Dubai Financial Services Authority hosts 10th Annual Audit Outreach for Registered Auditors

Dubai, UAE; February 13, 2019: The Dubai Financial Services Authority (DFSA) hosted today the tenth Annual Audit Outreach for registered auditors. The DFSA provided an overview of the Audit Monitoring Findings from 2018, and a range of updates that are intended to strengthen audit quality. 
 
In his opening address, Bryan Stirewalt, Chief Executive of the DFSA, underlined the growth of the Dubai International Financial Centre (DIFC) and expressed his satisfaction with the quality of audit results achieved by the registered auditors in 2018. “DFSA teams worked closely with registered auditors in the DIFC to help reduce any audit deficiencies. 

We have seen discrete instances where auditors have not exercised full professional skepticism in their work, but the overall results of Audit Monitoring Findings from 2018 are positive. We will continue to support registered auditors in achieving exceptional standards of auditing in line with global principles, which will help to safeguard the interests of investors,” he said. 
 
“The success of our Annual Audit Outreach highlights the effectiveness of the strong working relationship we have developed with the accounting and auditing professionals in the DIFC. We will continue to focus on contributing to enhancing audit quality and overseeing regulatory compliance. This will add to the reputation of the DIFC as a global financial services hub and boost international investor confidence in Dubai and the UAE.” he added.
 
More than 100 professionals including managing partners, audit principals, money laundering reporting officers and the senior audit staff of registered auditors attended the event, which is held annually by the DSFA. 
 
The event featured high-level presentations on the Audit Monitoring Findings from 2018, updates on client assets audit rules and the progress achieved, a financial crime update that covered the preparation for the Financial Action Task Force and the results of a thematic review conducted on Designated Non-Financial Business or Profession. 
 
Other areas discussed at the Annual Audit Outreach included an update on the DFSA’s Electronic Prudential Reporting System (EPRS) and the Forms Online Digitalisation projects. A detailed overview of Audit Monitoring Focus for 2019 was also discussed highlighting the priorities for this year’s inspections.