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13 February 2019 — Dubai Financial Services Authority hosts 10th Annual Audit Outreach for Registered Auditors

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Dubai, UAE; February 13, 2019: The Dubai Financial Services Authority (DFSA) hosted yesterday the tenth Annual Audit Outreach for registered auditors. The DFSA provided an overview of the Audit Monitoring Findings from 2018, and a range of updates that are intended to strengthen audit quality.

In his opening address, Bryan Stirewalt, Chief Executive of the DFSA, underlined the growth of the Dubai International Financial Centre (DIFC) and expressed his satisfaction with the quality of audit results achieved by the registered auditors in 2018. "DFSA teams worked closely with registered auditors in the DIFC to help reduce any audit deficiencies. We have seen discrete instances where auditors have not exercised full professional skepticism in their work, but the overall results of Audit Monitoring Findings from 2018 are positive. We will continue to support registered auditors in achieving exceptional standards of auditing in line with global principles, which will help to safeguard the interests of investors," he said.

"The success of our Annual Audit Outreach highlights the effectiveness of the strong working relationship we have developed with the accounting and auditing professionals in the DIFC. We will continue to focus on contributing to enhancing audit quality and overseeing regulatory compliance. This will add to the reputation of the DIFC as a global financial services hub and boost international investor confidence in Dubai and the UAE." he added.

More than 100 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 DSFA.

The event featured high-level presentations on the Audit Monitoring Findings from 2018, updates on client assets audit rules and the progress achieved, a financial crime update that covered the preparation for the Financial Action Task Force and the results of a thematic review conducted on Designated Non-Financial Business or Profession.

Other areas discussed at the Annual Audit Outreach included an update on the DFSA's Electronic Prudential Reporting System (EPRS) and the Forms Online Digitalisation projects. A detailed overview of Audit Monitoring Focus for 2019 was also discussed highlighting the priorities for this year's inspections.

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For further information please contact:

Corporate Communications
Dubai Financial Services Authority
Level 13, The Gate, West Wing
Dubai, UAE
Tel: +971 (0)4 362 1613
Email: DFSAcorpcomms@dfsa.ae
www.dfsa.ae

Editor's notes:

The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in or from the Dubai International Financial Centre (DIFC), a purpose-built financial free-zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for administering Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legislation that applies in the DIFC. [] Please refer to the DFSA's website for more information.

Bryan Stirewalt was appointed Chief Executive of the DFSA on 1 October, 2018, after nearly 8 years as the DFSA's Managing Director of the Supervision Division. In his role as Chief Executive, Bryan will take the lead in steering the work of the DFSA and further developing its capability as a robust regulator delivering world-class financial regulation in the DIFC. Bryan has played a vital part in executing the DFSA's regulatory mandate and developing its risk-based supervision framework. Bryan plays an active role in supporting the work of international standard-setting bodies. He now serves as the Co-Chair of the Basel Consultative Group (BCG), which provides a forum for deepening the Basel Committee on Banking Supervision's engagement with non-member, global supervisors on banking supervisory issues. Through this role, Bryan also serves as an Observer at the Basel Committee on Banking Supervision.