The Dubai South Free Zones was established in 2006. It was formerly known as Dubai World Central (DWC). It is an essential business hub. DWC is set near Al Maktoum International Airport, Residential District, Commercial District, and Humanitarian District. Auditing performs a key role in evaluating the economic health of audit firms in DWC. Approved audit firms are in charge of carrying out systematic examinations of financial records, transactions, and internal controls. They provide a neutral opinion on the precision and consistency of financial statements. In this article, we will see how an audit firm can get approval from DWC as a certified firm.
1. Understand the compulsions
The primary step is to understand all the compulsions. It involves explaining yourself with the standards set by DWC for the approval of the audit firm. These requirements ensure that the firm meets expert and regulatory criteria essential for offering audit services. Some key features include;
- Firm’s legal status
- Evidenced by a valid trade license
- Professional qualifications
The audit firm must hold applicable certifications as per UAE’s Ministry of Economy. The firm must validate noteworthy experience in conducting audits. This experience reflects the competence and reliability of the firm. They also have to understand the ethical and professional conduct standards mandated by DWC. Carefully knowing these compulsions is very important to get approved by your audit firm from DWC in UAE.
2. Essential Documents
The second important step is to assemble all essential Documents. It is a key step in the process of getting an audit firm approved by DWC. It includes gathering all essential documents such as;
- Legal trade license
- Certifications of partners and main staff
- Specialized qualifications
- Bills, receipts, and contracts
- Proof of the firm’s registration
- Proof of the firm’s involvement how they conducted audits
The audit firm may essential to provide a prescribed application form which is available on DWC’s website. They may also provide any other specific information demanded by DWC. It is mandatory to ensure that all documentation is complete, precise, and up-to-date. Prepared documentation simplifies the approval process and imitates the firm’s competence to comply with regulatory compulsions.
3. Application Submission
The next step is to finally submit the application to present your audit firm’s credentials to DWC for approval. These include;
- Open the DWC website to access the form and fill out the official application form precisely.
- Gather all the essential documents as we mentioned above. There may be other documents as well requested by the authority.
- Make sure to attach all secondary documents. They must depict an accurate picture of the audit firm.
- Submit the finalized application form and all the documents through the DWC’s online portal. You may do it by going to their office in person.
- Pay the applicable fees as quantified by DWC. It can also be done online as well as at their office.
- Lastly, get a receipt or approval of submission from DWC. This approval guarantees that your application is officially recorded for evaluations.
4. Evaluations and Inspection
After submitting your application, the next phase is to evaluate your all entered details and information. This step includes a full evaluation of the;
- Firm’s qualifications
- Professional Conduct
- Working procedures
DWC might conduct an on-site scrutiny depending on the situation. They conduct on-site reviews to confirm the firm’s competencies and obedience to regulatory obligations. It is mandatory to the completion of this process successfully to gain approval.
5. Approval and Registration
After reviewing and evaluating DWC, the final phase is to get approval and registration by DWC. DWC will issue an official approval only when you pass the review and inspection phase. The audit firm will be listed in DWC’s approved audit firms list. This approval comes with a DWC auditor certificate that indicates the firm’s status. After getting approval, the audit firm must remain compliant with DWC’s standards. It usually includes periodic renewals of registration and informs of submitted documents.
Conclusion
Getting approval as a certified audit firm by DWC is a structured process. It includes understanding requirements, gathering complete documentation, submitting a finalized application, reviewing, and inspecting, and finally getting approval and registration. This difficult procedure demands a proper structure of actions. Farhat & Co is one of the leading approved firms that will help you to handle the complications during this procedure. Their proficient team is always ready to guide them through every tough path and lead them towards success.
