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  • Chapter 1 — General Provisions and Auditing Prohibitions

    • 97. Definitions

      In this Part, unless expressed otherwise:

      (a) an Auditor means:
      (i) in relation to a Domestic Firm, Public Listed Company or Domestic Fund, a Registered Auditor; or
      (ii) in relation to an Authorised Person which is not a Domestic Firm, an auditor of that Authorised Person;
      (b) a Registered Auditor means a person registered by the DFSA under Article 98;
      (c) an Audit Principal means an individual appointed by a Registered Auditor who is responsible for:
      (i) managing the conduct of audit work undertaken by the Registered Auditor; or
      (ii) signing audit reports, or any other reports as may be required under the Rules, on behalf of the Registered Auditor; and
      (d) an Audit Service means:
      (i) an audit of the financial statements of an Authorised Person, Public Listed Company or Domestic Fund;
      (ii) an audit of whether an Authorised Person, Public Listed Company or the Fund Manager or Trustee of a Domestic Fund has complied with applicable requirements in legislation administered by the DFSA; or
      (iii) the preparation of an opinion or report relating to an audit referred to in (i) or (ii),
      but does not include the performance of any internal audit function by or for a person referred to in (i) or (ii).

    • 97A. Adoption of financial reporting and auditing standards

      (1) A Rule made by the DFSA for the purposes of this Part may require compliance with or be expressed by reference to requirements in a specified financial reporting or auditing standard or code of ethics issued by a professional body (including such a standard or code as amended or re-enacted from time to time).
      (2) In this Article, "specified" means specified in the Rules.

    • 97B. Rules about financial statements and records

      The DFSA may make Rules applying to Authorised Persons, Reporting Entities and Domestic Funds relating to:

      (a) the preparation and maintenance of financial statements;
      (b) the keeping of accounting records;
      (c) the preparation of regulatory returns relating to financial statements;
      (d) the determination of a financial year; and
      (e) the giving of a direction by the DFSA to a particular person or class of persons requiring the use of a particular financial reporting standard.

    • 97C. Auditing Prohibitions (Domestic Entities)

      (1) A person shall not provide any Audit Service to a Domestic Firm, Public Listed Company or Domestic Fund, unless that person is a Registered Auditor.
      (2) A Registered Auditor shall not permit any person to undertake any of the responsibilities of an Audit Principal unless that person is registered by the DFSA as an Audit Principal for that Registered Auditor.