The Dubai Financial Services Authority (DFSA) and the UK Association of Certified Chartered Accountants (ACCA) today held their first meeting in Dubai after signing a memorandum of understanding on September 25.
Under the MoU, the ACCA will assist the DFSA to ensure that audit standards within the Dubai International Financial Centre are at least as high as those applying in major international capital markets.
The Chief Executive of the DFSA, Mr. David Knott, welcomed the Head of the ACCA delegation, Mr Sha Ali Khan, to Dubai.
Knott said: “Today marks the first working session between DFSA and ACCA since the signing of our MoU in September. We have a full agenda that includes the preparation of guidelines and rules governing the registration of auditors within the DIFC, and the process by which the conduct of audit engagements will be reviewed.”
He said: “The end result will be a transparent and robust regime of audit supervision that will further enhance investor confidence in financial firms that operate within the DIFC. Review of audit performance, measured against applicable international standards, will form the centrepiece of the regime.
“The audit expertise of the ACCA will be invaluable in achieving these objectives.”
The supervisory model blends the regulatory skills of the DFSA with the technical experience of the ACCA to create a unique regulatory framework that will augment a robust and transparent audit profession in the DIFC.
“As a leading global accountancy body, the ACCA is delighted to help the DFSA achieve the highest professional, ethical and governance standards in audit performance. We will use the expertise we have gained in the United Kingdom and other parts of the world to enhance audit transparency and improve investor confidence in the financial firms that operate within the DIFC,” said Sha Ali Khan of the ACCA.
