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W230/2013 GEN — Moore Stephens, Chartered Accountants

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MODIFICATION NOTICE

To Moore Stephens, Chartered Accountants
Address Suite M 5A, Zalfa Building, Garhoud
PO Box 28817, Dubai, UAE
DFSA Firm Reference No. F000383
Notice No. W230/2013

THE DFSA HEREBY GIVES NOTICE THAT:

The Rules specified in the left hand column of the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.

RULES MODIFIED

The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.

Rule Modified Text
GEN 8.9.3

In assessing whether an Audit Principal is fit and proper, the Auditor must ensure that the Audit Principal at a minimum:

(a) holds a Recognised Professional Qualification;
(b) has at least five years of prior relevant experience in the past seven years in auditing financial services; and
(c) is a member in good standing of a Recognised Professional Body.

CONDITIONS

The modification in respect of the Rules specified above remains in effect for the duration of the period set out below on condition that the above named Person to whom this notice applies:

(1) appoints and maintains an Engagement Quality Control Reviewer (as defined in International Standards on Quality Control (ISQC) 1) who:
(a) holds a Recognised Professional Qualification;
(b) has at least five years of prior relevant experience in the past seven years in auditing financial services; and
(c) is a member in good standing of a Recognised Professional Body.
(2) ensures that the person appointed under (1) above reviews the audit work of the Audit Principal in relation to any Authorised Firm; and
(3) does not change a material term of the appointment, or the identity of the person appointed, under (1) above without the prior approval of the DFSA.

If any one or more of the conditions stated above is breached, this notice ceases to have effect forthwith and the Rules specified in the table herein apply to the above mentioned Person to whom this notice applies in their unmodified form as they appear in the applicable module of the Rulebook in force at the relevant time.

EFFECTIVE PERIOD

This notice comes into effect on the date of issue and remains in force until further notice.

INTERPRETATION

The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:

Name: Bryan Stirewalt
Position: Managing Director, Supervision
DATE OF ISSUE: 16 April 2013