Overview Jurisdiction Al Reem Expansion Authorities Initiatives ADGM Academy Arbitration Centre Overview Business areas Setting up Operating in Public registers Legal framework Regulation Awareness Collaboration Ecosystem ADGM Sustainable Media News Events Spotlight Podcasts Publications Support Make an enquiry Whistleblowing FAQs
A platform that offers limitless opportunities and paves the way for a brighter future

Abu Dhabi boasts first-class infrastructure and unparalleled global connectivity, making it a premier international destination. Its exceptional qualities make it an ideal location to live, work, and conduct business.

Read about Abu Dhabi's lifestyle
Latest initiatives ADGM Announces Incentive Initiative for Existing Al Reem Island Businesses Transitioning to ADGM ADGM Marks Its Presence on Al Reem by Hosting its First Community Event on the Island
Providing an environment that empowers the future

A financial centre that provides transparency, efficiency, and integrity, through its progressive frameworks, future focused infrastructure, all within a familiar independent legal jurisdiction – ADGM is the perfect platform for success.

Find out how to set up in ADGM
Latest news The Registration Authority of ADGM Publishes Consultation Paper on Legislative Framework for a Register of Certain Trust Information ADGM Announces Incentive Initiative for Existing Al Reem Island Businesses Transitioning to ADGM
Preserve our economies and environment for future generations

ADGM, the centre for a transparent and thriving sustainable finance ecosystem.

More about our Sustainability vision
Highlights ADGM, the Region's Leading Climate Finance Hub, Announces its Role as Principal Partner at COP28 ADGM Implements its Sustainable Finance Regulatory Framework
Stay up-to-date with our wide range of available resources

Our community of business professionals, entrepreneurs, and investors can depend on ADGM to provide timely news and reliable insights.

Read our latest news articles
Upcoming events The Settlement of International Energy Disputes in the Middle East LINK Networking Series Economy Middle East Summit 2024
We are here to help

At ADGM, we offer various support options, including contact details, FAQs, enquiry forms, and a whistleblowing form.

View available support options
Some of our FAQ topics
  • Getting started
  • Foundations regime
  • Resolution for incorporation
  • Existing auditors
  • New auditors
  • Announcement


    ADGM’s Registration Authority Fines Baker Tilly and its Audit Principal USD 62,500 for Audit Failings

    ADGM RA 22/02/2024

    The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has sanctioned Baker Tilly Middle East Limited (Baker Tilly), an ADGM registered audit firm and, Neil Andrew Sturgeon (Sturgeon), Baker Tilly’s registered audit principal.

    The RA imposed the following financial penalties for serious failings and gaps in the financial audit work carried out for two ADGM companies which led to non-compliance with the relevant ADGM requirements:

    • USD 50,000 against Baker Tilly; and
    • USD 12,500 against Sturgeon.

    During an inspection, the RA found significant failures to adhere to the ISA in the two audits carried out by Baker Tilly and Sturgeon. The breaches of ISA were identified in multiple areas of the audit process, from planning and execution to completion and reporting.

    High-quality audit is vital for reinforcing trust in financial reporting which allows shareholders, investors, and other stakeholders to rely on financial statements to make informed decisions. The RA expects its registered auditors and audit principals to ensure that all audit work carried out by them is performed diligently, competently and in accordance with all relevant technical and professional standards.

    The Registration Authority, notes, “One of the RA’s key regulatory objectives is to promote high-quality audit, which is an essential element of a strong financial and business ecosystem. High-quality audits directly contribute to the integrity of markets, provide investor protection and enable the promotion of businesses with confidence. A robust audit regime and monitoring program help ensure auditors do not fall short of the standards expected from them while also increasing the reliability of financial reporting. The RA will use all regulatory tools at its disposal from outreach to enforcement, as appropriate, to promote high standards of audit quality”.

    To access a copy of the Decision Notices describing Baker Tilly and Sturgeon’s contraventions, click on the following links: