The Dubai Financial Services Authority (DFSA) hosted its 11th Annual Audit Outreach for Registered Auditors yesterday. 

In his opening address, Bryan Stirewalt, Chief Executive of the DFSA, highlighted the continued growth of the Dubai International Financial Centre (DIFC) over the last year and underlined the important role of the accounting and auditing community in the overall ecosystem of the DIFC.

Mr Stirewalt noted: “Over the years, the Annual Audit Outreach has become a flagship event for the DIFC’s audit community. The large audience in attendance every year demonstrates the commitment of the accounting and auditing professionals in the Centre. The global audit regulatory landscape is changing and will require accountants and auditors to work in a challenging and complex regulatory environment. We will continue to strongly encourage professional scepticism in the audit industry and to facilitate learning opportunities for audit professionals in line with the evolving global audit regulatory landscape. This will contribute to maintaining the strong reputation of the DIFC as a global financial services hub and boost international investor confidence in Dubai and the UAE.” 

More than 115 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 DFSA.  

The event featured detailed presentations on the recent release of the International Forum of Independent Regulators’ (IFIAR) Inspection Findings Survey, DFSA Audit Monitoring Findings from 2019 and findings from the DFSA’s anti-money laundering (AML) inspections. The event also featured an update on the upcoming changes to the International Ethics Board for Professional Accountants (IESBA) Code of Ethics by IESBA’s technical advisor. A detailed overview of Audit Monitoring Focus for 2020 was also discussed highlighting the priorities for this year’s inspections.