ABU DHABI - The Registration Authority (RA) of ADGM has officially joined the Enforcement Working Group (EWG) of the International Forum of Independent Audit Regulators (IFIAR), making it the only member in the group from the Middle Eastern region. This follows the previous announcement of the RA becoming the 56th full member of IFIAR in early 2024.

The ADGM’s RA is the competent authority for audit oversight, with responsibilities including taking regulatory action against audit firms and principals when needed. As a member of IFIAR EWG, the RA joins leading audit regulators from around the world, including the Financial Reporting Council (FRC) of the UK, Public Company Accounting Oversight Board (PCAOB) of the USA, Financial Services Authority (FSA)/Certified Public Accountants and Auditing Oversight Board (CPAAOB) of Japan.

Established in 2013, the IFIAR EWG seeks to promote stronger coordination around enforcement, including investigations, in order to enhance stakeholder protection and improve audit quality.

The RA’s membership in the EWG underpins its commitment to enforcing the highest audit quality and corporate reporting standards, as well as recognising the importance of regulatory collaboration and knowledge sharing between regulators in today’s highly globalised world.

In line with the RA’s regulatory priorities for 2024-2025, the RA is committed to promoting high standards of audit quality and taking timely, decisive and proportionate enforcement action. Effective enforcement is vital to ensure that those who fall short of the high standards expected to maintain the integrity of ADGM’s financial ecosystems are penalised appropriately and decisively. As a member of the IFIAR EWG, the RA will contribute at a global level to continuously improve enforcement practices across different jurisdictions, addressing emerging enforcement issues and strengthening bilateral cooperation.

Commenting on the RA’s membership of the IFIAR EWG, Hamad Sayah Al Mazrouei, CEO of the RA of ADGM, said, “As one of the region’s fastest growing jurisdictions in terms of the number of audit firms and audited entities, effective audit regulation in ADGM is fundamental for fostering a well-functioning business ecosystem, boosting investor confidence, and ensuring investor protection.

"The RA is committed to seamless regulatory information sharing, improving the flow of information between authorities, and strengthening its relationship with regulators across the world. Joining a world-class working group such as the IFIAR EWG provides a forum to promote information and knowledge sharing for more timely, effective and impactful enforcement actions.”

The chair of the IFIAR Enforcement Working Group, Elizabeth Barrett, stated, “On behalf of the IFIAR Enforcement Working Group I am delighted to welcome the ADGM as a member of the Group and to the expansion of the jurisdictional reach and insights this will bring for the benefit of all IFIAR members”.