DFSA publishes Audit Monitoring Report for enhanced audit oversight

DIFC

The Dubai Financial Services Authority (DFSA) published today its 8th Audit Monitoring Report, providing key findings from inspections of Registered Auditors conducted in 2022 and 2023.

Over the past two years, the DFSA has completed a record number of inspections to ensure that audit quality within the Dubai International Financial Centre (DIFC) remain rigorous and reflective of global best practices.

The report analysed financial statement audits, regulatory engagements, and anti-money laundering, and reveals a significant decline in audit quality, mirroring global trends.

The findings also outline the measures taken by the DFSA to address some of the challenges faced by auditors – underscoring its commitment to maintaining the highest standards of audit quality and regulatory oversight.

In addition, aligned with global principles of transparency and accountability observed by audit regulators, the report reinforces the importance of integrity and reliability of financial regulations. By adhering to these principles, the DFSA ensures that the financial practices within the DIFC are transparent, accountable, and trusted globally.

Ian Johnston, Chief Executive of the DFSA, said, “Robust audit oversight is crucial for trust in our financial systems. This report outlines both the challenges we face and the proactive measures we are taking to ensure audit quality meets global standards. It is critical that the audit profession responds promptly and meaningfully to improve audit quality.”

More from Business

  • UAE, Ukraine Presidents witness CEPA signing

    President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Volodymyr Zelenskyy, President of Ukraine, on Monday attended the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

  • New AED 25 hour event parking tariffs begin in Dubai

    Vehicle parking at major events in Dubai will be charged at AED 25 an hour coming into effect on Monday, parking company Parkin confirmed.

  • Abu Dhabi issues new endowment company rules

    Abu Dhabi Department of Economic Development (ADDED), in collaboration with The Endowments and Minors’ Funds Management Authority (Awqaf Abu Dhabi), has issued a resolution on the establishment and licensing of endowment institutions in Abu Dhabi.

  • IDC 2025 discusses global disruptions, defence preparedness

    The International Defence Conference 2025 commenced on Sunday at Emirates Palace in Abu Dhabi, bringing together defence and security leaders, experts, and companies from around the world to discuss key challenges and opportunities in the sector.

  • Dubai Energy Council reviews carbon emissions progress

    Ahmed bin Saeed chaired the Dubai Supreme Council of Energy meeting on Sunday, which reviewed progress in carbon emission reduction technologies in alignment with the UAE’s Net Zero 2050 Strategy and the Dubai Carbon Abatement Strategy 2030.