DDA’s Deadline is Approaching
Are Your Audit Reports Ready?
Not yet? What are you waiting for? Just do it! By yourself or through Adam Global audit specialists in Dubai.
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Phew! Now it’s 30th November 2022
Yes, the previous DDA deadline for audited financial statement submission (31/10/2022) has been extended by one month which means you have more time to Google "the best accounting specialists & auditors near me” who can take care of your DDA financial statement audit Dubai needs. But remember, when you are running a business in Dubai, you have tons of obligations to meet to steer clear of penalties and fines from the UAE Government. Submission of financial audit reports to the relevant authority is one of them, especially if you are a DDA-registered company in Dubai. Being an entity registered under the jurisdiction of DDA, you must submit your audit reports to the Authority before the deadline which has been revised to 30th November this year. And missing deadlines is the last thing you want to do. So, just eat the frog and bask in the benefits of doing the task before time.
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A Quick Recap of Objective Behind the Obligation
Dubai Development Authority (DDA), previously known as Dubai Creative Clusters Authority (DCCA), exists to make sure that the economy of Dubai grows upward and onward. From improving & maintaining the emirate’s physical environment, increasing investment & business opportunities and expanding business development efforts to strengthening DDA organisational capacity, all the responsibilities of the Authority are in line with the objective.
Why to file the DDA Report?
This is a mandatory requirement to comply with the applicable Federal and Local laws, particularly the Anti-Money Laundering and Combatting Financing of Terrorism, Economic Substance, and tax laws. The Company must submit the duly filled Financial Statements Report Summary Sheet along with the Audited Financial Statement via the AXS portal.
Benefits of submitting financial audit reports before the legal deadline
- Early submission keeps the penalties or repercussions at bay
- Plenty of time for reviewing and making the necessary changes
- Audit reporting done by experts using the most advanced tools
- Save on audit fees in Dubai
- Top auditors in Dubai will be available
- Maintain your goodwill
- Gives you peace of mind. It’s more relaxing to be ahead
- Experience a higher level of self-trust
- It will help generate more motivation to do other things
Who is eligible for Audit Report Submission to DDA?
Committed to supporting its valued business partners to ensure their compliance with financial reporting obligations under applicable laws and regulations within the mandatory timeframes, DDA mandates FZLLCs and branch offices (“Company”) to prepare and submit their Audited Financial Statement and Annual Return for every financial year (Collectively referred to as “Audited Financial Statement”). The requirements of the Audited Financial Statement for an FZLLC are furnished in Regulations 63-68 of the Private Companies Regulations of 2016. Branch offices may opt for submitting the consolidated Audited Financial Statement of their parent companies, or a stand-alone extract of the financials of the branch office operation only.
Simply put, you are required to file the Audit Reports to DDA if you are registered under any of the listed jurisdictions under DDA:
- Dubai Internet City
- Dubai outsource City
- Dubai Industrial City
- Dubai Media City
- Dubai Studio City
- Dubai Production City
- Dubai Knowledge Park
- Dubai International Academic City
- Dubai Science Park
Which entities in the UAE have to submit audited financial reports?
DDA Guidelines for Audit Report Submission
All the DDA-registered companies are expected to submit their most recent Audited Financial Statement by or before 30th November 2022
Thereafter, all companies have to submit their Audit Financial Statement within six months from the financial year end
Newly-registered companies that and have not yet completed their first financial year are required to provide the Audited Financial Statement within six months from their first financial year-end
The submission of the Audited Financial Statement will be carefully monitored by the Authority and failure to comply may lead to the implementation of Decision No (2) of 2017 at the sole discretion of the Authority
Companies that are subject to the Economic Substance Regulations (ESR) and that have submitted the Audited Financial Statement via the ESR portal are still required to provide it via the AXS Portal.
Who can help me in the submission of Audit Reports to DDA?
If you are looking to outsource the Audit Report submission in Dubai, then you’re in luck. Whether you are seeking accounting firms in Business Bay, World Trade Centre, Gold & Diamond Park or any other region of Dubai, the city doesn’t disappoint. The emirate is home to tons of audit and accounting experts and to find the best one you may approach any of the top audit firms in Dubai such as Adam Global. Serving the industry for more than two decades as a one-stop-shop for all the corporate needs in the United Arab Emirates, we house a mixed bag of finance professionals and approved accounting experts in Dubai who are equipped with years of experience in their respective fields and the latest accounting tools and techniques which makes us one of the leading audit firms in UAE. Need we say more? Ahead you will see some of the benefits of filing your Audit Reports through our DDA-approved auditors in Dubai.
To enjoy all these benefits, all you have to do is share the required details and leave the rest on your dedicated auditor from Adam Global Dubai Accounting & Auditing Services Team.
Benefits of submitting audit reports through Adam Global Audit Professionals in Dubai
What’s headache for you, is a hobby of us
You don’t have to worry about anything – from preparing reports to submitting them to DDA
You won’t miss the deadlines obviously
You’ll gain a fresh set of eyes from outside your organisation that are objective and unbiased
There is no need to invest in continual training on changing requirements or frequent turnover of auditors. This simply means – Hello savings!
By giving us the DDA audit reporting responsibility, you may free up your internal resources
Professional and timely reports
Our auditors have in-depth knowledge of the standard’s requirements, experience in the field and can share best practices, an understanding of the process audit approach and risk-based auditing and the ability to provide consulting while auditing
We take much less time to perform with greater effectiveness and efficiency
The audit reports will be prepared only in line with DDA regulations
The audit fee in Dubai that we charge is reasonable
With us working for you, you will have more content, findings, comments, opportunities for improvement, and observations for added value in the audit reports
Sensitive issues (that an inside auditor may be hesitant to address) will be taken care of duly
You are sure to receive from us better internal response and acceptance of findings and opportunities for improvement
By passing the buck to our Dubai audit experts at Adam Global, you can focus on what you do the best – running your business
Wondering when & how to contact us?
Although the DDA audit reports submission date has been shifted to the last day of November, the right time to submit your financial statement audit Dubai is now. You may get in touch with us by just filling up a simple form! Quickly share a couple of details there and you’ll get a call from one of our approved auditors in DDA with the exact quote on the Audit Fees in Dubai at the earliest. The earlier the cheaper! And yes, your first consultation with our DDA–approved auditors in Dubai is Free!
Our Advice: The Sooner the Better!
Time flies when you’re running your business. Hours can turn into days, days into weeks and weeks into months in a wink as you’re zeroed on the day-to-day work. Some important, some more important and others urgent like preparation and submission of financial statement audit Dubai. And as they say out of sight, out of mind, no matter how far the DDA audit reports submission date is, it can still slip off your mind when you are buried in works. And the audit report submission to DDA is something that can’t be taken lightly. No wonder, a swarm of businesses are approaching approved auditors for the financial statement audit Dubai Developmental Authority needs before they get busy this year. The task sure needs expert eyes! And those you will find in the leading accounting & audit companies in Dubai. We simply mean, outsourcing the task to one of the top audit firms in Dubai such as Adam Global can save your time, effort and money letting you sit back and relax thinking that your financial statement audit Dubai is being done by competent auditors in Dubai. As a registered auditing firm in Dubai for all the significant free zones, including DDA, Adam Global Accounting Services analyses its clients’ working model and devices a business plan based on that understanding. Our registered auditors in Dubai Development Authority further perform the required tasks in compliance with the Auditing Standards. So, what are you waiting for? We are just a click away!