DCCA Audit | DDA Audit United Auditing a Division of Emirates Chartered Accountants Group
Dubai Creative Clusters Authority (DCCA) or Dubai Development Authority (DDA) was also previously known as Dubai Technology & Media Free Zone Authority (DTMFZA). It directs to make progress in the development of creative industries in the region.
Importance of Audit for companies registered in DCCA or DDA?
It is mandatory for Companies registered under the Rules and Regulations of DCCA or DDA. In order to comply the requirement of the Free zone Regulation the authority asks every companies to submit their audited financial reports before renewing the trade license. The financial year for the companies registered under DCCA or DDA are from 1st January to 31st of every year. Auditing has to be done for a period of 12 months at the end of every financial year from the approved DCCA auditor / approved DDA auditor in the UAE. In the case of first year the period can go upto 18 months.
How United Auditing conducts an Audit?
Once United Auditing is appointed as the auditor of a company we execute field visits to the clients location to proceed with Audit procedure. Audit procedure includes the techniques that will help to find out the audit evidence in order to express an opinion on the financial statements of the company. United Auditing executes according to the International Standards on Auditing (ISA). Companies have to maintain proper books of accounts as per the International Financial Reporting Standards (IFRS). In the case of micro or small enterprises wherever the management of the company needs guidance to prepare the books of accounts in line with the requirements of IFRS we advise without effecting the independency of auditing.
How VAT is applicable for transactions in the free zone?
Some of the Free zones are considered as designated zones for VAT purpose. Designated Zones means free zones which are fenced where in entry and exit of humans and goods are monitored & restricted. In such cases most of the supplies of goods in the designated zones are out of scope for VAT. Wherever the goods are supplied for consumption it will be taxable at applicable rate. In the case of services it will be taxed similar to the services done the mainland. Export of services from the designated zones / DCCA free zone will be zero percentage.
What are the documents to be maintained for DCCA Audit?
The following are the list of documents to be maintained and submitted for auditors.
- Legal documents – Memorandum Of Association (MOA), Articles Of Association (AOA), 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 (as per the samples given by the auditors).
- Statement of deposits from the DCCA 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.
Why Choose United Auditing for DCCA Audit?
We United Auditing, a Group Company of Emirates Chartered Accountants Group, Head Quartered in Dubai is a
- Conduct audit in accordance with the provisions of International Standards on Auditing (ISA).
- Focusing to provide quality service on a time-bound manner to our clients.
- Members firm in the IECNet, an international association of accountants, auditors and tax professionals
- Our vision is to ensure clients progress financially and socially.
- ISO Certified Chartered Accountants Firm
- Listed with all major banks and free zones in the UAE.
Audit in DCCA
+971 50 887 3115 | +971 4 2500290
+971 55 653 0001 | +971 4 2500290