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Friday, July 12, 2024

ADGM fines KPMG Lower Gulf for audit lapses

The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has fined KPMG Lower Gulf Limited $30,000 for failing to comply with ADGM’s audit requirements. The RA found that KPMG did not ensure that only its ADGM Registered Audit Principals signed audit reports for ADGM entities, as mandated by the ADGM audit regulatory framework.

Despite prior communication and directions from the RA to improve their systems and controls, KPMG continued to have non-ADGM Registered Audit Principals sign audit reports.

The RA emphasizes its commitment to upholding high audit quality standards and expects Registered Auditors to have effective governance structures and controls in place to ensure compliance with ADGM rules and regulations.

The Registration Authority’s Monitoring & Enforcement Division highlights the need for ADGM audit firms to implement robust audit systems, controls, and procedures in line with ADGM’s international audit regulatory framework to maintain trust in corporate financial reporting.

Registered Auditors are expected to promptly address concerns raised by the RA and ensure that any remediation efforts are effectively implemented and monitored.

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