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Announcement
ADGM introduces an enhanced Auditors’ framework
ADGM RA 02/09/2021
Abu Dhabi, UAE, 2 September 2021 - Abu Dhabi Global Market (ADGM), the International Financial Centre located in Abu Dhabi, has today introduced its enhanced framework to regulate auditors in ADGM (Auditors’ Framework). This follows the successful completion of a public consultation on the introduction of a strong and innovative Auditors’ Framework to be administered by the ADGM Registration Authority (RA).
The Auditors’ Framework provides effective oversight and promotes high standards of financial audits, all of which underpin business confidence, investor protection and contribute to market and financial system reliability, and enhances the integrity and reputation of ADGM and its participants.
The enhanced Auditors’ Framework includes:
- a single registration framework with tiered requirements for all auditors, additional requirements for auditors of public companies and investment funds and further requirements for auditors of all financial institutions licensed by the ADGM Financial Services Regulatory Authority;
- requirements to ensure that auditors comply with international auditing standards, such as audit quality requirements, as well as ethical and independence considerations; and
- comprehensive monitoring and enforcement provisions, with investigation and sanctioning powers for the Registrar which accord with international standards.
The enhanced Auditors’ Framework will come into force on 1 December 2021.
Dhaher bin Dhaher Al Mheiri, CEO of the ADGM RA, said: “ADGM’s enhanced Auditors’ Framework conforms with English and European professional and ethical standards and with is in line with international best practice.
The role and duty of a Registered Auditor and its Audit Principals is important and intended to enhance investor confidence, ensuring that financial statements in the ADGM comply with the required financial reporting standards and give a true and fair view of the financial position of the entity being audited.
The enhanced Auditor’s Framework demonstrates ADGM’s commitment to building a strong and sustainable International Financial Centre that promotes business growth, certainty and security for our stakeholders.”
The legislative instruments comprising the enhanced Auditors’ Framework are now available on the dedicated webpage here: ADGM Commercial Rules Regulations - Auditors.