Documents Required for DMCC Audit
Running a company in the Dubai Multi Commodities Centre (DMCC) comes with important financial reporting and compliance responsibilities. One of the key requirements for many DMCC member companies is the preparation and submission of audited financial statements through the DMCC Member Portal.
A properly prepared DMCC audit helps a company maintain accurate financial records, meet applicable DMCC requirements, and provide stakeholders with reliable financial information.
One of the most common questions asked by business owners and finance teams is:
What documents are required for a DMCC audit?
The answer depends on the company’s activities, structure, transactions, and accounting records. However, most DMCC audit engagements require a combination of corporate documents, accounting records, financial statements, banking information, tax records, and supporting documentation.
DMCC’s current guidance requires the submission of the Audited Financial Statements together with the Audited Financial Statements Summary Sheet, with the summary sheet completed, signed and stamped by the auditor.
This guide explains the major documents you should prepare before starting your DMCC company audit.
What Is a DMCC Audit?
A DMCC audit is an independent examination of a company’s financial statements and related records by an auditor approved by DMCC, where applicable under the company’s requirements.
The purpose is to provide reasonable assurance that the financial statements are properly prepared and free from material misstatement. DMCC’s Approved Auditor Rules state that the annual accounts should be prepared in accordance with International Financial Reporting Standards (IFRS) and that the auditor’s report should address whether the accounts have been properly prepared under IFRS and give a fair and true view of the company’s financial position and performance.
For businesses operating in DMCC, an audit is therefore more than simply checking numbers. It involves reviewing the company’s accounting records, transactions, financial statements and supporting evidence.
Complete DMCC Audit Documents Checklist
Preparing your documents before the audit starts can significantly improve the efficiency of the audit process.
Below is a practical DMCC audit checklist covering the documents commonly requested by auditors.
1. DMCC Trade Licence
Provide a current copy of your company’s DMCC trade licence.
The auditor uses the licence to confirm key company information, including:
- Company name
- Licence number
- Business activities
- Licence validity
- Registered activities
This is particularly important because the auditor’s responsibilities include considering whether the company is undertaking activities permitted under its commercial licence.
2. Memorandum and Articles of Association
Your Memorandum of Association (MOA) and Articles of Association (AOA) may be required as part of the audit documentation.
These documents help the auditor understand the company’s:
- Legal structure
- Share capital
- Shareholders
- Rights and responsibilities
- Constitutional arrangements
They can also help the auditor verify information reported within the financial statements.
3. Share Certificates and Shareholder Information
Prepare copies of relevant:
- Share certificates
- Shareholder information
- Share transfer documents
- Capital contribution records
- Changes in ownership, where applicable
This documentation is useful when reviewing the company’s share capital and ownership structure.
DMCC’s Approved Auditor Rules specifically require the auditor to consider whether the financial period and share capital stated in the annual accounts are validated according to the company’s Articles.
4. Trial Balance
The trial balance is one of the most important accounting documents required for a DMCC audit.
It provides the auditor with a summary of the company’s ledger balances at the end of the financial year.
Your trial balance should normally include accounts such as:
- Cash
- Bank
- Accounts receivable
- Accounts payable
- Revenue
- Purchases
- Operating expenses
- Fixed assets
- Loans
- Share capital
- Retained earnings
- Tax accounts
A clean and properly reconciled trial balance gives the auditor a strong starting point for the audit.
5. General Ledger
The general ledger provides detailed information behind the balances appearing in the trial balance.
Auditors may select transactions from the ledger and request supporting documentation to verify:
- Transaction dates
- Amounts
- Descriptions
- Accounts used
- Supporting invoices
- Payment evidence
- Business purpose
Providing the general ledger in an organised format can help reduce unnecessary delays during the audit.
6. Bank Statements
Prepare complete bank statements for all company bank accounts covering the relevant financial year.
These may include:
- Current accounts
- Savings accounts
- Foreign currency accounts
- Investment accounts
- Other business bank accounts
Bank records are important for testing cash balances, transactions, receipts, payments and reconciliations.
DMCC’s Approved Auditor Rules also state that the auditor should ensure bank balances are confirmed by the banks.
7. Bank Reconciliation Statements
Bank reconciliation statements should be prepared for the company’s bank accounts.
The auditor may compare:
Bank statement balance → Bank reconciliation → Accounting records
Any unexplained differences should be investigated and corrected before finalising the financial statements.
A properly maintained bank reconciliation can make the DMCC audit process considerably smoother.
8. Sales Invoices and Revenue Records
Prepare sales invoices and supporting revenue documentation for the audit period.
Depending on the business, this may include:
- Sales invoices
- Credit notes
- Customer contracts
- Purchase orders
- Delivery documents
- Sales reports
- Revenue schedules
- Receipts
- Customer statements
The auditor may test selected revenue transactions to verify that the amounts recorded in the financial statements are supported by appropriate documentation.
9. Purchase Invoices and Expense Documents
Your auditor may also request purchase invoices and supporting documents for expenses.
Examples include:
- Supplier invoices
- Expense receipts
- Purchase orders
- Service agreements
- Delivery notes
- Utility bills
- Professional fees
- Marketing expenses
- Office expenses
- Travel expenses
Keeping these records properly organised makes it easier to substantiate business expenses.
10. Accounts Receivable Records
If your company provides goods or services on credit, prepare an accounts receivable ageing report.
This can help the auditor review:
- Outstanding customer balances
- Overdue invoices
- Credit notes
- Customer confirmations
- Bad debt provisions
- Subsequent receipts
Large or long-outstanding receivables may receive additional audit attention.
11. Accounts Payable Records
Prepare an accounts payable ageing report showing amounts owed to suppliers.
The auditor may review:
- Supplier balances
- Outstanding invoices
- Payment records
- Supplier statements
- Unrecorded liabilities
- Subsequent payments
This helps determine whether liabilities have been properly recorded in the financial statements.
12. Payroll and Employee Records
Where applicable, prepare payroll-related records such as:
- Salary reports
- Employee lists
- Payroll journals
- Employment contracts
- WPS records
- End-of-service calculations
- Leave provisions
- Bonus calculations
The auditor may test payroll transactions and employee-related provisions as part of the audit.
13. Fixed Asset Register
If your company owns assets, prepare an updated fixed asset register.
It may include:
- Asset description
- Purchase date
- Purchase cost
- Depreciation
- Accumulated depreciation
- Net book value
- Disposal information
Supporting documents such as purchase invoices may also be requested.
14. Loan and Financing Documents
If the company has loans, financing arrangements or shareholder loans, prepare:
- Loan agreements
- Bank facility agreements
- Repayment schedules
- Interest calculations
- Outstanding balance confirmations
- Related-party loan agreements
The auditor will need to determine whether the balances and related disclosures are appropriately reflected in the financial statements.
15. Previous Year’s Audited Financial Statements
If the company has previously completed a DMCC annual audit, provide the previous year’s:
- Audited financial statements
- Independent auditor’s report
- Notes to the financial statements
- Audit adjustments, where available
- Supporting schedules
Prior-year audited financial statements provide useful comparative information for the current-year audit.
16. VAT Records
If the company is VAT registered, prepare relevant VAT documentation, such as:
- VAT registration certificate
- VAT returns
- VAT workings
- VAT payment records
- VAT refund documentation
- Tax invoices
- Credit notes
The auditor may review VAT balances recorded in the company’s accounts and assess whether relevant transactions have been properly recorded.
17. Corporate Tax Records
For companies subject to UAE Corporate Tax requirements, provide relevant corporate tax documentation where applicable.
This can include:
- Corporate Tax registration information
- Tax return records
- Tax computation
- Tax payment records
- Tax-related accounting schedules
- Supporting calculations
It is important to distinguish between a financial statement audit and a Corporate Tax compliance review. They are related but are not the same service.
18. Related-Party Transaction Documents
If the company has transactions with shareholders, directors, group companies or other related parties, prepare supporting documentation.
Examples include:
- Related-party agreements
- Management fees
- Intercompany invoices
- Loans
- Director transactions
- Shared expenses
- Intercompany balances
Proper identification and documentation of related-party transactions is important for financial statement disclosures.
19. Lease and Tenancy Documents
If the company has an office or other leased premises, provide relevant:
- Lease agreement
- Tenancy contract
- Ejari, where applicable
- Rental payment records
- Lease schedules
These documents can help support rental expenses and lease-related balances.
20. Contracts and Agreements
Depending on your business activities, the auditor may request significant contracts.
These could include:
- Customer contracts
- Supplier agreements
- Distribution agreements
- Service agreements
- Employment agreements
- Loan agreements
- Lease agreements
- Partnership agreements
Significant contracts can help auditors understand the company’s obligations, revenue arrangements and financial commitments.
21. Inventory Records
For trading companies and businesses holding inventory, prepare:
- Inventory listing
- Stock count sheets
- Inventory valuation
- Purchase records
- Sales records
- Goods received notes
- Goods delivery notes
- Obsolete stock calculations
Inventory may require additional audit procedures depending on its materiality and nature.
22. Cash Records
If your company handles cash transactions, prepare:
- Cash book
- Petty cash records
- Cash count sheets
- Expense receipts
- Cash payment vouchers
- Cash receipt records
The auditor may perform additional procedures where cash balances or cash transactions are significant.
23. Management Accounts
If available, provide management accounts for the relevant financial period.
These may include:
- Profit and loss statement
- Balance sheet
- Cash flow statement
- Monthly financial reports
- Budget versus actual reports
- Management reporting packs
Management accounts can help the auditor understand significant movements and unusual transactions.
24. Accounting System Access and Reports
Your auditor may request accounting reports from systems such as:
- Zoho Books
- QuickBooks
- Xero
- Tally
- Sage
- SAP
- Other accounting systems
The exact information required will depend on the audit scope and accounting system used by the company.
25. UBO and Corporate Records
Where relevant, keep current corporate and ownership documentation, including information relating to the company’s Ultimate Beneficial Owners (UBOs).
DMCC states that member companies are required to provide and maintain UBO information in line with UAE AML/CFT requirements, including supporting documents identifying individuals with 25% or more ownership or control.
DMCC Audited Financial Statements and Summary Sheet
After the audit is completed, DMCC’s current submission guidance requires the company to upload:
- Audited Financial Statements Report
- Audited Financial Statements Summary Sheet
The Summary Sheet should be completed based on the audited financial statements and signed and stamped by the auditor. The company then submits the documents through the relevant DMCC Member Portal service.
DMCC’s guidance also states that the original Summary Sheet should be retained by the company and made available if requested by the DMCC Inspection Team.
DMCC Audit Checklist: Quick Reference
Before sending your documents to your DMCC approved auditor, use this checklist:
- DMCC Trade Licence
- Memorandum and Articles of Association
- Share certificates
- Shareholder information
- Trial balance
- General ledger
- Bank statements
- Bank reconciliations
- Sales invoices
- Purchase invoices
- Accounts receivable ageing
- Accounts payable ageing
- Payroll records
- WPS records, where applicable
- Fixed asset register
- Loan agreements
- Previous audited financial statements
- VAT records, where applicable
- Corporate Tax records, where applicable
- Related-party transaction records
- Lease and tenancy documents
- Significant contracts
- Inventory records, where applicable
- Cash and petty cash records
- Management accounts
- UBO and corporate records
- Other supporting schedules requested by the auditor
How to Prepare for a DMCC Audit
Good preparation can make your DMCC company audit more efficient.
1. Organise documents by category
Create separate folders for:
- Corporate documents
- Banking
- Sales
- Purchases
- Payroll
- Fixed assets
- Tax
- Loans
- Related parties
- Previous audit
- Contracts
2. Reconcile your accounts
Before submitting records to your auditor, reconcile:
- Bank accounts
- Accounts receivable
- Accounts payable
- VAT accounts
- Loans
- Intercompany balances
- Shareholder balances
3. Review unusual transactions
Identify unusual or significant transactions before the audit begins.
Examples include:
- Large payments
- Shareholder transactions
- New loans
- Asset purchases
- Asset disposals
- Large related-party transactions
- Significant foreign currency transactions
4. Make sure accounting records are complete
Missing invoices, unreconciled bank accounts and incomplete ledgers can create unnecessary audit queries.
5. Prepare your financial statements
Your financial statements should be properly prepared and supported by the underlying accounting records before the auditor begins the final audit procedures.
Why Choosing a DMCC Approved Auditor Matters
Selecting the appropriate auditor is an important part of maintaining your company’s compliance.
DMCC maintains an Approved Auditors List and publishes rules and guidance applicable to approved auditors and the submission of audited financial statements.
An experienced DMCC approved auditor in Dubai can help your company:
- Prepare for the audit
- Identify missing documentation
- Review accounting records
- Perform audit procedures
- Prepare audited financial statements
- Complete the DMCC Summary Sheet
- Support the submission process
- Address audit queries
- Improve financial reporting processes
However, businesses should always verify the current DMCC requirements and approved auditor status before appointing an audit firm.
Common Mistakes Companies Make Before a DMCC Audit
1. Starting the audit too late
Waiting until the deadline approaches can create unnecessary pressure.
2. Incomplete accounting records
Missing invoices or incomplete ledgers can delay audit procedures.
3. Unreconciled bank accounts
Differences between accounting records and bank statements should be investigated before the audit.
4. Missing supporting documents
A transaction recorded in the ledger should generally have appropriate supporting evidence.
5. Incorrect shareholder or share capital information
Corporate information should agree with the company’s legal records.
6. Poorly maintained related-party records
Transactions involving shareholders or related entities should be properly identified and documented.
7. Treating the audit as only a financial statement exercise
A quality audit requires the auditor to understand the company’s activities, transactions, accounting records and relevant compliance considerations.
Frequently Asked Questions About DMCC Audit Documents
What documents are required for a DMCC audit?
Common documents include the DMCC trade licence, constitutional documents, shareholder information, trial balance, general ledger, bank statements, sales and purchase invoices, accounting schedules, previous audit reports, tax records, contracts and other supporting documentation.
The exact requirements depend on the company’s structure, activities and transactions.
Does DMCC require audited financial statements?
DMCC provides specific procedures for companies to submit audited financial statements and a completed Summary Sheet through the Member Portal. Companies should check the requirements applicable to their entity and current DMCC regulations.
Does a DMCC company need a DMCC approved auditor?
Where an approved auditor is required, the auditor should be selected from the applicable DMCC approved auditor framework. DMCC publishes an Approved Auditors List and related rules.
What financial statements are needed for a DMCC audit?
The financial statements should be prepared appropriately for the company’s circumstances and applicable reporting requirements. DMCC’s Approved Auditor Rules state that the annual accounts are to be properly prepared in accordance with IFRS.
How can I prepare my company for a DMCC audit?
Start by ensuring that your accounting records are complete, bank accounts are reconciled, invoices are properly filed, corporate documents are current and significant transactions have adequate supporting documentation.
Can an audit firm help prepare the documents?
An audit and accounting firm can assist with accounting records, financial statement preparation, audit readiness and the audit process, subject to appropriate independence and professional requirements.
Final Thoughts
Preparing the documents required for a DMCC audit in advance can make the audit process significantly more organised and efficient.
Your company should maintain accurate accounting records throughout the year rather than trying to reconstruct documents immediately before the audit. A well-maintained trial balance, reconciled bank accounts, organised invoices, properly documented contracts and complete corporate records can help your auditor perform the necessary procedures efficiently.
For DMCC companies, the final submission also requires attention to the Audited Financial Statements and Summary Sheet, which are submitted through the DMCC Member Portal in accordance with the applicable DMCC process.
If you are looking for DMCC audit services in Dubai, work with an experienced audit firm familiar with DMCC’s requirements, financial reporting standards and the documentation expected during the audit.
Need Help With Your DMCC Audit?
AM Audit provides professional DMCC audit and accounting services in Dubai for businesses that need support with audit preparation, financial statements, accounting records and compliance-related requirements.
Our team can help you organise your financial records, identify missing documentation and coordinate the audit process for your DMCC company.
Contact AM Audit today to discuss your DMCC audit requirements.
