24 Sep 2020
Avoid the DMCC portal sanctions and submit your AFS on or before the 30th of September 2024
Don’t Miss Your Deadline!
Dubai Multi Commodities Centre (DMCC) deadline of the Audited Financial Statement (AFS) submission for entities with the financial year-ending on 31st of December 2023 is 30th of September 2024.
Yes, you heard it right! You still have time to file all the relevant documents for your Audit Report until the mentioned date above. Be sure to comply with the DMCC Audit Report submission to avoid the DMCC portal sanctions.
Failure to submit the said AFS by this date would be incurred with a sanction on the DMCC member portal account. It, therefore, may not be able to submit any form of request, including renewal of license, until AFS has been submitted.
You can rely on assistance from the Approved Auditors in complying with the DMCC Free Zones rules and regulations.
Role of Member Companies
According to the DMCC Approved Auditors Rules, Audit Report, known as AFS, must be submitted by a Member Company. In relation to this, the Member Company should appoint an Approved Auditor to examine its annual accounts and report. It is the responsibility of the Member Company to ensure that the Audit Firm whom it engages to prepare the Audit Report for an AFS is an Approved Auditor.
Role of Approved Auditor
According to the DMCC Approved Auditors Rules, under the Roles of the Approved Auditor, it is clearly stated that an Approved Auditor ought to be accountable every time for compliance by the Audit Firm with DMCC Rules. In accordance with Section 11 under the DMCC Rules, which state about the change of audit firm details, the completion of the Auditor’s Report ought to be the responsibility of an Approved Auditor. They covered all the step-by-step procedures, likewise the processing of the relevant documents necessary and mandatory in completing the Audit Report of a company.
Aside from this, it is also in the hands of the Approved Auditor to provide a reasonable assurance that the annual accounts prepared by the Member Company are accurate, free from material misstatements, either due to fraud or error, and are properly prepared in accordance with the International Financial Reporting Standards.
Using the principles mentioned by the DMCC Authority, an Approved Auditor must conduct itself in accordance with integrity, due skill, care, and diligence (including professional competence), objectivity, confidentiality, and cooperation with the DMCCA.
AMCA, your DMCC Approved Auditor
As DMCC Approved Auditors, AMCA ensures that DMCC member companies abide by all the DMCC Free Zone’s rules and regulations. With our assistance, we guarantee you that the audit for your companies will be satisfactorily completed and correctly submitted on or before the deadline.
We are registered with the Ministry of Economy to operate as a licensed auditor in the United Arab Emirates (UAE). Also, we are listed and approved in all major free zones and mainland authorities.
We are ready to be of assistance to you! Feel free to let us know if you also require any further information on the below requirements:
- Audit Report
- Accounting & Bookkeeping
- VAT Registration
- VAT Return Filing
- VAT Reconsideration
- TAX Consulting
- Advisory Services
- Liquidation/De-Registration
Key Steps for Meeting the DMCC Audit Deadline 2024
If you're operating within the DMCC, staying on top of the audit requirements is crucial to ensuring your business remains compliant and in good standing. With the extended DMCC audit deadline of 2024, now is the perfect time to ensure your financials are in order. Below, we summarize the key steps to help you navigate the process smoothly and meet DMCC’s audit expectations.
1. Get Familiar with the Audit Requirements
Before jumping into the audit process, it’s essential to understand what DMCC expects fully. Here's a breakdown of what you’ll need:
- Financial Statements: Ensure your financial statements, including balance sheets, income statements, and cash flow reports, are comprehensive and up to date. These will form the backbone of your audit.
- Compliance Standards: Your financial reports need to follow recognized standards like the International Financial Reporting Standards (IFRS) or other frameworks that DMCC accepts. Ensuring this compliance upfront will save you from last-minute stress.
In short, having well-prepared financial statements that meet global standards is the first critical step to a smooth audit process.
2. Choosing the Right Auditor
Finding the right auditor is more than just ticking a box—it’s about selecting someone with a deep understanding of DMCC's specific audit requirements. For example, AMCA, registered under DMCC, offers:
- Expert Knowledge of DMCC Regulations
- Experience Across Industries
Remember, working with an approved auditor who knows the ins and outs of DMCC regulations ensures that your audit will be completed on time and meet all legal requirements.
3. Preparing for the Audit
Preparation is key to avoiding any surprises during the audit. Taking a few proactive steps will make the process much smoother:
- Conduct internal audits of your financial records. This allows you to spot any errors or discrepancies and correct them before the actual audit begins.
- Start gathering all necessary financial documents now. Having everything organized will make the auditor’s job easier and faster.
- Consider running a pre-audit assessment. This involves reviewing your financials to check for any red flags that could cause delays or complications during the formal audit.
These steps will make the process less stressful and ensure you’re fully prepared for the audit.
4. What to Expect During the Audit
Once the audit begins, here’s what you should be ready for:
- Thorough Examination: The auditor will look at all your financial records. They will check that everything is accurate and in li
- ne with DMCC guidelines.
- Compliance Verification: The auditor will confirm that your financial practices comply with DMCC’s standards.
- Audit Report Submission: Once the audit is complete, the auditor will prepare a formal report detailing their findings. This report must be submitted to DMCC per their specific guidelines. Review this report carefully before submission, which will be critical for your company’s compliance status.
5. Additional Tips for a Stress-Free Audit
- Stay Organized Year-Round: The best way to ensure an easy audit is to stay on top of your financial documentation throughout the year. Don’t wait until the last minute to start preparing!
- Communicate with Your Auditor: Keep an open line of communication with your auditor. If you have any questions or uncertainties, it’s better to ask upfront rather than risk non-compliance.
- Leverage Technology: Consider using accounting software to keep your financial records organized and easily accessible. This will help streamline the audit process and reduce the chances of missing documents.
6. Why Timely Compliance Matters
The DMCC takes compliance seriously, and businesses that fail to meet audit requirements can face portal sanctions, delays in renewing their licenses, or even suspension of operations. The deadline for 2024 is a valuable opportunity to ensure everything is in order. However, missing this deadline or failing to meet DMCC’s expectations can lead to significant issues.
By following these steps and staying proactive, you’ll ensure that your audit process is smooth and that your business complies with DMCC regulations.
Contact information for AMCA
Website: https://www.amcaauditing.com/
Phone: +9714240 8784
Email: info@amcaauditing.com
Address: Unit No. 1801, Cluster T Fortune Executive Tower JLT, DMCC, Dubai, UAE
Selecting an approved auditor in the UAE is important to ensure a seamless and efficient DMCC audit process. You can consult the DMCC Approved Auditors List 2024 to verify that you are engaging a recognized and qualified auditing firm.
