Auditor Registration

The role and duty of a Registered Auditor is intended to enhance investor confidence, ensuring the financial statements in the DIFC comply with the required financial reporting standards and present fairly, in all material respects, the financial statements of the entity being audited.

A Registered Auditor:

1. must be fit and proper;

2. must have professional indemnity insurance as required under section 4.3 of the  Auditor (AUD) Module of the DFSA Rulebook;

3. must have adequate systems, procedures and controls to ensure due compliance with International Standards on Auditing (ISAs), International Standard on Quality Management (ISQM) and the Code of Ethics for Professional Accountants.

4. must have clear and comprehensive policies and procedures relating to compliance with all applicable legal requirements, including those in the Regulatory Law, AUD, AML and other relevant modules of the Rulebook;

5. must have adequate means to implement those policies and procedures and monitor that they are operating effectively and as intended;

6. must be controlled by a majority of individuals who hold Recognised Professional Qualifications;

7. must have identified at least one or more appropriate individuals, who will be appointed by it to undertake the responsibilities of an Audit Principal. These Audit Principals must have the following:

a. A Recognised Professional Qualification

b. Membership in good standing of a Recognised Professional Body

c. at least 5 years of relevant post qualification audit experience in the past 7 years, including at least one year of experience in a managerial role supervising and finalising audits; and

d. is fit and proper to conduct audit work;

8. must have identified an individual who will be appointed by it to undertake the responsibilities of a Senior Officer. The Registered Auditor must ensure that the Senior Officer:

a. is a person with responsibility for the day-to-day management, supervision and control of the Registered Auditor’s activities carried on in or from the DIFC;

b. will act as key point of contact with the DFSA; and

c. is fit and proper to perform the role in (a) and (b), with an appropriate level of seniority and independence.

9. must be able to comply with any other requirement specified by the DFSA.

 

Public Listed Companies, Domestic Authorised Firms, Authorised Market Institutions and Domestic Funds are required to appoint an auditor which is registered with the DFSA.

Refer to the Public Register for a list of the Registered Auditors and Audit Principals or get in touch with the DFSA if you have any queries. Also refer to the Auditor (AUD) Module of the DFSA Rulebook and the Regulatory Policy and Process Sourcebook.