Entire Section

  • GEN 8.4 GEN 8.4 Appointment and termination of Auditors

    • GEN 8.4.1

      An Authorised Person must:

      (a) notify the DFSA of the appointment of an Auditor by completing and submitting the appropriate form in AFN;
      (b) prior to the appointment of the Auditor, take reasonable steps to ensure that the Auditor has the required skills, resources and experience to audit the business of the Authorised Person for which the auditor has been appointed; and
      (c) if it is a Domestic Firm, ensure that the Auditor, at the time of appointment and for the duration of the engagement, is registered with the DFSA as a Registered Auditor.

      Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
      Amended DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.4.2

      An Authorised Person must notify the DFSA immediately if the appointment of the Auditor is or is about to be terminated, or on the resignation of its Auditor, by completing and submitting the appropriate form in AFN.


      Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
      Amended DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.4.3

      An Authorised Person must appoint an Auditor to fill any vacancy in the office of Auditor and ensure that the replacement Auditor can take up office at the time the vacancy arises or as soon as reasonably practicable.


      Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
      Amended] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.4.4 GEN 8.4.4

      (1) An Authorised Person must take reasonable steps to ensure that the Auditor and the relevant audit staff of the Auditor are independent of and not subject to any conflict of interest with respect to the Authorised Person.
      (2) An Authorised Person must notify the DFSA if it becomes aware, or has reason to believe, that the Auditor or the relevant audit staff of the auditor are no longer independent of the Authorised Person, or have a conflict of interest which may affect their judgement in respect of the Authorised Person.
      Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
      Amended DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

      • GEN 8.4.4 Guidance

        1. An Authorised Person should consider whether there is any financial or personal relationship between it or any of its relevant Employees and the Auditor or any of the relevant Employees of the Auditor that may affect the judgement of the Auditor when conducting an audit of the Authorised Person or complying with all its legal obligations, including the Regulatory Law, AUD, AML and other relevant modules of the DFSA Rulebook.
        2. An Authorised Person should consider rotating the appointed relevant staff of the Auditor on a regular basis to ensure that the relevant staff of the Auditor remain independent.
        Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER27/02-11]
        Amended DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.4.5

      If requested by the DFSA, an Authorised Person which carries on Financial Services through a Branch must provide the DFSA with information on its appointed or proposed Auditor with regard to the Auditor's, skills, experience and independence.


      Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
      Amended DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.4.6 [Deleted]

      [Deleted] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.4.7 [Deleted]

      [Deleted] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.4.8 [Deleted]

      [Deleted] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]