and exhibitions
  • Trade regulations and compliance standards training periodically to stay up to date on the latest in the legal framework
  • Access to trading commodities like gold, diamond, and commodities of exchange
  • Lucrative investment opportunities for both investors and businesses
  • No currency restriction
  • A regulated and secure business environment

SUBMISSION OF AUDITED FINANCIAL STATEMENTS

Every Company must keep accounting records including underlying documents which are sufficient to show and explain its transactions so as to disclose with reasonable accuracy on the financial position of the Company at any time.

According to the implementing regulations, a DMCC Member Company has to upload the auditor's signed and stamped Audited Financial Statements Summary Sheet and the Audited Financial Statements Report via a designated online service request on the member portal within 90 days after the end of each financial year.

These rules do not apply to auditors appointed to audit DMCC member companies registered as a branch company provided such a company has a group auditor.

Original documents should be well maintained with the company and made available upon request by the DMCC Inspection Team. Submission of Audited Financials is applicable to all DMCC companies including subsidiaries and branch companies.

For an Audit Firm in Dubai, Abu Dhabi, Sharjah, UAE to be approved as an Approved Auditor and listed on the Approved Auditor List, the Audit Firm must be able to confirm that the Audit Firm satisfies the following minimum requirements:

  • The Audit Firm has an Auditing Partner with Accounting Qualification and a minimum of 10 years of experience;
  • The Audit Firm has a valid commercial/professional trade license from a recognized competent authority within the UAE that permits auditing;
  • The Audit Firm has a physical location in the UAE;
  • The Audit Partner has a valid certificate from the UAE Ministry of Economy;
  • The Audit Firm has shown sufficient capacity and professional qualifications of personnel who will be providing audit services to a member;
  • Accounting Qualification means a professional qualification in accounting that authorizes an individual to practice accounting in the country where the certifying accounting body is domiciled.

APPOINTMENT OF AUDITOR

Every Company must appoint an auditor who must examine and report on the financial accounts of that Company.

The Directors of a Company must arrange the preparation and approval of financial accounts and for these to be audited by an auditor approved by DMCCA and approved by the shareholders of the company within six months after the end of the financial year of the Company.

A Company can only appoint an auditor if:

  • The auditor has been approved and registered by DMCCA;
  • The auditor has consented in writing to the appointment;
  • The Company, having made reasonable enquiries, is not aware of any matter which would prevent the auditor from consenting to the appointment.

Documents Required by the DMCC Approved Auditors to Conduct the Audit:

Legal Documents:

  • Memorandum of Association
  • Certificate of registration
  • Updated Copy of Trade License
  • Share certificate.
  • Lease/Tenancy agreements for the audit period
  • Passport copy of the Shareholder/Manager

Financial Documents:

  • Trial balance
  • Statement of Comprehensive Income (profit and loss account)
  • Statement of Financial Position (Balance sheet).
  • Bank statements (all the accounts) for the audit period.
  • Previous Year Audit Report

OUR SUCCESS STORIES

AFFILIATION AND ACCREDITATIONS

AFFILIATION
AFFILIATION
AFFILIATION
AFFILIATION
AFFILIATION
AFFILIATION
AFFILIATION
AFFILIATION
AFFILIATION
AFFILIATION

CORPORATE VIDEO

Frequently Asked Questions

Excellence group entity MansoorMulla Auditing of Accounts is Registered and Approved Auditors in DMCC, JAFZA, DAFZA, DWC, DSO, SAIF Zone, Hamriyah Free Zone, DED, The Dubai Design District (D3),TECOM, Dubai Media City, and DubaiInternet City.

Yes, we are Approved by Ministry of Economy under registration no 843.

Yes, Our Reports are Widely Accepted with all the Major Banks in UAE.

We follow International Financial Reporting Standards (IFRS) for Auditing.

EXTERNAL / STATUTORY AUDIT

×
An external audit is an examination that is conducted by an DMCC Approved independent accountant. This type of audit is most commonly intended to result in a certification of the financial statements of an entity. This certification is required by certain investors and lenders, and for all publicly-held businesses. The objectives of an external audit are to determine:
  • The accuracy and completeness of the client's accounting records.
  • Whether the client's accounting records have been prepared in accordance with the applicable accounting framework.
  • Whether the client's financial statements present fairly its results and financial position.
Excellence is registered auditor in UAE to perform an external audit in compliance with local UAE laws & regulations according to the International Financial Reporting Standards (IFRS).

INTERNAL AUDIT

×
Internal audits evaluate company's internal controls, including its corporate governance and accounting processes. These audits ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection. Internal audits also provide management with the tools necessary to attain operational efficiency by identifying problems and correcting lapses before they are discovered in an external audit.

With the help of Excellence's highly qualified audit professionals, by regularly performing an internal audit, you can ensure compliance with any and all relevant laws and regulations. It can also help provide you with peace of mind that you are prepared for you next external audit. Gaining client trust and avoiding costly fines associated with non-compliance makes internal auditing an important and worthwhile activity for any organization.

TAX AUDIT

×
A tax audit is basically a government's assessment of a company about their responsibility as a taxable entity. This kind of audit is conducted by the Federal Tax Authority (FTA) to ensure that every liability is paid and every tax due is collected and given to the government within the timeframe given. The government also assesses a company whether they are following certain responsibilities that apply to their business as per the tax laws (VAT Law, Excise Tax Law, etc.).

Excellence is registered and approved TAX advisors in Dubai, UAE and can help you to be always organized and to ensure your company is VAT compliance, so that when your company is requested for an audit from FTA, you are all set up to face the tax audit that people seem to be worried about.

The list below shows the kinds of review that can be done in order to prepare you for an upcoming audit:

Review of the system

Since tax has been announced to commence in the UAE on the first day of 2018, companies have ensured that every department is ready to face a new era. One of the most important items to be updated is the accounting software. Same should comply with the laws regarding VAT accounting.

A review of the systems will ensure that there is no inconsistency with the recorded transactions.

Review of Calculations Tax

It is important that companies ensure that they are complying with the laws by checking that the calculation of both output and input taxes are correct. As a basic rule, the tax rate is at 5% only. Any goods or services that fall under zero-rated and exempted tax should be treated as it is with documents for support.

Review of VAT Returns

A tax consultant will review the VAT returns that need to be filed by companies to ensure that returns will be prepared in the correct manner with the values properly recorded in the right boxes and the needed information are filled in and also make sure that it is filed within the timeframe provided by FTA.

Review of Payment of Tax Due

The correct amount of tax due should be paid on or before the due date. A tax consultant will ensure that you are not drawing any negative attention from FTA by missing the timeframe of tax payment to the government.

STOCK AUDIT

×
Stock audit is a process that refers to physical verification of the inventory, which includes evaluation of inventory items based on the reference of the assignment. The stock audit process is necessary to reduce the avoidable investment on stocks or inventory to ensure proper balance in the process. As high levels of stock result in overstocking, which may result in the poor value of cash flows and financial losses.

Organizations are usually taking stock audit services on a semi-yearly or yearly basis. The stock audit will assure that the physical stock or inventory is conforming to the stock book. Our stock audit services will ensure an excess of materials in the stock as well as a shortage of materials in the stock.

Inventory verification will also identify the expired, old, or damaged material from the inventory. Stock audit assists the management to control and have more insights regarding the inventory and this will lead to the reduction of losses and wastage arising due to damage or fraud.

Excellence Auditing is covering all the aspects of stock audit in Dubai, such as:
  • Stock accounting.
  • Stock reconciliation.
  • Reporting of the physical status of stock.
  • Valuation of stock.
  • Evaluation of stock.
  • Inventory coding.
  • Inventory categorization.
Stock audit needs proper planning, resources, and expertise. Our stock auditors can help you to conduct the verification of inventory and give clearer and deeper insights into your stock along with a proper reconciliation of existing stock records.

LIQUIDATION REPORT

×
Liquidation report is a document that reflects the winding up of a company. It is an activity whereby the operation of a company and its existence will come to an end.

A company liquidation audit report is required by the authorities before the cancellation of the trade license. A liquidation audit report will list the liabilities and assets of the company. All the financial information must be shared with the liquidator.

As the liquidation progresses, all the company's assets are converted to cash and distributed to the creditors or assigned to other Company obligations. There are specific rules concerning the way the assets are distributed. The liquidation audit helps assure the information is accurate and complete.

Dubai Economic Department (DED), Jebel Ali Free Zone Authority (JAFZA), Dubai Airport Free Zone Authority (DAFZA), Dubai Multi Commodities Center (DMCC), and Dubai Silicon Oasis (DSO) all require final liquidation audit report in their respective regions whenever a business is closing its operations and canceling its license.

Excellence Auditing will prepare the company liquidation audit report and submit it to the relevant authority where the company is registered. Excellence Auditing is offering the best audit services in Dubai. The authority will officially close the company and cancel the trade license. For company liquidation services or company liquidation audit report.

CONSOLIDATION OF FINANCIAL STATEMENTS

×
Consolidated financial statements are the "financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent company and its subsidiaries are presented as those of a single economic entity", according to International Accounting Standard 27 "Consolidated and separate financial statements", and International Financial Reporting Standard 10 "Consolidated financial statements".

Here are the key steps in the financial consolidation process:
  • Collecting trial balance data (e.g., Assets, Liabilities, Equity, Revenue, and Expense accounts) from multiple general ledger systems, and mapping it to a centralized chart of accounts.
  • Consolidating the data following specific accounting rules and guidelines, such as International Financial Reporting Standards (IFRS).
  • Reporting results to internal and external stakeholders.
Key financial reports generated from consolidated financial results include the income statement, balance sheet, and statement of cash flows.

Our consultants at Excellence are a mix of highly experienced finance professionals and systems experts, therefore we understand the fine balance between speed of close and accuracy of monthly management reporting and the regulation and compliance around annual statutory reporting.

MANAGEMENT REPORT

×
Management reports on internal controls provide a unique opportunity for management to discuss issues and concerns not communicated elsewhere in the annual report.

INTERIM AUDIT REPORT

×
An interim audit is part of audit work or audit strategy where audit testing is performed on interim financial statements. This is part of the audit strategy when the auditor wants to reduce audit works at the annual audit or final audit testing. Sometimes an interim audit is also performed as the result of the request from the client so that they could reduce their workload at the yearend or it is the regulatory requirement.

SPECIAL PURPOSE AUDIT REPORT

×
Special purpose audits refer to those circumstances in which the auditor is required to report on specific financial information, for specific purposes to specific users, in comparison with the general audit of financial statements. Special purpose audit engagements, according to the International Standard on Auditing, include audits of:
  • A complete set of financial statements prepared in accordance with another comprehensive basis of accounting.
  • A component of a complete set of general purpose or special purpose financial statements, such as a single financial statement, specified accounts, elements of accounts, or items in a financial statement.
  • Compliance with contractual agreements and Summarized financial statements.

REVENUE AUDIT

×
Revenue audit is a two-part process that examines the figures and information on a company's tax returns against those found in its business records. In general, auditors check the returns of income over a one-year period.

This process has the role to monitor and ensure tax compliance. It also helps identify signs of tax evasion as well as additional liabilities. The auditors will also collect interest, tax or penalties where applicable.

The two main stages of a revenue audit include testing the revenue accounts on your income statements followed by an examination of your accounts receivable on the balance sheet. The auditors may also check for revenue recognition issues, such as side agreements and channel stuffing. Companies often engage in practices to artificially inflate their revenue. Excellence auditing is registered audit firm in Dubai, UAE. With the help of our experienced auditors, you can have a fair and complete analysis of your company accounts and fulfil the requirements of revenue auditing.

COST AUDIT

×
Cost audit represents the verification of cost accounts and checking on the adherence to cost accounting plan. Cost audit ascertains the accuracy of cost accounting records to ensure that they are in conformity with cost accounting principles, plans, procedures and objectives.

The audit usually involves:
  • Verification that costing records are accurate.
  • Detection of errors in cost records.
  • Check the maintenance of cost books, accounts & records.
Cost audit is of a recent origin. It is an effective tool of control for the management. It keeps a check and safeguards the interests of all, who are connected with the concern.

COMPLIANCE AUDIT

×
Compliance audit is an independent evaluation to ensure that an organization is following external laws, rules, and regulations or internal guidelines, such as corporate bylaws, controls, and policies and procedures. Boards of directors are also often accountable for operations and need to see audit reports. An audit report will cover the strength of compliance preparations, security policies, risk management procedures, and user access controls throughout the audit.

Simply put, a compliance audit will determine whether an organization is working to a basic required standard. The compliance audit report will fill any gaps in compliance while also making recommendations to resolve any potential issues.

Benefits of compliance audits:
  • Providing a safe working environment and promoting a secure and stress-free workspace.
  • Preventing penalties and avoid any legal issues and consequences.
  • Establishing a good reputation and gain public trust and dominating your industry by staying aligned with industry protocols.
  • Ensuring continuous operation and avoiding disruptions or cessation of operations.
Excellence possess expertise and experience in compliance audit in Dubai, UAE and provides an outline of internal business processes that need to be changed or improved to ensure compliance with regulations and requirements.

FORENSIC AUDIT

×
Forensic audit is an examination and evaluation of a firm's or individual's financial records to derive evidence that can be used in a court of law or legal proceeding.

Companies need certified fraud examiners to investigate the fraud by conducting a forensic audit in the UAE. If you notice suspicious activity in your company, you must act quickly to prevent the fraud and loss of company revenue and reputation.

Excellence Auditing is a Forensic auditing firm in Dubai, UAE listed with free zones & banks. We offer fraud investigation & forensic auditing services to assist companies in investigating financial fraud with documental evidence.

Our Forensic Auditing Services include:
  • Corporate fraud investigation.
  • Asset misappropriation.
  • Financial reporting fraud.
  • Suspicious transactions.
  • Bribery & corruption.
  • Claims analysis.
  • Anti-money laundering.
  • Determination of compliance.
Whatsapp Call Email