DSO Approved Auditors
DSO Approved Auditors in Dubai
Companies operating within the Dubai Silicon Oasis (DSO) Free Zone are mandated to have their financial records audited by audit firms registered and approved by the Dubai Silicon Oasis Authority (DSOA). These approved auditors, often referred to as “DSO approved auditors” or “DSOA registered auditors,” are the exclusive entities permitted to carry out audits, liquidations, and provide services to businesses within the Dubai Silicon Oasis Free Zone.
About Dubai Silicon Oasis (DSO)
Since its inception in 2004, Dubai Silicon Oasis (DSO) has consistently maintained its standards and reputation. DSO is a globally recognized free zone owned by the Government of Dubai. It was established with the primary objective of hosting modern technology-based industries in a single, integrated location.
DSO is unique in the region as it not only offers a conducive environment for businesses but also provides services to both the working and living communities, functioning as a technology park. DSO’s vision is built on six key strategies, encompassing large businesses, startups, and medium-sized companies, in addition to universities and an incubation center, venture capital funds, high-tech infrastructure, and government and business services. The commercial and social environment, along with the presence of advanced industrial zones, office towers, villas, apartments, R&D units, educational institutions, and healthcare facilities, has further boosted business setups within DSOA.
Types of Companies Registered in Dubai Silicon Oasis
Any established company, whether in the UAE or abroad, can register a branch in Dubai Silicon Oasis. The branch’s proposed activities must align with those of the parent company.
Free Zone Establishment (FZE)
An FZE is a legal entity incorporated/registered by a single shareholder, who can be an individual or a non-individual/corporate entity.
Free Zone Company (FZCO)
An FZCO is a legal entity incorporated/registered with a minimum of two shareholders, who can be individuals or non-individuals/corporate entities.
Maintaining Accounting Records for Auditing
Companies operating within DSOA are required to maintain comprehensive accounting records, including supporting documents that can adequately explain their financial transactions. These records must comply with the International Financial Reporting Standards (IFRS) and provide an accurate view of the profit and loss for the given fiscal year.
Why Audit Is Mandatory by DSO Approved Auditors in Dubai?
In accordance with Regulation No. (1/2006) issued under Law No. (7) of 2004 as amended by Law No. (16) of 2005 and UAE Federal Law No. (8) of 1984 Regarding Commercial Companies, companies registered and operating within DSO are obligated to have their books of accounts audited by Registered Auditors in DSO.
Companies engaging auditors must ensure their independence, often achieved through a rotation system for auditors. DSO approved auditors in Dubai play a critical role in ensuring that company operations adhere to Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) guidelines established by the UAE Central Bank. If any suspicious activity is detected, the Registered Audit Firms in DSO are required to report it to the authorities.
The auditor’s report must affirm whether the company’s accounts provide a true and fair view of its financial affairs at the end of the fiscal year, along with being free from material misstatements. Approved Auditors in DSO must also confirm whether the company is conducting activities permitted under its license.
Requirements from DSO Approved Auditors in Dubai for the Financial Audit
To conduct a thorough financial audit, auditors typically request documents pertaining to the relevant fiscal year. These documents facilitate the auditor’s assessment of the company’s financial position in accordance with regulatory standards. Some of the documents that companies are typically required to present include:
- Bank Statements
- Confirmation of credit/debit 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
Choose Elevate for Auditing Services in Dubai Silicon Oasis (DSO)
Elevate is a team of registered auditors with various free zones in the UAE, including DSO. As DSO Approved Auditors and Liquidators, Elevate boasts extensive experience since its establishment in 2001. Elevate has served numerous companies as a chartered accountant firm in Dubai and the UAE.
Elevate’s dedicated external auditors within the free zone possess the expertise required to ensure compliance with regulatory requirements and instructions. This aids companies in understanding their current financial health and improving business growth while adhering to regulatory guidelines.
Elevate’s audit team ensures that companies adhere to the rules and regulations of the UAE Central Bank and follow best practices in local and international reporting standards, including IFRS, AML, and CFT.