In order to ensure that your Dubai Development Authority or DDA audit checklist is complete and accurate, we have put together a checklist of items that must be included. The Dubai Development Authority (DDA) is an organisation responsible for planning and executing initiatives that support the Emirate’s economic growth and diversification.
Some of the key areas that the DDA focuses on include infrastructure development, business promotion, and human capital development. The DDA also works to attract investment into Dubai and to create an environment that is conducive to business growth. The DDA’s work has played a significant role in the transformation of Dubai from a small trading town into a global business hub. The DDA’s efforts have helped to make Dubai one of the most attractive places to live and work in the world. In this blog post you will find all the DDA audit checklists.
What is DDA?
DDA means Dubai Development Authority (DDA). It is a government organisation that was established in 2000 to oversee the development of Dubai. The DDA Dubai is responsible for planning and coordinating the city’s development, as well as for providing infrastructure and utilities. The Authority also works to promote Dubai as a global investment destination.
DDA Audit Report Submission Deadline
The previously declared deadline for audited financial report submission has been revised by the Dubai Development Authority (DDA) from 31st October 2022 to 30th November 2022.
All entities registered with the DDA are required to submit their financial statements and other required documents to the Dubai Development Authority on or before the new deadline.
The DDA access audit has also reminded entities to take note of the following:
- All entities are required to maintain proper accounting records and submit their financial statements in English.
- Late reports will be rejected and may incur penalties.
- Entities are advised to contact the DDA if they have any queries.
DDA Checklists to Follow
As a business owner, you know that audits can be stressful. But, they don’t have to be! If you are well aware of the contents of the audit report to be submitted to DDA, you can sail through your Dubai Development Authority (DDA) audit with no problems.
To assist you in preparing documentation for Dubai Development Authority audit, we’ve created a DDA checklist of the documents you’ll need to provide. So, take a deep breath and review the following DDA requirements:
- Business registration certificate: This proves that your business is registered with the DDA.
- Trade licence: This shows that your business is licenced to operate in Dubai.
- Company profile: This gives the auditors an overview of your business.
- Audit report: This is the most important document! It details the findings of the audit.
- Financial statements: These show your business’s financial health.
- Contracts: Any contracts you have with suppliers or customers will need to be reviewed.
- Documentation of processes: This includes things like your quality control procedures.
- Employee records: The auditors will want to see records of your employees, including their job descriptions and contracts.
By following the DDA compliance checklist, you’ll be able to provide the auditor with everything they need to conduct a thorough review. And, that will make the audit process much smoother for everyone involved.
Newly Formed Corporations
Newly registered DDA approved corporations must provide the Audited Financial Statement within six months of the end of their first fiscal year.
How External Audit is Conducted in DDA?
According to DDA UAE regulations, an independent auditor who is registered with the DDA is appointed. Companies’ annual reports are prepared by DDA approved auditors and submitted to authorities.
The Dubai Development Authority’s registered auditors evaluate:
- A business licence
- Financial statement and record accuracy
- Observance of the standards
- Financial deception, money laundering, creative accounting, and so on
- VAT compliance and record keeping
To get the DDA approval in Dubai you need to provide all required information. Because the DDA has a strict code of conduct that all entities operating in the Emirate of Dubai must follow. The DDA will take appropriate action if any irregularities are found. This may include issuing fines or ordering the entity to make changes to its operations. The DDA may also refer the matter to the Dubai Courts if the irregularities are serious.
If a company fails to submit financial statements to DDA:
- It will be fined for not complying with the DDA regulations.
- Their business licence will not be eligible for renewal.
Organisations can ask registered examiners in DDA to extend the deadline for submitting audit reports.
How Can Adam Global Help?
Adam Global is an accounting firm that can help businesses not only survive, but thrive in the new normal. Adam Global can assist you with any DDA or eServices-related issues.
Adam Global is a well-known auditing firm in Dubai, UAE.
As an auditing firm, AG’s highly skilled team of auditing assists in:
- Conduct audit functions for management, government agencies, banks, and free zones to ensure compliance.
- Using high tech audit techniques and data analytics with 100% accuracy
- Determine the shortcomings of internal control procedures and offer suggestions.
- Our experts can assist you in submitting your report on time and obtaining the DDA NOC.
In the UAE, Adam Global provides Tax Consulting Services, Financial Advisory Services, VAT Registration, VAT Deregistration, Management Consulting Services, Internal/External Audit for Companies, Business Advisory Services, and so on. Furthermore, with our assistance and industry experience, your DDA submission will be a breeze.
Looking for auditors in dubai? Contact us to start a conversation, and one of our experts will provide you with a free consultation.
FAQs
Who Can Sign Audit Report in UAE
When it comes to who can sign audit reports in the UAE, there are a few different options. The most common option is to have a senior manager or director within the company sign off on the report. However, in rare situations, it may be crucial to have an outsider from the firm verify the document. This is typically done when there are concerns about the accuracy of the report or when the company is required to have an independent auditor sign the report.