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18 Jul 2016, 12:07 pm

European Commission Recognises DFSA's Audit Oversight System

Following a lengthy and rigorous assessment of the supervisory regime for auditors in the Dubai International Financial Centre (DIFC), the European Commission (the Commission) announced its recognition of the adequacy of the Dubai Financial Services Authority's (DFSA's) oversight of audit firms.

The Commission had already recognised the DFSA’s audit regulation as having “equivalent status”, which allows DFSA Registered Auditors to conduct their audit activity in the European Union  Member States, without going through a full registration process. With this announcement, the Commission has concluded that the DFSA has competence in oversight, external quality assurance and investigation of auditors and audit firms. In the Commission’s view, the DFSA has implemented adequate safeguards to prohibit unlawful disclosure of confidential information to any third person or authority.

Mr Ian Johnston, Chief Executive of the DFSA said: "This is further testament to the DFSA’s commitment to the highest international standards. The DFSA becomes the first audit regulator in the region to meet European standards for information sharing and confidentiality. The ability to share confidential information with other regulators is integral to the efficient oversight of company audits. Audit has become a borderless activity and it is important that regulators are able to operate in a similar manner. We look forward to fruitful cooperation with our counterparts in Europe."

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