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28 Jun 2024
Established in 1979 in the epicentre of Dubai, the Dubai World Trade Centre (DWTC) stand as a premium global hub for trade and commerce that is also home to numerous businesses ranging from multinational corporations to startups. Being a major contributor to Dubai’s business tourism and trade, Dubai World Trade Centre is the world’s leading destination for events, exhibitions, trade shows and more. It provides a lucrative platform by connecting businesses all over the world, enabling exceptional networking prospects, and also building career opportunities through its state-of-the-art venues, innovative real estate solutions and progressive business environment.
Amidst this dynamic environment, it is central for businesses established in DWTC to maintain financial transparency and compliance by upholding regulatory audit standards and appointing top audit firms in Dubai. Approved auditors in Dubai World Trade Centre play a paramount role in ensuring trust and integrity in businesses while also being entrusted with the significant task of examining financial statements to maintain compliance.
Audit Regulations in DWTC
Businesses operating in the Dubai World Trade Centre are required to get their financial statements audited by an approved auditor in the DWTC free zone. Since the financial statements must be in accordance with the accepted accounting standards, the expert assistance of a DWTC-approved auditor is highly essential to ascertain regulatory compliance. Moreover, submitting audit reports is also mandatory for the businesses established in the DWTC free zone.
Approved auditors & Audit Report in DWTC
Entities established in DWTC are required to appoint approved auditors who are authorized by the authority. These approved auditors in DWTC must audit the financial statements of the company, verify whether these statements are in accordance with the general accounting principles and prepare a report for the shareholders on the accounts examined by them. The auditor’s report must mention whether the accounts that are prepared follow the accepted standards and principles. In addition, when the generally accepted accounting standards that are other than those of the Free Zones are used, the auditor’s report must identify these auditing standards and mention their opinion in terms of their appropriateness.
Auditors’ Powers and Responsibilities in DWTC
The auditor can take the necessary measures and investigate to form an opinion about the following matters:
- Whether an entity has kept proper records and received proper returns sufficient for audits of less- frequently visited branches.
- Whether the accounts of an entity are in accordance with accounting records and returns.
- The auditors should also mention their opinion in the auditor’s report, including whether proper accounting records are kept, whether the accounts are not in agreement with the standards, and if they fail to receive all the information and explanations necessary for the audit.
Every auditor has a right to access the company records and can demand such information from the officers as they deem necessary. They are also entitled to receive notice of and attend the meeting of shareholders which concerns the auditors.
Benefits of Appointing Approved Auditors in DWTC
The established regulatory framework of DWTC makes appointing an auditor not only a mandate but also a necessary aspect that can support businesses to thrive in this prominent zone. Approved auditors in DWTC play a pivotal role in regulating businesses. By conducting independent audits of a company’s financial statements, approved auditors in DWTC ascertain the accuracy, compliance with the applicable accounting standards and regulations, and reliability of the company. Additionally, by enhancing the transparency of the company, auditors in DWTC provide assurance to the stakeholders, shareholders, investors and regulatory authorities about the financial integrity of the company.
AMCA: A reliable DWTC-approved Auditor
In a dynamic business environment like Dubai World Trade Centre where a multitude of industries converge, it is paramount to safeguard your business’s transparency and establish integrity by partnering with a reliable auditor. AMCA, one of the top approved auditors in Dubai World Trade Centre, is a distinguished firm specialising in optimizing the performance of businesses, strategic planning, and seamless compliance. Being among the trusted approved auditors in Dubai World Trade Centre and top audit firms in Dubai, AMCA’s ensure operational efficiency as well as regulatory adherence to the laws. With AMCA as your auditing partner, you can be assured of high-quality services delivered with excellence and a team of experienced auditors whose invaluable insights can elevate your business to new heights.
Stay ahead of the curve in the competitive landscape of DWTC free zone with the expertise of AMCA!
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