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 Make an enquiry Support FAQs Whistleblowing
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 welcomes Al Reem Island businesses to its community 100 Days To Go: Abu Dhabi Finance Week’s 2023 Edition Expects Leadership of 3500+ Top Financial Firms from Over 100 Countries
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 ADGMA Forges Strategic Collaborations to Advance Financial Education and National Development Abu Dhabi Sustainable Finance Forum’s COP28 Edition Deep-Dives into Nuances of “Building Green Financial Centres of the Future”
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 No events yet
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
  • ACCESSADGM
  • Announcement

    service

    Public consultation on ADGM’s proposed enhanced Auditors’ framework

    ADGM RA 17/12/2020
    Public consultation on ADGM’s proposed enhanced Auditors’ framework
    • Single registration framework with tiered requirements
    • Audit quality requirements
    • Transition period for existing auditors

    The Registration Authority (RA) of Abu Dhabi Global Market (ADGM), the award-winning international financial centre located in the capital of the United Arab Emirates, has issued a consultation paper to invite public feedback and comments on a number of proposed enhancements to its auditor’s framework.

    A strong and innovative auditor framework with effective oversight promotes high standards of financial auditing within a jurisdiction. High quality financial audits underpin business confidence, investor protection and contribute to market and financial system integrity. This needs to be coupled with strong auditor oversight to enhance the integrity and reputation of ADGM and its participants.

    The current ADGM legal framework governing auditors was based on the UK Companies Act 2006. However, since the framework was initially implemented, international standards have progressed, including the enactment of EU legislation covering audit regulation, which has also been incorporated and reflected in the UK’s auditor framework.

    Given these international developments and ADGM’s growth, together with its objective of ensuring its legislative framework is based on the most recent international standards, ADGM proposes to enhance its auditor framework to, include: 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.

    Furthermore, ADGM proposes to introduce requirements to ensure that auditors comply with international auditing standards, such as audit quality requirements, as well as ethical and independence considerations. The amendments will also grant the RA comprehensive monitoring and enforcement powers, with investigation and sanctioning powers, which align with international standards.

    To promote orderly integration of and compliance with these enhancements, the proposed framework provides for transitional arrangements for audit firms currently registered in ADGM. A 12-month transition period for presently registered auditors is proposed from the commencement of the amendments or auditor’s re-registration. This period will ensure the continuity of audit services following the introduction of the new requirements.

    Dhaher bin Dhaher Al Mheiri, the CEO of RA says:

    “ADGM is committed to delivering a world-class business and regulatory environment that promotes trust and confidence. These proposed enhancements to ADGM’s auditors’ framework are an example of ADGM’s continuous efforts to deliver on this commitment. Through these proposals we aim to ensure that ADGM maintains an internationally aligned, and effective audit regime and monitoring framework, while accommodating audit firms of differing sizes and resources. We encourage feedback from the audit industry and interested stakeholders on these proposals and look forward to your feedback.”

    ADGM invites public feedback and comments on the proposed Auditors framework, which can be addressed to: consultation@adgm.com