ICAEW appointed to assist Dubai regulator in monitoring audit firms

The Institute of Chartered Accountants in England and Wales (ICAEW), a world leader of the accountancy and finance professions, has been contracted by the Dubai Financial Services Authority (DFSA) to assist in the monitoring of DFSA-registered audit firms.

The DFSA is the independent regulator of one of the fastest growing capital markets in the world, and delivers world-class regulation in the Dubai International Financial Centre (DIFC). It is responsible for the oversight of auditors of firms authorised by the DFSA to conduct financial services in the DIFC. This oversight role involves monitoring auditors and their work as well as independent inspection.

Vernon Soare, ICAEW Executive Director, Professional Standards, said:

“Being appointed by the Dubai Financial Services Authority to offer technical assistance in the monitoring of Dubai’s audit firms is a great testament to our technical expertise. The fact that we were awarded this contract at the same time as we are also opening an office in the Middle East, gives us a great platform on which to offer our expertise and experience to other key stakeholders in the region.

“Audit is one of the corner stones of a transparent financial reporting system and critical for investor confidence. Dubai already has a robust system for monitoring of the firms providing audit services, something which offers further assurance to investors. We look forward to working closely with the DFSA over the next few years.”

The ICAEW has extensive experience in providing the same audit monitoring service in the UK, where it monitors the work of more than 4,500 audit firms, including non-public interest audit work of the Big 4 accountancy firms (Deloitte, Ernst Young, KPMG and PricewaterhouseCoopers). It also has experience in providing this type of service for several other countries across Europe, Asia and Africa, and a longstanding knowledge of the development and adoption of international audit standards.

Source: ICAEW Website

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