It is compulsory for all companies in DMCC to maintain proper books of account and to perform annual audit by an approved audit firm as per the DMCC COMPANY REGULATIONS No (1/03) issued by The Dubai Multi Commodities Centre Authority.
Parker Randall UAE provides DMCC company auditing, accounting and liquidation services. We are approved auditor and liquidator by DMCC Authority and currently working as auditor and liquidator for many companies in DMCC.
Keeping proper Books of Account
♦ Every DMCC company should keep proper records of account with respect to:
(a) all sums of money received and expended by the company and the matters in respect of which the receipt and expenditure takes place; and
(b) all sales and purchases of goods by the company; and
(c) the assets and liabilities of the company.
(d) The records of account shall be kept at the registered office of the company and shall at all times be open to inspection by the directors.
(e) In the case of records of account not being made available for inspection by a director the authority may by order compel immediate inspection of such records.
(f) If a company fails to comply with this Regulation, the company may be required to pay a fine in accordance with the Fines Tariff set out in the Free Zone Rules and Regulations. .
♦ The directors of every DMCC company shall, for each financial year, lay before the company in general meeting:-:
a) a statement of the results of operations for such period (i.e. a profit and loss account); and
b) a statement of retained earnings or deficit; and
c) a balance sheet at the end of such period; and
d) a statement of changes in financial position for such period; and
e) notes to the financial statements and the notes thereto shall be in accordance with DMCC Companies Regulation and
f) such further information as required by DMCC Companies Regulation Regulations, any appropriate implementing regulations and the company’s own Memorandum and Articles of Association; and
(g) the report of the auditors
Performing Annual Audit
Every DMCC company must appoint an approved auditor and perform annual audit.
♦ Appointment of Auditor
(a) The shareholders of a company at the inaugural meeting and at each annual general meeting shall appoint auditors to hold office until the close of the next annual general meeting, and, if the shareholders fail to do so, the directors shall forthwith make such appointment or appointments. The auditor already in office shall continue in office until a successor is appointed.
(b) The remuneration of an auditor appointed by the shareholders shall be fixed by the shareholders or by the directors, if they are authorized to do so by the shareholders, and the remuneration of an auditor appointed by the directors shall be fixed by the directors.
(c) No person shall be appointed as auditor of a company who is an officer or employee of that company or of an affiliated company or who is a partner, employer or employee of any such officer or employee.
(a) The auditor shall audit any financial statements to be laid pursuant to DMCC Companies Regulation as will enable the auditor to report to shareholders.
(b) Based on the results of the audit, the auditor shall make a report to the shareholders.
(c) The audit should be done in accordance with the generally accepted auditing standards. That may be those of the Centre, a country or jurisdiction. The report of the auditor shall identify the generally accepted auditing standards used and the auditor’s opinion of this appropriateness and of the general nature, extent and effect of the same.
Are you looking for Accounting & Auditing Services?
1. Auditing Services
We provide year-end annual audit for many DMCC companies at reasonable fee. Our fees are reasonable and affordable by all types of companies.
2. Part Time Accounting Services
We provide Part-time Accounting Services for companies in DMCC Free Zone. You can hire a qualified and experienced part-time accountant from us and minimize your expenses by eliminating your personnel cost.
Are you looking for a Company Liquidator to close your company at DMCC?.
Please visit “DMCC Company Liquidation” page.
If you need further information or clarification, you may contact us:
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