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DMCC is one of the quickest and largest developing free zone in Jumeirah Lake Towers (JLT) in Dubai and is the prime location for modern trade establishments. DMCC has created a viable compliance system to guarantee that DMCC operations are in line with all laws, controls and best practices. Dubai Multi Commodity Centre (DMCC) was founded in 2002 by the Government of Dubai which was directed to offer physical, market and financial set up to trade establishments. It offers trading of precious products like gold, diamonds, colored stones, pearls and various other products. It is also referred as a gateway to trade as it paves the way for global trade. The approved auditor list rules that all companies part of DMCC must get their financial statements audited through a DMCC approved auditors.
Auditing is mandatory for every member company of DMCC. Businesses should submit their financial statements, audited by a DMCC approved auditors within 90 days of ending of their company’s financial year. Failing to do that can lead to a penalty of AED 5,000 or dismissal of trade license.
5 Principles to be followed by DMCC Approved Auditors
This implies that an approved auditor in Dubai must conduct a review of the company with objectivity. Being objective implies to be impartial to the company and making no compromises on the quality of the result. It also means to be clear headed on the end goals.
The auditor should be very professional with respect to data handling, client dealing, abiding with rules and regulations and delivering the client needs on time. This plays a very important role in the auditor’s career. If the approved auditor does not have the aptitudes to handle all the budgetary and private information of a company, at that point the audit may not lead to desired outcome.
- Abiding with Laws of Land
The DMCC is the central specialist which handles the total working of the free zone. An auditor ought to comply with all the rules and directions set by the DMCC.
- Abiding with Laws of Land
The word ‘integrity’ implies that an auditor follows the laws of ethics and has a strong sense of honesty and morality. The auditor will confront scenarios in which the reports or the budgetary numbers will show discrepancies. the auditor with a sense of will should do what is right rather than what will be more profitable. If he does not choose correctly, in the long run, this decision may be harmful for the, auditor and the company. It may lead to the liquidation of the company within the DMCC.
In this world, privacy plays a significant part within the development of a company. All the auditors must keep all the client data confidential. Hence, the auditing firms must keep things private and use the client data with caution. They should not hand over the data and reports of the clients to any other person without prior permission of the clients.