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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
General Module (GEN) [VER43/02-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

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  • GEN 8.4 Appointment and termination of Auditors

    • GEN 8.4.1

      An Authorised PersonG must:

      (a) notify the DFSAG of the appointment of an AuditorG by completing and submitting the appropriate form in AFN;
      (b) prior to the appointment of the AuditorG , take reasonable steps to ensure that the AuditorG has the required skills, resources and experience to audit the business of the Authorised PersonG for which the auditor has been appointed; and
      (c) if it is a Domestic FirmG , ensure that the AuditorG , at the time of appointment and for the duration of the engagement, is registered with the DFSAG as a Registered AuditorG .

      Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
      Amended DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.4.2

      An Authorised PersonG must notify the DFSAG immediately if the appointment of the AuditorG is or is about to be terminated, or on the resignation of its AuditorG , by completing and submitting the appropriate form in AFN.


      Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
      Amended DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.4.3

      An Authorised PersonG must appoint an AuditorG to fill any vacancy in the office of AuditorG and ensure that the replacement AuditorG can take up office at the time the vacancy arises or as soon as reasonably practicable.


      Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
      Amended] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.4.4

      (1) An Authorised PersonG must take reasonable steps to ensure that the AuditorG and the relevant audit staff of the AuditorG are independent of and not subject to any conflict of interest with respect to the Authorised PersonG .
      (2) An Authorised PersonG must notify the DFSAG if it becomes aware, or has reason to believe, that the AuditorG or the relevant audit staff of the auditor are no longer independent of the Authorised PersonG , or have a conflict of interest which may affect their judgement in respect of the Authorised PersonG .
      Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
      Amended DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

      • GEN 8.4.4 Guidance

        1. An Authorised PersonG should consider whether there is any financial or personal relationship between it or any of its relevant EmployeesG and the AuditorG or any of the relevant EmployeesG of the AuditorG that may affect the judgement of the AuditorG when conducting an audit of the Authorised PersonG or complying with all its legal obligations, including the Regulatory LawG , AUDG , AMLG and other relevant modules of the DFSAG Rulebook.
        2. An Authorised PersonG should consider rotating the appointed relevant staff of the AuditorG on a regular basis to ensure that the relevant staff of the AuditorG remain independent.
        Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
        Amended in accordance with Notice of Amendments to Legislation April 2011 [VER27/02-11]
        Amended DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.4.5

      If requested by the DFSAG , an Authorised PersonG which carries on Financial ServicesG through a BranchG must provide the DFSAG with information on its appointed or proposed AuditorG with regard to the Auditor'sG , skills, experience and independence.


      Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
      Amended DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.4.6 [Deleted]

      [Deleted] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.4.7 [Deleted]

      [Deleted] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]

    • GEN 8.4.8 [Deleted]

      [Deleted] DFSA RM131/2014 (Made 21st August 2014). [VER34/06-14]