|24 December, 2018

Abu Dhabi Global Market seeks to streamline auditing industry

It seeks to align the country's auditing standards with global best practices

A general view shows the beach road in the UAE capital Abu Dhabi in this December 2006 file photo.

A general view shows the beach road in the UAE capital Abu Dhabi in this December 2006 file photo.

REUTERS/Stringer

The Registration Authority of Abu Dhabi Global Market (ADGM) and the Ministry of Economy have agreed to cooperate more with respect to the registration and supervision of auditors with the aim of promoting high standards of financial audits in the UAE.

To this effect, an MoU was signed by Dhaher bin Dhaher Al Mheiri, CEO of the Registration Authority of ADGM, and Humaid bin Butti Al Muhairi, Assistant Undersecretary for Commercial Affairs, Ministry of Economy.

Al Muhairi said: "This strategic MoU between ADGM and the Ministry of Economy facilitates the exchange of information and expertise between both parties. The MoU also seeks to align the country's auditing standards with global best practices and ensure that auditing companies comply with internationally accepted legal and organisational requirements."

Al Mheiri said: "Our goal is to ensure that the highest standards of quality are maintained when it comes to auditing, by pursuing best practices and increasing transparency. Through this agreement, ADGM and the Ministry of Economy will work hand in hand to coordinate on the oversight and development of the audit profession."

 

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