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  • Part 3 Appointment and Resignation of Auditor and Conduct of Audits

    • AUD 5 Appointment and Resignation of Auditor

      • AUD 5.1 Application

        • AUD 5.1.1

          This chapter applies to every AuditorG .

          Derived from DFSA RM130/2014 (Made 21st August 2014). [VER1/06-14]

      • AUD 5.2 Consent to appointment as an Auditor

        • Prescribed non-audit services

          • AUD 5.2.1

            The following services are prescribed non-audit services for the purposes of Article 99A(2)(c) of the Regulatory Law:

            (a) the Compliance OfficerG function;
            (b) the internal audit function; and
            (c) the preparation of accounting records or financial statements.
            Derived from DFSA RM130/2014 (Made 21st August 2014). [VER1/06-14]

            • AUD 5.2.1 Guidance

              An AuditorG is prohibited from acting as an AuditorG for an Authorised PersonG , Public Listed CompanyG or Domestic FundG if it is providing any of the services set out in Rule 5.2.1 to the Authorised PersonG , Public Listed CompanyG or the Fund ManagerG , TrusteeG or member of a Governing BodyG of the Domestic FundG . This is because the provision of such non-audit services creates a risk of a fundamental conflict of interest that would potentially prevent the AuditorG from carrying out Audit ServicesG properly. However, AuditorsG should be aware that there may also be other types of non-audit services which can create a conflict of interest and that may need to be considered on a case by case basis under Article 99A(2)(a) and (b) of the Regulatory LawG to determine whether such other non-audit services create a conflict of interest or lack of independence that affect its ability to provide Audit ServicesG to the Authorised PersonG , Public Listed CompanyG or Domestic FundG .

              Derived from DFSA RM130/2014 (Made 21st August 2014). [VER1/06-14]

        • Rotation of an Audit Principal of a Public Listed Company

          • AUD 5.2.2

            (1) A Registered AuditorG must not consent to an appointment or continue to act as the AuditorG of a Public Listed CompanyG if the Audit PrincipalG who has responsibility for the conduct of the audit of the Public Listed CompanyG has acted as Audit PrincipalG in relation to that CompanyG for a period exceeding the maximum period permitted under the Code of Ethics for Professional AccountantsG and has not been rotated as required under that Code.
            (2) The period referred to in (1) is prescribed for the purposes of Article 99A(2)(d) of the Regulatory LawG .
            Derived from DFSA RM130/2014 (Made 21st August 2014). [VER1/06-14]

      • AUD 5.3 Resignation of Auditor

        • AUD 5.3.1

          (1) An AuditorG must notify the DFSAG in writing if it resigns due to the failure by an Authorised PersonG , Public Listed CompanyG or Domestic FundG to address significant concerns which have previously been raised by the AuditorG with the senior management of that PersonG .
          (2) The notification under (1) must include sufficient details of the PersonG concerned, the concerns raised and the failure by that PersonG to address the concerns.
          Derived from DFSA RM130/2014 (Made 21st August 2014). [VER1/06-14]

    • AUD 6 Conduct of Audits and Preparation of Audit Reports

      • AUD 6.1 Application

        • AUD 6.1.1

          This chapter applies to every AuditorG .

          Derived from DFSA RM130/2014 (Made 21st August 2014). [VER1/06-14]

      • AUD 6.2 Conduct of audits and contents of audit reports

        • AUD 6.2.1

          An AuditorG must conduct an audit, and prepare the contents of any relevant audit report, referred to in Rules in accordance with the standards in the following table:

          Type of Report Relevant Standards Report Contents
          Financial Statements Auditor's ReportG International Standards on Auditing ISA 700
          Regulatory Return Auditor's ReportG for a Domestic FirmG International Standards on Assurance EngagementG (ISAE) or International Standards on Related ServicesG (ISRS) A1.1.1
          Regulatory Return Auditor's ReportG for a Branch A1.1.2
          Client Money Auditor's ReportG A2.1.1
          Insurance Monies Auditor's ReportG A3.1.1
          Safe Custody Auditor's ReportG A4.1.1
          Fund Auditor's ReportG In accordance with Chapter 9 of the Collective Investment Rules module of the DFSA Rulebook A5.1.1
          Public Listed Company Auditor's ReportG In accordance with Chapter 5 of the MKT module of the DFSA Rulebook A6.1.1

          Derived from DFSA RM130/2014 (Made 21st August 2014). [VER1/06-14]

        • AUD 6.2.2

          (1) An AuditorG must ensure that every audit report produced by it includes the name of:
          (a) the Audit PrincipalG , if it is a Registered AuditorG ; or
          (b) the relevant individual responsible for managing the audit work relating to the relevant audit report, if it is not a Registered AuditorG .
          (2) An individual referred to in (1)(a) or (b) is not by reason of being named in an audit report in accordance with (1), subject to any civil liability to which he would not otherwise be subject.
          Derived from DFSA RM130/2014 (Made 21st August 2014). [VER1/06-14]