When and How an Audit Report Should be Submitted to DWC Authority?
Audit in DWC(Dubai South Freezone )
Audit in Dubai South Freezone – Dubai South previously known as Dubai World Central is a planned economic zone to support a number of activities including logistics, aviation, commercial, exhibition, humanitarian, residential and other related businesses around Al Maktoum International Airport with the planned annual capacity of 12 million tons of cargo and 160 million passengers.
United Auditing, a Division of Emirates Chartered Accountants Group, is an Approved Auditor in Dubai South Freezone (Previously known as DWC) auditors list providing Audit in Dubai South Freezone. United Auditing is an ISO certified International Audit Firm, headquartered in Dubai, approved auditors in all major banks in UAE, free zones, and with different govt. Departments in UAE.
Why Choose United Auditing for Audit in Dubai South Freezone (DWC)?
United Auditing is an approved auditor to provide Audit in Dubai South Freezone ( DWC)
- Is one of the top leading Audit Firms in Dubai, UAE.
- Is an approved auditor in the list of DWC approved auditors
- Will ensure the independency on the Auditing service in UAE
- Have a highly qualified and experienced team of Auditors in Dubai, UAE
- Provides International Standard on Quality of Service
- Ensure delivery of Audit Service in UAE on time
- Is an ISO Certified Audit Firms in Dubai, UAE
- United Auditing is banks approved auditors in Dubai, UAE, and free zones approved auditors in UAE.
How to choose an Auditor for Audit in Dubai South Freezone (DWC)?
Auditing is mandatory for all companies registered under Dubai South ( DWC) to renew their Trade / Activity license. The companies registered under Dubai South ( DWC) should appoint only the approved auditors to perform their Audit in Dubai South Freezone (DWC). Only the registered auditors should conduct Audit in Dubai South Freezone ( DWC) for every financial year.
When and how an audit report should be submitted to Dubai South (DWC) Authority?
As per the Memorandum of Association of (Dubai South) DWC Companies, it has to submit the Audited Financial Statements to the authorities within 90 days from the end of the financial year. The audit report must be submitted to the authority along with the singed audited financial statements. If a company fails to submit the audited financial statements within the time frame, it will face legal consequences, including non-renewal/suspension of the license.
How United Auditing Conducts an Audit in Dubai South Freezone?
- The Audit in Dubai South Freezone begins once the official audit engagement letter is signed by the client appointing United Auditing as official auditors of the Company.
- Planning and implementing the audit procedure- The next step is to understand more about the client’s business model and volume of business and plan audit procedures according to the specific requirement of each client.
- Implementation of the audit procedures: Our auditors will visit the client’s place for the review of the books and records, supporting documents and legal documents in order to express our opinion on the financial statements.
- Review of audit files: We conduct the audit in accordance with the provisions of the international standards of auditing ( ISAs) and as per International Financial Reporting Standards (IFRS).
Also, we will ensure that the client Company has complied with the provisions of UAE commercial Company law and other laws in force in UAE like UAE VAT Law, Economic Substance Regulation/Law, and CbCR (Country By Country Reporting). Also, an auditor has to ensure that the Company has followed the Dubai South(DWC) regulations as well.
- Review of VAT Compliance: Verification of compliance of VAT regulation is an additional task form part of Statutory Auditing. As per the provisions of the UAE VAT law, Dubai South( DWC) is the designated zone for the tax treatment; hence, most of the transactions related to the supply of goods are out of scope other than the supplies done for consumption. At the same time, the taxability of the supply of services in designated zones is similar to the mainland. During the course of an audit, we review the compliance of VAT Regulations for the transactions of the Company on a test basis and advise accordingly.
- Issuance of Audit report and management letter: If an internal control weakness is noticed during our audit, we issue a management letter to give attention to such weaknesses in order to take necessary action/corrective measures in the future. Once the draft audit report is ready, it will be sent to the shareholders for their review/approval. Once the shareholders approve it, we will issue the final audit report.
United Auditing, the Audit Division of Emirates Chartered Accountants Group.
We, Emirates Chartered Accountants Group, is one of the leading professional Audit and Consultancy firms based in Dubai. We offer services in Audit & Assurance, Accounting & Financial Advisory, VAT advisory and Tax Agent services, Business Advisory, Company Incorporation, and Management Consultancy. We Emirates Chartered Accountants Group is present in the market for the last 15 years with the highest professional quality, real-time service, and maintaining ethical values. We are providing Accounting Outsourcing in Dubai, Onsite, and Remote Accounting Services in Dubai, Part-time Accounting in UAE, Bookkeeping & Accounting Services in Dubai, UAE, and Backlog Accounts Updation in Dubai, UAE. Other Audit & Assurance Services:
- Internal Audit
- Business Valuation
- Due Diligence Audit
- Risk Management
- Investigation Audit
- IFRS Impact Assessment
- Company Liquidation
Q: Is audit is mandatory for the Companies in Dubai South(DWC) by an approved auditor in Dubai South(DWC)? A: Audit is mandatory all Dubai South ( DWC) Companies, mainly for trade license renewal by an approved auditor.
Q: Are you an approved auditor in Dubai South(DWC)?
A: We United Auditing is one of the Listed Auditors in Dubai South(DWC), and we are listed with all other free zones and most of the banks in UAE.
Q: Whether banks will accept the report issued by as an approved Dubai South( DWC)Auditor?
A: Yes, we are one of the approved auditors in Dubai South(DWC), and we approved auditors in major banks in UAE. Hence the audit report issued by us will be accepted by major banks in the UAE.
Q: Whether value addition can be expected if the audit is done by United Auditing being an approved auditor in Dubai South(DWC)?
A: Yes, our experts will inform the management about the control weaknesses and other deficiencies in the system noticed during the course of the audit.