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Dubai Financial Services Authority (DFSA): Contents

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  • 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]