Baker Tilly Middle East Limited, a consulting and public accounting firm registered with the Abu Dhabi Global Market (ADGM), has been fined $50,000 by the registration authority (RA) over audit failings.

Neil Andrew Sturgeon, Baker Tilly’s registered audit principal, has also been fined $12,500, reduced from the proposed $25,000, for non-compliance.

In a notice dated on January 9, Baker Tilly was levied fines, reduced from the proposed $75,000, over breaches while auditing two ADGM registered companies, TNH Limited and HC.

The RA imposed the financial penalties for “serious failings and gaps in the financial audit work carried out for two ADGM companies,” a statement read.

The authority stated during inspections, “significant failures” were found in the audit, in accordance with the International Standards on Auditing (ISA) that ADGM adheres to.

The breaches of ISA were identified in multiple areas of the audit process, from planning and execution to completion and reporting.

(Writing by Bindu Rai, editing by Seban Scaria)