Registered Audit Firms in Dubai Silicon Oasis (DSO)
The companies operating in Dubai Silicon Oasis (DSO) Free zone have to get their books of accounts audited from the registered audit firms in Dubai Silicon Oasis free zone only. The audit firms that are not registered in Dubai Silicon Oasis free zone cannot conduct the audit or liquidation or provide any services to the companies operating inside Dubai Silicon Oasis free zone.
Dubai Silicon Oasis (DSO) maintains the standards and its reputation since its inception in 2004. Dubai Silicon Oasis Authority (DSOA) is a globally recognized free zone owned by the Government of Dubai. The idea of establishing Dubai Silicon Oasis (DSO) is to host modern technology-based industries in one location.
DSO is the only free zone in the region that offers services to working and living community as a technology park. The DSO’s vision is built around six key strategies: large businesses startups & medium-sized companies, universities and an incubation Centre, venture capital funds, high-tech infrastructure, and government & business services.
Maintaining Accounting Record for Auditing
Companies need to maintain accounting records including underlying documents that are adequate to show or explain the transactions in a bid to accurately disclose the financial health of the company. The accounting records of the companies registered in DSOA must comply with IFRS and show a fair view of the profit and loss for the given year.
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Why Audit Is Mandatory From Approved Auditors In DSO?
As per the Regulation No. (1/2006) issued according to law No. (7) of 2004 as amended by law No (16) of 2005 and the UAE Federal Law No. (8) of 1984 Regarding Commercial Companies, companies that are registered & operating within the DSO are required to get their books of accounts audited from the registered & approved audit firm with Dubai Silicon Oasis Authority.
Companies that hire the services of an auditor should ensure their independence. This can be ensured by implementing a rotation system for the auditors. The approved audit firm ensures that the company operations are administered as per the AML & CFT guidelines by UAE Central Bank. The audit firm is required to report to the authorities if they suspect any activity against the Anti-money laundering and CFT regulations
The auditor’s report must provide details on whether the accounts present a true and fair view of the company’s affairs at the end of the financial year and accounts are free from material misstatements. The auditor also needs to state in his report whether the company is undertaking the activities permitted under its license.
The DSO approved auditors must decide whether the company has maintained proper records and the auditor can carry out investigations in this regard. The auditors must also ensure that the accounts of the company are in agreement with the accounting records and returns. Companies operating in DSO can choose from the approved auditing firms based on the reputation and experience of such firms.
Auditing Services in Dubai Silicon Oasis (DSO)
Jitendra Chartered Accountants (JCA) are registered auditors with the various free zones in the UAE. JCA is also one of the approved audit firms in Dubai Silicon Oasis (DSO). Being in the industry since 2001, JCA has served thousands of companies as a chartered accountant firm in Dubai & UAE. JCA have dedicated external auditors in the free zone who have experience in serving businesses in Dubai Silicon Oasis to ensure the regulatory requirements & instruction are being followed as it helps the management of the companies to understand the current financial health of the business and enable them to find out how to improve business growth while following the regulatory guidelines and meeting the requirements.
JCA’s team of auditors ensure that the companies comply with rules and regulations of the UAE central bank and follow the best practice of the local & international reporting standards including IFRS, AML, and CFT.
For more information related to audit requirements, procedures and compliance, fill out the quick inquiry form below & connect with one of the best and professional audit firms in Dubai Silicon Oasis.
Requirement from DSO Approved Auditors to Conduct the Financial Audit
In order to conduct the audit and assurance, the auditors ask the companies to furnish the documents corresponding to the relevant year, which facilitates the auditor’s job to draw an opinion on the financial position by analyzing the financial statements at the year to comply with regulations. The companies are required to present the following documents:
- Bank Statements
- Credit/ debit confirmation for all financial transactions
- Copies of bills and invoices
- Memorandum of Association (MoA)
- Articles of Association (AoA)
- Latest Trade License
- Registration Details for VAT and Excise Tax
- Books of Accounts