DIFC Approved Auditors
Dubai International Financial Center is a financial-free zone established within the emirates of Dubai in 2004. It is an onshore financial center that provides financial institutions with a secure economic platform to operate from within the Middle East. The aim of DIFC is to extend its reach to emerging business markets globally. The DIFC is proved to be a bridge between markets or financial centers in the east and the west.
It is known as an autonomous jurisdiction within the UAE. Those businesses that are being operated within the DIFC are mostly exempt from all the federal laws of the UAE. Anti-money laundering, administration, and criminal offenses are not included.
There are three regulatory authorities with their own set of functions. These are as follows:
Those business entities that are being operated within DIFC get these benefits.
The auditor registered with the DIFC Authority is needed to report and analyze whether the accounting books are prepared in compliance with regulations such as DIFC and IFRS regulations.
It is mandatory for the companies to consult with the DIFC Approved auditors to carry out the audit. The DIFC has given licenses to some of the companies in the UAE and only the licensed companies can conduct the approved auditing.
It is important to have an accounting degree to get an audit license in UAE. you should also be able to demonstrate relevant experience in the financial auditing sector.
The auditors registered with the DIFC Authority are required to analyze the books of accounts’ accuracy. the role of the approved auditor is to have a good check and balance on the compliance of the financial reports with international and local regulations.
The auditors provide these benefits to the companies:
Compliance with common reporting standards as per DIFC.
Compliance with auditing laws and tax laws.
Compliance with VAT and other tax regulations.
The approved auditors ensure the transparency of account books in compliance with the set of laws and regulations. They also make sure that their balance sheet is prepared in line with the IFRS standards.
There are typically four main steps involved in auditing such as selection, planning, fieldwork, reporting, and follow-up. The procedures can include inspection, confirmation, observation, reperformance, and analytical procedures.