The Dubai Multi Commodities Centre (DMCC) has extended the audit deadline for 2023 to 30 September 2023. This is great news for the companies as the date of the audit in DMCC has been extended. This is applicable to the submission of the annual financial statements for the financial year starting from 1 January to 31 December 2022.
This extension will impact many businesses in DMCC. Not only the businesses but also the auditors are relieved about this audit requirement in DMCC. Auditors and businesses have surely been facing challenges in auditing recently. As the business is surviving the ongoing global economic uncertainty. The extension of the date is a great relief for the businesses in the DMCC free zone.
The extra time is a relief for the businesses to sort out other scattered tasks of the businesses. The business can utilize this extra time to prepare the financial statements and ensure that their business is in compliance with the DMCC regulations.
Why The Auditing Deadlines Are Important?
The audit deadline is important because it is the basic requirement for all the businesses in the DMCC Free Zone. Businesses that cannot follow the deadlines of the regulations will get penalties. In many jurisdictions, businesses have to keep a record of financial statements. Businesses have to hire a qualified auditor who can review and audit their financial statements. One condition is that the distributor should be registered with the regulatory authority. Businesses have to file their financial statements within the time period after the financial year-end. If the auditor fails to meet the deadlines, then you will have to face the consequences of business for other regulatory actions in the form of non-compliance.
Let’s discuss the discuss benefits of meeting auditing deadlines:
Increased investor confidence
Investors invest in the businesses so that the auditing reports will bring confidence. If the companies meet the auditing deadlines, businesses can show their commitment to good governance and good management.
Enhanced compliance
Businesses that meet auditing deadlines face fewer penalties and any regulatory actions. This can assist in protecting their reputation and maintaining their good standing with regulatory bodies.
Improved decision-making
The stakeholders make informed decisions on the basis of the financial statements audit. The businesses help the stakeholders to make decisions because they show compliance with the regulatory authority.
Increased transparency
Audited financial statements provide stakeholders with an accurate and clear picture of financial performance. Businesses can show their accountability and transparency by submitting their audited financial statements on time.
Reduced stress and workload
The extension gives businesses more time to get prepared for their financial statements audit. This can reduce the stress and workload for the employees.
Steps for completing the submission
Prepare the annual financial statements for the period of January to December through a DMCC-approved auditor.
Ensure the completeness of all financial data included in the statement.
Get any required signatures from the relevant personnel involved in the audit process.
Submit an online request via the DMCC Member Portal. To do this, log into the portal and go to company services. After going to the company services go to the compliance services. create a service request titled “Submit Company Audited Financial Statements and Summary Sheet and Report.”
After following these steps, you can ensure a timely and smooth submission of your audited financial statement. Keep in mind that the audit deadline for 2023 has been already extended to 30 September 2023. You can avoid any unnecessary penalties and fulfill your compliance obligations. If you have any queries about the auditing regulations in DMCC then feel free to contact us.
How Can ebs Help You In Your Audit?
ebs is a leading firm in Dubai, UAE, and provides a comprehensive range of audit services to businesses of all sizes. Our team of professionals has a deep understanding of the DMCC regulatory landscape. They have an understanding of the unique challenges faced by the business operating in the free zone.
Let’s discuss the audit services we provide:
Statutory audit
Statutory audits are required by law for all DMCC member companies. We provide statutory audits that are compliant with the latest DMCC regulations and international financial standards (IFRS).
Internal audits
Internal audits are done voluntarily and can be used to assess the effectiveness of the internal controls of the company. It helps to enhance the risk management processes. We provide internal audits according to the needs of our clients.
Special purpose audits
Special purpose audits are performed to meet specific requirements. For instance, to comply with contractual obligations or for insurance purposes. We have experience in conducting different special-purpose audits.
Moreover, with our audit services, we also offer a range of other financial services, including accounting, corporate finance, tax advisory, and bookkeeping. This allows us to provide our clients with a one-stop shop for all of their financial needs.
Benefits of working with ebs:
- Our team of auditors has extensive experience in auditing DMCC companies.
- Our auditors are highly qualified and experienced in a variety of auditing disciplines.
- We are an independent audit firm, and our audits are unbiased and objective.
- We are committed to providing our clients with personalized service.
- If you are looking for experienced and reliable audit firms to help you with your DMCC audit. Then please contact us and ask about the services in detail.
ebs is accessible to help you in finding out about bookkeeping in the UAE. ebs likewise offer services, for example, accounting and bookkeeping services, VAT services, Auditing, Due Diligence audit services, and many more.
Feel free to contact us with any additional inquiries or requests for accounting services. A free discussion will be given to you by our specialists, who will answer your request immediately.