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ICAEW to assist the DFSA in the supervision of audit firms in the DIFC

United Arab Emirates: Wednesday, December 09 - 2009 @ 13:21

The DFSA is the independent regulator of one of the fastest growing capital markets in the world, and delivers world-class regulation in the DIFC. It is responsible for the oversight of auditors of firms authorised by the DFSA to conduct financial services, in the DIFC. This oversight role involves monitoring auditors and their work as well as independent inspection.

Amanda Line, ICAEW Middle East Regional Director, said:

“Audit is one of the corner stones of a transparent financial reporting system and critical for investor confidence. Dubai already has a robust system for monitoring of the firms providing audit services which offers further assurance to investors and is important for Dubai’s continued growth as an internationally competitive financial centre.”

“In taking on this contract, we look forward to working closely with the DFSA and assisting them in the supervision of audit firms over the next few years. Through our regional office in the DIFC we hope to share the ICAEW’s experience and expertise more widely and work with local stakeholders across the Middle East,” she added.

The ICAEW has extensive experience in providing the same audit monitoring service both from the UK, where it monitors the work of more than 4,500 audit firms, including the Big 4 accountancy firms (Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers), and from other countries across Europe, Asia and Africa. It also has longstanding knowledge of the development and adoption of international audit standards.

The ICAEW regional office, located in the DIFC was officially opened with a reception at the British Embassy Gardens, Dubai, on 8 December. It is headed up by ICAEW Middle East Regional Director Amanda Line.

Having an office in the region will allow the ICAEW to work more closely with local stakeholders and offer better support to the increasing number of members and students in the Middle East. The office will cover the following countries: Bahrain, Egypt, Iran, Iraq, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia and the UAE.

The ICAEW has more than 800 members with the ACA qualification in the Middle East. Around 650 are based in the GCC, of which 420 are located in the UAE.

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Wednesday, December 9- 2009 @ 13:21 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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